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View Diary: The Debt Ceiling Is Not Unconstitutional, Right Now! (56 comments)

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  •  My point in the above (3+ / 0-)
    Recommended by:
    psyched, BruceMcF, ItsaMathJoke

    is that coin seigniorage is not an option among many. It is the only way that President Obama can fulfill his constitutional oath of office. Congress has provided a means to pay for its appropriations. It is coin seigniorage. With the debt limit, Congressional appropriations of deficit spending, and the duty of the President to faithfully execute the laws, he must use coin seigniorage as the way out. he can use my preferred option which is to use it for all future spending.  I'd like to see that done because it would save over 11T of projected interest payments over the next 15 years. On the other hand, if he prefers he can use wigwam's option of using the coins to buy back $2T of debt from the Fed, thus providing space under the debt limit.

    I share most of your concerns about Ds giving away the store if these negotiations continue. But not your concerns about "printing money." See my reply above and my printing money post linked to above for reasons why inflation wil NOT be a problem.

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