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View Diary: Platinum coin might be legally required in absence of debt limit increase (144 comments)

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  •  There is another realistic choice (3+ / 0-)
    Recommended by:
    polecat, DRo, mightymouse

    The Debt Limit is only a relic from the Liberty Bonds that were issued to pay for World War 1. It does not apply the bonds currently being issued by our Treasury. The Administration should just point that fact out to the Republican'ts and then just ignore their ravings by continuing to pay the bills that Congress created.

    Really don't mind if you sit this one out. My words but a whisper -- your deafness a SHOUT. I may make you feel but I can't make you think..Jethro Tull

    by RMForbes on Wed Jan 09, 2013 at 10:15:42 AM PST

    •  Can you point out the relevant language (2+ / 0-)
      Recommended by:
      polecat, ferg

      in 31 USC Chapter 31, Subchapter I supporting your claim?

      I see no reference to Liberty Bonds there, but I do see:

      (b) The face amount of obligations issued under this chapter and the face amount of obligations whose principal and interest are guaranteed by the United States Government (except guaranteed obligations held by the Secretary of the Treasury) may not be more than $14,294,000,000,000, outstanding at one time, subject to changes periodically made in that amount as provided by law through the congressional budget process described in Rule XLIX  [1] of the Rules of the House of Representatives or as provided by section 3101A or otherwise.
      Whatever the original purpose of the statute, it appears that in the course of subsequent changes that purpose has broadened.

      “What’s the use of having developed a science well enough to make predictions if, in the end, all we’re willing to do is stand around and wait for them to come true?” - Sherwood Rowland

      by jrooth on Wed Jan 09, 2013 at 10:46:47 AM PST

      [ Parent ]

      •  Is that in the tax code? (2+ / 0-)
        Recommended by:
        Mr MadAsHell, gecko

        We didn't have a Congressional controlled debt ceiling during WWII when our debt grew to at least a third higher percentage of GDP (127%) than today and when we had a Democratic controlled Congress. Of course, that debt was not a problem because the debt was purchased by the American people as war bonds which stimulated our domestic economy when they were cashed to buy houses, cars, appliances or anything else. More federal revenue was generated by the increase in economic activity than the interest being paid. Along with high top marginal tax rates to prevent war profiteering, the maturing war bonds retired the national debt in about a decade.

        Too bad Bush didn't read any history of WWII when he sold the debt from our multi-front war on terror to foreign governments and to transnational corporations. If he was not instead bound by Jule Wanniski's Two "Santa Clause Theory", he should have issued and marketed war bonds to the American people. When Bush cut taxes in 2003 it was the first time an Administration had ever done so during a time of war. It was also a huge mistake which led to uncontrolled profiteering.

        Really don't mind if you sit this one out. My words but a whisper -- your deafness a SHOUT. I may make you feel but I can't make you think..Jethro Tull

        by RMForbes on Wed Jan 09, 2013 at 12:21:02 PM PST

        [ Parent ]

    •  Now you have to write a diary on that... (2+ / 0-)
      Recommended by:
      jrooth, Crabby Abbey

      references, etc.

      Would probably make the top of the rec list in a few seconds.

      Happy little moron, Lucky little man.
      I wish I was a moron, MY GOD, Perhaps I am!
      —Spike Milligan

      by polecat on Wed Jan 09, 2013 at 11:04:22 AM PST

      [ Parent ]

      •  I'm sorry I just don't have the time right now (0+ / 0-)

        Besides, I don't desire making the rec list. It just doesn't drive me. If you think it is that important why don't you do it?

        Really don't mind if you sit this one out. My words but a whisper -- your deafness a SHOUT. I may make you feel but I can't make you think..Jethro Tull

        by RMForbes on Wed Jan 09, 2013 at 12:31:23 PM PST

        [ Parent ]

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