GOP Acting Like Someone With ‘Bomb Strapped to His Chest’
By Clay Waters from NewsBusters
Paul Krugman’s Friday column for the New York Times, “Coins Against Crazies,” announced his support of a bizarre-sounding budget solution taken up mostly on the left: A trillion-dollar platinum coin that would supposedly avoid the looming problem of the debt ceiling. But more offensive than Krugman’s nodding along with this unlikely idea is his referring to Republicans as terrorists.
PIMCO chief executive Mohamed El-Erian explained the platinum coin idea: “Under legal authority it already has (which is meant for decorative coins), the U.S. Treasury would issue to itself a very large platinum coin — say a single, trillion dollar denomination. The coin would be deposited in the Treasury’s account at the Federal Reserve. Against this ‘credit,’ the Treasury would withdraw from the central bank more conventional forms of money and use them to meet payments obligations that have already been approved by law….The key here is that the Treasury would raise money without borrowing. Thus, the increasingly binding debt limit would not apply….”
Krugman signed on, at least in theory, since it would neutralize the Republicans who are using the debt ceiling like a madman with a bomb strapped to his chest. (Didn’t know the debt-ceiling debate could escalate like that, did you?)
So, Paul; I’m a terrorist but Muhammad El-KillTheInfidels is not?
Also, if this decorative coin is actually deposited in the Treasury’s account at the Federal Reserve and used to withdraw real money to pay our debt, it no longer is a commemorative/decorative coin. This would be unconstitutional and illegal. But then, what is keeping Obama and his administration from doing it? It’s not like they would be concerned that anyone would call them on it.