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View Diary: Boehner: I'll Destroy The American Economy If I Don't Get My Way (111 comments)

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  •  Article 2 Section 1 - US Constitution (0+ / 0-)
    Clause 8: Before he enter on the Execution of his Office, he shall take the following Oath or Affirmation:--"I do solemnly swear (or affirm) that I will faithfully execute the Office of President of the United States, and will to the best of my Ability, preserve, protect and defend the Constitution of the United States."
    Article 4 of the 14th Amendment is certainly part of the constitutional framework he is sworn to uphold. Arguably, since there are legal avenues to avoid default which are short of breaking the law, it is those avenues rather than defiance of congress that the president should pursue. Platinum coin Seigniorage, and issuance of "consols". Personally, I like the Platinum coin Seigniorage idea but not limited to a couple of trillion dollar coins. The best bet would be the $60T coin proposal or even larger. Retire all Treasury bonds and move to full reserves in banking. The fed (treasury) pays 25bp on reserves - that would be $40Billion/year if those treasuries were converted back to reserves. As it is, total debt service on treasury was $359Billion in fiscal 2012. That was a $320Billion gift from the American people to the bond holders (mostly the 1% of the 1%). Isn't that special????

    We are an amazingly clueless society when it comes to the economy, and especially when it comes to the monetary system, which is entirely misunderstood - much to the extreme detriment of society. But we do have the excuse that our media no longer practices journalism, having substituted taking stenography from the financial elites.

    •  I'm not sure I understood a word.... (0+ / 0-)

      of what you wrote...but I do like the idea of a $60 trillion dollar coin.

      To avoid starting dumb wars, punish the dumb people who vote for them.

      by joesig on Fri Dec 14, 2012 at 07:49:44 PM PST

      [ Parent ]

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