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View Diary: If GOP forces default, constitutional crisis likely to follow (33 comments)

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  •  Default (3+ / 0-)
    Recommended by:
    Gentle Giant, Sylv, Kevskos

    followed by a crash, and days of freak-outs, until they do blink and agree to act like sane people.

    And then we spend years cleaning up the mess and trying to repair our reputations.

    If the GOP lets us default, and doesn't do anything, I still believe based on the Obama we have rather than the Obama that many wish existed that he would be highly resistant to the various ideas people have floated about how he could attack the mess around Congress. We'd be in free-fall until the GOP freaked out and came running back trying to put the toothpaste back in the tube.

    We would be writhing in freak-out until the GOP freaked out at the blame being laid at their feet and agreed to stop now that it was too late to dodge the Hell.

    I am a Loco-Foco. I am from the Elizabeth Warren wing of the Democratic Party.

    by LeftHandedMan on Wed Oct 09, 2013 at 07:09:51 AM PDT

    [ Parent ]

    •  And I agree with Obama (1+ / 0-)
      Recommended by:
      Sylv

      I'm not sure minting a platinum coin would really fix the issue of people no longer trusting US debt. We might avoid technically defaulting, but that doesn't mean a whole lot if no one wants to buy bonds anymore.

      matthewborgard.com ~ @MatthewBorgard

      by zegota on Wed Oct 09, 2013 at 07:14:29 AM PDT

      [ Parent ]

      •  if you question the coin's value, (1+ / 0-)
        Recommended by:
        Kevskos

        then you should take the dollar bills out of your wallet and burn them. They are as valid as the coin is--no more, no less.

        Money is money. I find it astonishing that people so casually deride the full faith and credit of these United States. That's what the teabaggers are doing, I don't see why we have to join them.

        "In America, the law is king." --Thomas Paine

        by limpidglass on Wed Oct 09, 2013 at 07:19:39 AM PDT

        [ Parent ]

      •  Obama missed the point in his press conference. (1+ / 0-)
        Recommended by:
        Kevskos

        The platinum coin would be a deposit of actual money in the Treasury's account. It would allow the government to pay bills without issuing new debt.

        •  It would cause massive inflation (0+ / 0-)

          It would not be tolerated by the monied powers that be.  I think it would be worse for them than default.

          My guess is that if the trillion dollar coin ever became more than a wet dream, there would be a few CEO's in the Oval Office that day.  And, we know Obama is a wannabe, so you can guess how that ends.

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