The Trillion Dollar Coin.

[Sallow]

Well it looks as if the boys in the GOP, for the second time, will use the debt ceiling as a "bargaining chip" to close down social programs for the poor and keep the fat cat military contractors awash in tax payer cash.

That leave 2 interesting options. Both are extraordinary..and well within the law.

One of them comes from the 14th Amendment.

Section 4.

The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any state shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.

Constitutionally..the US is required to pay for things it buys. Using the debt ceiling to curtail this function is not constitutional..and would probably create a new case for the supreme court to handle, which in my opinion would be a good thing. The debt ceiling is pretty stupid..but before 2010 it was perfunctory.

Second..there's another way to get around this fiasco.

The trillion dollar coin.

If the Republicans in Congress are really irresponsible and outrageous enough to hold the reputation and economy of the United States of America hostage to win a few re-election points, then perhaps the appropriate response is for the Treasury to save the country by minting a "trillion-dollar coin."

If you're like most people, you'll jump to the wrong conclusion when you hear about this "trillion-dollar coin."

You'll think that the "trillion dollar coin" is just another way for the government to print money out of thin air to pay for spending we can't afford.

But that's actually not what the "trillion-dollar coin" idea is.

The "trillion-dollar coin" is just a legal gimmick that responsible people in the U.S. government might use to enable the country to pay bills and honor prior commitments ... without relying on a group of selfish, irresponsible people in Congress to first raise the debt ceiling first.

Basically, the "trillion-dollar coin" would just allow the Treasury, which pays the country's bills, to keep writing checks regardless of what Congress does with the debt ceiling.


Read more: The 'Trillion Dollar Coin' And The Republican Debt Ceiling Fight - Business Insider

 

[LordBrownTrout]

Repubs will cave like a wet paper sack. They're a spineless bunch now. I wouldn't worry too much if I were you.

 

[Sallow]

Repubs will cave like a wet paper sack. They're a spineless bunch now. I wouldn't worry too much if I were you.

Business leaders are worried now.

They don't want another show down.

 

[GuyPinestra]

Repubs will cave like a wet paper sack. They're a spineless bunch now. I wouldn't worry too much if I were you.

Business leaders are worried now.

They don't want another show down.

In essence what you're saying is that the Democrats will kowtow to business leaders the same way the Republicans have?

When observing the coin of 'business', it's apparent that Republicans are 'heads', Democrats are 'tails', and the People are screwed.

 

[blackhawk]

They will raise the debt ceiling for a year or so do some piddling minor cuts and again push the major problems of debt and deficit down the road fear not Democrats and Republicans will do what they do best when dealing with major economic issues avoid dealing with them.

 

[Sallow]

Repubs will cave like a wet paper sack. They're a spineless bunch now. I wouldn't worry too much if I were you.

Business leaders are worried now.

They don't want another show down.

In essence what you're saying is that the Democrats will kowtow to business leaders the same way the Republicans have?

When observing the coin of 'business', it's apparent that Republicans are 'heads', Democrats are 'tails', and the People are screwed.

Wait a minute.

Aren't these the folks you say can't be taxed or regulated, lest they crash our economy?

Aren't these the folks that you folks want running the government?

Heck..Bush's acumen was that he was a CEO..which is why you folks voted him in.

Then..you wanted to put as the head of the country..another CEO..who hated half the American populace.

 

[Sallow]

They will raise the debt ceiling for a year or so do some piddling minor cuts and again push the major problems of debt and deficit down the road fear not Democrats and Republicans will do what they do best when dealing with major economic issues avoid dealing with them.

Republicans still have the house majority.

It's a distinct possibility they will try these shennigans again.

Heck..they are talking about closing down the government.

[ame=http://www.youtube.com/watch?v=2_gvnkxnziA]GOP Senator: Republicans Need To Be Prepared To Shut Down The Government Over Debt Ceiling Fight - YouTube[/ame]

 

[Decus]

Didn't they fix this very same problem in Greece? Why don't we just copy their model?

 

[GuyPinestra]

Business leaders are worried now.

They don't want another show down.

In essence what you're saying is that the Democrats will kowtow to business leaders the same way the Republicans have?

When observing the coin of 'business', it's apparent that Republicans are 'heads', Democrats are 'tails', and the People are screwed.

Wait a minute.

Aren't these the folks you say can't be taxed or regulated, lest they crash our economy?

Aren't these the folks that you folks want running the government?

Heck..Bush's acumen was that he was a CEO..which is why you folks voted him in.

Then..you wanted to put as the head of the country..another CEO..who hated half the American populace.

First off you need to understand this simple truth...

Businesses don't pay taxes, CUSTOMERS pay taxes.

And why are you guys so HOOKED on this 2 party duopoly!

I NEVER voted for Bush, so STOP putting me in that convenient (for you) but inaccurate category!

 

[Sallow]

Didn't they fix this very same problem in Greece? Why don't we just copy their model?

Give up our ability to coin currency?

No thanks.

 

[blackhawk]

They will raise the debt ceiling for a year or so do some piddling minor cuts and again push the major problems of debt and deficit down the road fear not Democrats and Republicans will do what they do best when dealing with major economic issues avoid dealing with them.

Republicans still have the house majority.

It's a distinct possibility they will try these shennigans again.

Heck..they are talking about closing down the government.

[ame=http://www.youtube.com/watch?v=2_gvnkxnziA]GOP Senator: Republicans Need To Be Prepared To Shut Down The Government Over Debt Ceiling Fight - YouTube[/ame]

It's all political gamesmanship just like Obama saying he wont negotiate over the debt ceiling he will and in the end it will be raised with some half ass deal that accomplishes nothing same old same old.

 

[Sallow]

In essence what you're saying is that the Democrats will kowtow to business leaders the same way the Republicans have?

When observing the coin of 'business', it's apparent that Republicans are 'heads', Democrats are 'tails', and the People are screwed.

Wait a minute.

Aren't these the folks you say can't be taxed or regulated, lest they crash our economy?

Aren't these the folks that you folks want running the government?

Heck..Bush's acumen was that he was a CEO..which is why you folks voted him in.

Then..you wanted to put as the head of the country..another CEO..who hated half the American populace.

First off you need to understand this simple truth...

Businesses don't pay taxes, CUSTOMERS pay taxes.

And why are you guys so HOOKED on this 2 party duopoly!

I NEVER voted for Bush, so STOP putting me in that convenient (for you) but inaccurate category!

And in most businesses, it's the labor part of it..that creates products and profit.

Why ain't they sharing in that?

 

[GuyPinestra]

Didn't they fix this very same problem in Greece? Why don't we just copy their model?

Give up our ability to coin currency?

No thanks.

We already DID that, almost 100 years ago. See the 'Federal Reserve Act'.

 

[Sallow]

They will raise the debt ceiling for a year or so do some piddling minor cuts and again push the major problems of debt and deficit down the road fear not Democrats and Republicans will do what they do best when dealing with major economic issues avoid dealing with them.

Republicans still have the house majority.

It's a distinct possibility they will try these shennigans again.

Heck..they are talking about closing down the government.

[ame=http://www.youtube.com/watch?v=2_gvnkxnziA]GOP Senator: Republicans Need To Be Prepared To Shut Down The Government Over Debt Ceiling Fight - YouTube[/ame]

It's all political gamesmanship just like Obama saying he wont negotiate over the debt ceiling he will and in the end it will be raised with some half ass deal that accomplishes nothing same old same old.

Like turning a deficit into a surplus?

Like Clinton did?

I like that.

 

[rightwinger]

I have had a trillion dollar coin


It is hard to make change

 

[Sallow]

Didn't they fix this very same problem in Greece? Why don't we just copy their model?

Give up our ability to coin currency?

No thanks.

We already DID that, almost 100 years ago. See the 'Federal Reserve Act'.

I didn't take you for a paranoid conspiracy nut.

 

[alan1]

They will raise the debt ceiling for a year or so do some piddling minor cuts and again push the major problems of debt and deficit down the road fear not Democrats and Republicans will do what they do best when dealing with major economic issues avoid dealing with them.

Republicans still have the house majority.

It's a distinct possibility they will try these shennigans again.

Heck..they are talking about closing down the government.

[ame=http://www.youtube.com/watch?v=2_gvnkxnziA]GOP Senator: Republicans Need To Be Prepared To Shut Down The Government Over Debt Ceiling Fight - YouTube[/ame]

If they shut down the government then the out of control spending would stop.
I don't see a negative.

 

[GuyPinestra]

Give up our ability to coin currency?

No thanks.

We already DID that, almost 100 years ago. See the 'Federal Reserve Act'.

I didn't take you for a paranoid conspiracy nut.

Did the Federal Reserve Act relinquish the power of Congress to coin money?

Yes or No will do...

 

[Defiant1]

Wait a minute.

Aren't these the folks you say can't be taxed or regulated, lest they crash our economy?

Aren't these the folks that you folks want running the government?

Heck..Bush's acumen was that he was a CEO..which is why you folks voted him in.

Then..you wanted to put as the head of the country..another CEO..who hated half the American populace.

First off you need to understand this simple truth...

Businesses don't pay taxes, CUSTOMERS pay taxes.

And why are you guys so HOOKED on this 2 party duopoly!

I NEVER voted for Bush, so STOP putting me in that convenient (for you) but inaccurate category!

And in most businesses, it's the labor part of it..that creates products and profit.

Why ain't they sharing in that?

They are. They get a paycheck and in most businesses, benefits.

 

[daveman]

Well it looks as if the boys in the GOP, for the second time, will use the debt ceiling as a "bargaining chip" to close down social programs for the poor and keep the fat cat military contractors awash in tax payer cash.

That leave 2 interesting options. Both are extraordinary..and well within the law.

One of them comes from the 14th Amendment.

Section 4.

The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any state shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.

Constitutionally..the US is required to pay for things it buys. Using the debt ceiling to curtail this function is not constitutional..and would probably create a new case for the supreme court to handle, which in my opinion would be a good thing. The debt ceiling is pretty stupid..but before 2010 it was perfunctory.

Second..there's another way to get around this fiasco.

The trillion dollar coin.

If the Republicans in Congress are really irresponsible and outrageous enough to hold the reputation and economy of the United States of America hostage to win a few re-election points, then perhaps the appropriate response is for the Treasury to save the country by minting a "trillion-dollar coin."

If you're like most people, you'll jump to the wrong conclusion when you hear about this "trillion-dollar coin."

You'll think that the "trillion dollar coin" is just another way for the government to print money out of thin air to pay for spending we can't afford.

But that's actually not what the "trillion-dollar coin" idea is.

The "trillion-dollar coin" is just a legal gimmick that responsible people in the U.S. government might use to enable the country to pay bills and honor prior commitments ... without relying on a group of selfish, irresponsible people in Congress to first raise the debt ceiling first.

Basically, the "trillion-dollar coin" would just allow the Treasury, which pays the country's bills, to keep writing checks regardless of what Congress does with the debt ceiling.


Read more: The 'Trillion Dollar Coin' And The Republican Debt Ceiling Fight - Business Insider

Well, it would certainly be easier for Obama to flush down the toilet with all the other trillions he's wasted.