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View Diary: The President's Rationalization and Obligation, Part II: Coins, the 14th, and Consols (52 comments)

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  •  It's just odd how some people (3+ / 0-)
    Recommended by:
    Deathtongue, erush1345, FG

    continue to regurgitate these same ideas over and over, even though it has been explained to them in detail why these ideas don't work. And even though they may believe that the ideas work, they don't even see that these things are DOA since nobody else thinks they will work. The president and our Congress don't think these things would work, and since they would implement them, the ideas are dead - completely, totally dead.

    Yet some wake up each morning and can't wait to try to talk people on the internets into believing in this stuff. It's just odd.

    •  I think it's a misunderstanding that somehow (1+ / 0-)
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      doc2

      laws are going to save us. Investors don't care about laws. When it comes to the worlds reserve currency, the idea is that it has zero risk. What people who push these ideas fail to see is that all of them inject doubt into something that shouldn't have any. It doesn't matter if they are "legal" or not. The markets won't care in the slightest. You can't legislate trust.

      Patriot: the person who can holler the loudest without knowing what he is hollering about. Mark Twain

      by Deathtongue on Fri Oct 11, 2013 at 08:58:21 PM PDT

      [ Parent ]

      •  no laws won't save us (3+ / 0-)
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        psyched, Sandino, RenMin

        And no you can't legislate trust. If the House drives the car into the wall, it's gonna hurt. That isn't an argument against seatbelts and airbags.

        If you think that the President showing his resolve to do everything in his power to keep the ship from sinking won't at the very least reduce panic in the markets, I frankly don't think you know what you are talking about.

        Again, yeah, these options suck. Doing nothing sucks more.

        •  They are as good as doing nothing (0+ / 0-)

          I suppose if I had to choose the best option would be the 14th amendment option. At least then you would eventually get a ruling from the supreme court. But by then the damage would be done. My point is that all of these roads lead to global economic armageddon. By the time there is any resolution, the damage is already done. Better to just stick to your guns and play chicken with the bastards.

          Patriot: the person who can holler the loudest without knowing what he is hollering about. Mark Twain

          by Deathtongue on Sat Oct 12, 2013 at 12:47:26 AM PDT

          [ Parent ]

          •  If i hear once more about economic armageddon (1+ / 0-)
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            psyched

            I'm going to puke.  This is the language of  terrorism. It's a recipe for keeping us hostages forever.

            If Obama cuts the Gordian knot, the sun will still rise in the east, and people will still eat, work and make love.  Yes, the markets may tumble -- but don't they all the time?  Or they may rise, because the uncertainty will be over.  Either way, I'll take that over the current dismantling of all portions of government except those whose dismantling would inconvenience the 1%.

            •  You're wrong (0+ / 0-)

              The sun may rise, but some people Won't eat.

              Patriot: the person who can holler the loudest without knowing what he is hollering about. Mark Twain

              by Deathtongue on Sat Oct 12, 2013 at 01:44:39 AM PDT

              [ Parent ]

            •  yes and no (1+ / 0-)
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              psyched

              Markets tumbling is bad for EVERYBODY, and while the rich may lose more money, it's the poor and the weak and the sick who will suffer most. Is that fair? Of course not. That doesn't mean it's not true.

              And yes the current piecemeal funding of governmentis fundamentally unacceptable. We should fight it. We will fight it. Obama and Reid ARE fighting it.

              Again, these are airbags and seatbelts, it would be better for everyone if the car didn't crash.

          •  I agree about the 14th (1+ / 0-)
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            psyched

            The weakness with that approach is that a SCOTUS ruling would ensue, and that would engender uncertainty, which markets hate. That's why I argue for firing all three barrels; special bonds, the coin and the 14th.

            And yes, we should play chicken with the asshats in the House. But the proble is that they are clearly stupid enough to crash into a wall at 80 mph. The question is what do we do then.

      •  But investors believe (3+ / 0-)
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        RenMin, codairem, psyched

        that the debt ceiling law or congressional shenanigans will suddenly make US debt non-reserve-worthy?  If laws don't matter, then the threat should not be so great.  Presumably one sees this in the lack of panic in the stock market.

        If Obama was gonna pull one of these rabbits out of his hat, he would wait until the catastrophe was undeniable, at which point the markets would sigh with relief and go back to extend and pretend. He would also not want to telegraph a solution that would let the teabaggers off the hook, or strengthen their resolve, or give them even more articles for their fevered impeachment fantasies.

      •  OTOH - Which destroys trust more - The government (3+ / 0-)
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        Ian S, TheMomCat, psyched

        creating enough money to get itself out of trouble, or a government paralyzed by an entire party of financial terrorists who have implemented a prolonged shutdown/recession and constantly threaten to drive the country into default?

    •  yeah stupid people... (4+ / 0-)
      Recommended by:
      psyched, Sandino, codairem, TheMomCat

      Like me, LGID, Nobel Prize for Economics winner Paul Krugman, and the folks at Forbes. None of us know what we're talking about. :roll:

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