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View Diary: GOP: 'How to stop worrying and love government default,' and how the president should respond (225 comments)

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  •  I agree... (3+ / 0-)
    Recommended by:
    Armando, Apost8, Ian S

    It's the remedy that arguably relies on existing statutory authority while at the same time fulfilling the president's constitutional obligations.

    This whole showdown would be fascinating to watch play out if it weren't so calamitous when it happens. Not dissimilar to a zombie apocalypse being fascinating.

    No snowflake in an avalanche ever feels responsible.

    by Magster on Tue Oct 08, 2013 at 08:18:16 AM PDT

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    •  But not just one coin ... (1+ / 0-)
      Recommended by:
      Armando

      Strike sixteen of the coins and call the existing bonds. Perhaps a bit of hyper-inflation but then again not as the holders of the bonds are not going to take the proceeds and rush to Walmart. Debt? What debt?

      •  I don't think you understand the concept... (3+ / 0-)

        the coin does not go into circulation therefore it would not cause hyperinflation. It would simply and neatly render moot the debt ceiling which is a silly - as we are seeing, dangerous - artifice anyway. There is no need to call any bonds. That said, use of the platinum coin would begin the process of better understanding how the monetary system really works in a country like the USA. That can only be a good thing.

        Just another faggity fag socialist fuckstick homosinner!

        by Ian S on Tue Oct 08, 2013 at 09:24:35 AM PDT

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        •  yes, but ... (1+ / 0-)
          Recommended by:
          Tommy Aces

          You are correct that it need not go into circulation. However, it could. When in need of cash the Treasury has two options. It can borrow cash from willing creditors or it can print additional currency. Given the debasing effects of massive amounts of new currency that has not been a preferred option. However the issuance of debt has an accompanying assumption: the debt will be repaid. The need for the cash is if not temporary, terminal. In the current situation the debt is effectively permanent and the financial system, recognizing that fact, has effectively monetized US Treasury securities. In the day in, day out financial world there is very little difference between the two. Seeing that, why not end the fiction and put to death all of the false statements about the crushing burden of the debt?

      •  Hollywood is salivating at the (1+ / 0-)
        Recommended by:
        VeloDramatic

        plot of a high tech movie starring Tom Cruise where he  steals the coin.

        No snowflake in an avalanche ever feels responsible.

        by Magster on Tue Oct 08, 2013 at 09:24:59 AM PDT

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      •  asdf (0+ / 0-)
        Perhaps a bit of hyper-inflation
        i don't think there's such a thing as 'a bit of hyper-inflation'.

        anyone born after the McDLT has no business stomping around acting punk rock

        by chopper on Tue Oct 08, 2013 at 12:22:25 PM PDT

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