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View Diary: The PATRIOT Act Strikes Back! (9 comments)

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  •  Lots of ways to rein this thing in. (2+ / 0-)
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    rdbaker43, OHdog

    President Obama could invoke the International Emergency Economic Powers Act (IEEPA).
    The International Emergency Economic Powers Act (IEEPA), Title II of Pub.L. 95–223, 91 Stat. 1626, enacted October 28, 1977, is a United States federal law authorizing the President to regulate commerce after declaring a national emergency in response to any unusual and extraordinary threat to the United States which has a foreign source.
    What would be the external threat in the event of a default?
    China, our largest creditor, which is not to say they would even need to threaten us, just that they could provide the basis for invoking this law.

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