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Mon Jan 7, 2013, 01:09 PM

Congressman To Introduce Law To Ban The Trillion Dollar Platinum Coin to prevent Obama

from getting around the debt ceiling.

"The campaign to get around the debt ceiling by using a Trillion Dollar Platinum Coin has reached a new level of intensity today. Earlier today, Paul Krugman hopped on board and said Obama must be ready to mint the coin if the GOP goes to the mat).

And now a US Congressman has come out against this idea and is proposing a law to ban it (via Matthew O'Brien). Ironically, this action actually legitimizes the coin option. To take a step back, the US is about to hit the debt ceiling, at which point it will be illegal to issue more debt to fund the government, unless the Congress agrees to hike it.

In the past, hiking the debt ceiling was pretty painless, but some in the GOP are staunchly opposed, raising the specter that the US will default on its obligations. It's because of this, that people are getting more and more excited about the Platinum Option, which refers to a technical loophole in the law that allows the Treasury to create platinum coins in any denomination, theoretically up to a trillion and beyond.

Congressman Greg Walden of Oregon has introduces a law to prevent the Treasury from creating a platinum coin to pay the debt ceiling. We've posted his full press release below, but the key thing here is that the idea is now legitimized, as a GOP Congressman implicitly acknowledges that the coin is currently legal."

Read more: http://www.businessinsider.com/mintthecoin-congressman-introduces-law-to-ban-the-trillion-dollar-platinum-coin-2013-1#ixzz2HJYkvUo3



So, the funny thing is this legitimizes Obama's option, and he'd have to sign it for it to become law! (doh!)

12 replies, 1144 views

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Response to grahamhgreen (Original post)

Mon Jan 7, 2013, 01:13 PM

1. as if he'd sign it!

alternatively, he can mint a dozen or so of the coins right before signing it.

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Response to grahamhgreen (Original post)

Mon Jan 7, 2013, 01:14 PM

2. That's the best part!

Good luck with that republicans, good luck

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Response to grahamhgreen (Original post)

Mon Jan 7, 2013, 01:18 PM

3. Can he get 290 votes in the House and 67 votes in the Senate?

 

That's what it wuld take to override a veto.

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Response to RomneyLies (Reply #3)

Mon Jan 7, 2013, 01:41 PM

6. Like that have with all those repeal Obamacare votes they have done

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Response to grahamhgreen (Original post)

Mon Jan 7, 2013, 01:19 PM

4. Congresspeople introduce bills by the thousands every year. Big deal.

If there is a cause and an issue you can bet that a congressman has introduced a bill on it at any given time.

Worst case scenario is that it is killed in a Democratic Senate fillibuster.

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Response to grahamhgreen (Original post)

Mon Jan 7, 2013, 01:40 PM

5. Another one of those "run Government like a household" bozos

“My wife and I have owned and operated a small business since 1986. When it came time to pay the bills, we couldn’t just mint a coin to create more money out of thin air. We sat down and figured out how to balance the books. That’s what Washington needs to do as well. My bill will take the coin scheme off the table by disallowing the Treasury to mint platinum coins as a way to pay down the debt. We must reduce spending and get our fiscal house in order,” Rep. Walden said.



Ok, Representative, I want to see your SPECIFIC cuts to balance the budget IN THIS YEAR. Go ahead, lay them out! If this is so goddamn important to you, you should be able to make the case to your constituents.

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Response to grahamhgreen (Original post)

Mon Jan 7, 2013, 01:42 PM

7. Obama can also just order the Fed not to bounce the Treasury's checks

No need to get into metallurgical esoterics that way.

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Response to Recursion (Reply #7)

Mon Jan 7, 2013, 01:45 PM

9. A new spending deal is still needed in less than two months. Nuke option doesn't really work. nt

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Response to grahamhgreen (Original post)

Mon Jan 7, 2013, 01:44 PM

8. The article I read about the possible coin suggested Congress has to vote on the portrait...

and that, by law, the public must be consulted?

Sounds like an opportunity to gum up the works.

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Response to grahamhgreen (Original post)

Mon Jan 7, 2013, 02:30 PM

10. Two hurdles

One, even if the house passes it, the senate might not even take it up. Or kill it in committee. And two, the president could veto it anyway.

That said, the fact that the congress could gum it up in legislation to decide on a portrait is probably true. Then again, Reagans portrait on such a coin, given that we are here 33 years after he started this bulshit mess, would be fitting.

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Response to grahamhgreen (Original post)

Mon Jan 7, 2013, 02:38 PM

11. Wouldn't that take a Constitutional Amendment?

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Response to grahamhgreen (Original post)

Mon Jan 7, 2013, 06:35 PM

12. PBO should put Rancid Ronnie on the Trillion Dollar Coin

 

The Pubs will never vote against anything with that POS on it

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