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(H/t to Lambert Strether for the title!)

Here's a commentary on Ezra Klein's recent diatribe against Platinum Coin Seigniorage (PCS).

But there’s nothing benign about the platinum coin. It is a breakdown in the American system of governance, a symbol that we have become a banana republic. And perhaps we have. But the platinum coin is not the first cousin of cleanly raising the debt ceiling. It is the first cousin of defaulting on our debts. As with true default, it proves to the financial markets that we can no longer be trusted to manage our economic affairs predictably and rationally. It’s evidence that American politics has transitioned from dysfunctional to broken and that all manner of once-ludicrous outcomes have muscled their way into the realm of possibility. As with default, it will mean our borrowing costs rise and financial markets gradually lose trust in our system, though perhaps not with the disruptive panic that default would bring.
Name calling, labeling, and fear mongering aside, does Ezra understand the first thing about PCS? Does he know that if a $60 T coin were minted, and the Treasury General Account (TGA) filled with $60 T in electronic credits, the US would be able to just say goodbye to the international markets? If we were paying off the national debt as it fell due, we would not only not be defaulting, but would be paying all our creditors on time and in full, and without benefit of further debt instrument issuance. Nor would we care whether the markets trusted us or not; since we would not be borrowing money from them for the foreseeable future. So, how could our borrowing costs rise?

And, as far as predictability is concerned, what would then be predictable is that we would be paying all our obligations to everyone whether Wall Streeters, denizens of the global markets, pensioners, Medicare, and Medicaid recipients, and everyone else we have obligations too without anyone getting the short end of the stick. Now, I'd like to see that kind of predictability from this Government, without any drama, histrionics, deficit terrorism, or whining about how our moral character is too weak to endure the Washington Post's favorite meme, “shared sacrifice.”

The argument against minting the platinum coin is simply this: It makes it harder to solve the actual problem facing our country. That problem is not the debt ceiling, per se, though it manifests itself most dangerously through the debt ceiling. It’s a Republican Party that has grown extreme enough to persuade itself that stratagems like threatening default are reasonable. It’s that our two-party political system breaks down when one of the two parties comes unmoored. Minting the coin doesn’t so much solve that problem as surrender to it.
Well, Ezra, that's your notion of the worst problem we face. My notion of a problem is that our national debt is hopelessly misconstrued by people, and that its existence is being used by radical “free market” extremists who want to sharply cut the social safety net, and who also want to block the passage of other Government programs that would benefit most Americans. So, I want to get rid of “the national debt” as a political issue. The best way to do that is to get rid of that national debt. That can be done by using PCS, and in a way that will not drive the economy into depression, or working people into even deeper poverty.

The platinum coin is an attempt to delay a reckoning that we unfortunately need to have. It takes a debate that will properly focus on the GOP’s reckless threat to force the United States into default and refocuses it on a seemingly absurd power grab by the executive branch. It is of no solace that many of the intuitive arguments against the platinum coin can be calmly rebutted. It’s the wrong debate to be having.
Only your version of the platinum coin. You clearly have in mind the Trillion Dollar Coin (TDC) PCS option. I agree that it would only delay a reckoning, and that a debate over its legality is not the debate to have. But a $60 T coin, would eliminate the debt ceiling as a factor, make the debate about getting rid of austerity irrelevant, and also make it impossible to use any of following to oppose progressive legislation:

-- “The Government is running out of money.” (Not with a $60 T coin in the bank.)

-- “The Government can only raise money to spend by taxing and borrowing” (Not with PCS)

-- “We can't keep adding debt to our national credit card.” (We won't be using any of the money on the credit card.)

-- “We need to cut Government spending and make do with no more money.” (Only if more spending would definitely cause inflation.)

-- “if the Government borrows more money, then the bond markets will raise our interest rates.” (The Government won't be borrowing anymore.)

-- “If we continue to issue more debt, our main creditors: the Chinese, the Japanese, and our oil suppliers, may cease to buy our debt, making it impossible for us to raise money through borrowing which, in turn, would force us into radical austerity, or perhaps even into insolvency, which would then be followed by radical austerity and repudiation of our national obligations." (Again, the Government won't be borrowing anymore, so who cares if they no longer want to buy our debt)

-- "Our grandchildren must have the burden of repaying our national debt." (There won't be any debt or any burden.)

-- “Now, the final step – a critical step – in winning the future is to make sure we aren’t buried under a mountain of debt.” (Again, no debt; either mountain or molehill.)

-- “Our government spends more than it takes in. That is not sustainable. Every day, families sacrifice to live within their means. They deserve a government that does the same.”  (But it is sustainable. If we use PCS, then we can have gaps between taxes and spending every year.)

-- “We need to cut entitlements like Social Security and Medicare, because we are running out of money and they are not fiscally sustainable.” (But they are with PCS, because we won't be running out of money!)

-- “If we make the hard choices now to rein in our deficits, we can make the investments we need to win the future.” (Given PCS, what we do now about deficits has nothing to do with our capability to make the investments we will need)

-- “We need to reduce our deficits to be fiscally sustainable.” (Deficits have nothing to do with fiscal sustainability in the sense of continued capability to spend, which will be very plain to people if $60 Trillion is sitting in the TGA.)

-- “We face a crushing burden of debt. The debt will soon eclipse our entire economy, and grow to catastrophic levels in the years ahead.“ (Can't say that if most of the debt is about to be paid off.)

-- “Our debt is out of control. What was a fiscal challenge is now a fiscal crisis. We cannot deny it; instead we must, as Americans, confront it responsibly.” (PCS can confront it responsibly, but the bipartisan horror just enacted can't.)

-- “We believe the days of business as usual must come to an end. We hold to a couple of simple convictions: Endless borrowing is not a strategy; spending cuts have to come first.” (Right! So let's stop borrowing and use PCS.)

-- “Everyone knows that the U.S. budget is being devoured by entitlements. Everyone also knows that of the Big Three - Medicare, Medicaid and Social Security - Social Security is the most solvable. . . . “  (The budget can be  as big as we need it to be with PCS.)

-- “The Social Security Trust fund is a fiction, a mere bookkeeping device.. . . There is no free lunch. There is nothing in the lockbox.” (There will be if we pay back the trust fund through PPCS.)

-- “There is a deficit/debt reduction problem for the Federal Government that is not self-imposed.” (What's the problem? We can't run out of money with PCS!)

-- “The Federal Government is like a household and that since households sacrifice to live within their means, Government ought to do that too.” (What nonsense! As PPCS shows very well; the Government is not like a household. Households can't create unlimited funds through PCS; but the Federal Government can.)

-- “The only way to tackle our deficit is to cut excessive spending wherever we find it.” (It's always good to cut spending that's not in the public interest. But if spending is having good results, and we're using PCS, then there's no reason to cut it, whether taxes cover the spending or not.)

-- “We should also find a bipartisan solution to strengthen Social Security for future generations.” (With PCS, we can easily strengthen SS by extending benefits, and we don't need to do it through a bipartisan Rube Goldberg contraption.

-- “The United States is in danger of becoming the next Greece or Ireland.” (Even without PCS it can't become Greece or Ireland, only the next Japan. But with PCS it can become the United States again.)

-- “Fiscal Responsibility means stabilizing and then reducing the debt-to-GDP ratio and achieving a Federal Government surplus” (With PCS, the debt-to-GDP ratio will be stabilized and reduced, but no "surplus," in the sense of more tax revenue than spending, will ever be necessary for revenue purposes.)

Ezra goes on to say that using the Platinum Coin will trigger a debate within the Republican Party, that will strengthen its worst factions, because its extremists will be able to argue against:

. . . a wild, unprecedented, inflationary power grab by an overreaching president. Making matters more difficult, it will become impossible for more cautious Republicans to break ranks. It’s one thing to argue, as many are already doing, that inducing default risks destroying the Republican Party for a generation. It’s another to abet such a blatantly unconstitutional, dangerous move from the executive branch.
Well, it's not blatantly unconstitutional at all Harvard Law Professor Laurence Tribe thinks it's legal. Yale Law Professor Jack Balkin thinks it's legal. The lawyer who came up with the idea, beowulf (Carlos Mucha), thinks it's legal. Philip Diehl, former Director of the US Mint                                                                                                                                                                                                                                                                                                                                                                                                                thinks it's legal. And, I, a Ph.D. political scientist with some background in Constitutional Law, also think it's legal.

Even Ezra says it's legal earlier in this very column. So, who are the Republicans to label it “blatantly unconstitutional”? What evidence would they have that it's “blatantly illegal? If the President uses it he will have legal opinions supporting its legality. In addition, the plain language of the law says it's legal. Arguments that it's not are more complex and detailed than the plain language of the law. So, how will this play in the court of public opinion?

Ezra goes on to suggest that using the coin won't end the conflict; but will cause the Republicans to work even harder and in a united fashion to get what they want. Well, isn't that too bad, they're just going to work harder at being even more nasty, so the rest of us shouldn't do anything that will get them really ticked off. What kind of advice is that, the advice of a columnist who works for a newspaper with a deficit hawk editorial director, and a financial deal with the world's most prominent deficit hawk: Peter G. Peterson?

Can't you just picture it? Ezra gets called into a meeting with Fred Hiatt who asks him whether he can't do anything to dampen this platinum coin wave that everyone is riding, and Ezra replying says: well, maybe I can write something that will make people very, very afraid of the tea partiers fomenting a new American Revolution.

Of course, Ezra may be right about a big coin making Republicans even more determined to destroy the US economy than they are now. Things could happen that way; but if a very high face value coin, like a $60 T coin, is minted; then the mere presence of the $60 T in the Treasury General Account (TGA), and its use to pay down debt, will change the political context, and make Republican propaganda look much more fanciful, than it does in an imagination that assumes the political context and the future won't be changed by minting a big enough coin and using it to fill the public purse.

So, Ezra, notice what happens to the memes Iisted above. They're just not going to work anymore, if a $60 T coin gets used. If the Republicans remain stiff-necked, what justification would they then have for austerity? Now, they have the debt, and no apparent means of paying it off except lowering spending and raising taxes. But what would they have after that coined filled the public purse? The answer is ZIP!

It is likelier that the platinum coin would drive the Republican Party towards a much more dangerous and enduring standoff. If Republicans never permitted another debt increase, would we just keep minting platinum coins? Would the Federal Reserve abet the strategy and work to hold down inflation, effectively putting itself in the middle of a titanic political fight? Would the market eventually begin to panic because American governance has entered into unknown territory?
If the Administration minted a $60 T coin, then it would probably never have to mint one again, since the first one would lead people to understand that the world won't come to an end if Treasury can print money to fill the public purse to spend Congressional appropriations. Would the Fed help hold down inflation? Of course, it's their mandate. It's not about politics. They'd have to act that way. If they didn't; there'd be immediate talk of folding them into Treasury! Finally, minting and using a $60 T coin to pay for debt and deficit spending won't be inflationary.
There are two ways to truly resolve the debt-ceiling standoff. One is that the Republican Party needs to break, proving to itself and to the country that the adults remain in charge. The other is that America is pushed into default and voters — and the world — reckon with what we’ve become, and what needs to be done about it. Sadly, there’s no easy way out. It’s heads America wins, tails America loses.
Well, rule out the platinum coin, and sure, these may be one's only two choices. But Ezra hasn't shown that using a really BIG coin would elicit real problems, other than getting the Republicans and the right wing really, really, mad (maybe they won't have lunch with him anymore), and there are compelling arguments suggesting the contrary. So, I think that Ezra's gone off the deep end in this column, especially when you consider the cost of default to people, and also the cost of the austerity alternative. Both default-induced austerity; and major party-induced austerity by compromise are both utterly unacceptable.

We must find a third way! Ezra can't just assume that there is no way out of his Hobson's choice. He and we need to consider game-changing PCS before condemning the nation to default.

(Cross-posted from New Economic Perspectives.)

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Comment Preferences

  •  I've been advocating printing and mailing... (3+ / 0-)

    ...out ten trillion to get a good jump start in.

    Fuck inflation.  This is an emergency.

    Preparing for the Mayan doomsday prophecy by hastily trying to get in the good graces of snake-bird god Q’uq’umatz

    by dov12348 on Fri Jan 11, 2013 at 04:52:46 PM PST

  •  I enjoy these as a (1+ / 1-)
    Recommended by:
    Rich in PA
    Hidden by:

    Intellectual exercise, but if anybody thinks Obama is going to mint a coin you need to seriously consider medication.

    Why is it that, as a culture, we are more comfortable seeing two men holding guns than holding hands?

    by jsfox on Fri Jan 11, 2013 at 05:05:28 PM PST

    •  "Intellectual"? (0+ / 0-)

      You mean ineffectual exercise?

    •  HR for this (0+ / 0-)
      Intellectual exercise, but if anybody thinks Obama is going to mint a coin you need to seriously consider medication.
      You can express skepticism without going there but since you did you get a HR.

      The campaign for TDC and thus PCS getting footing even in the MSM and the WH being asked and not disavowing it like the 14th amendment also speaks to this being offensive from you.

      I don't negotiate grand bargains with deficit terrorists!

      by priceman on Sat Jan 12, 2013 at 07:06:39 AM PST

      [ Parent ]

  •  God forbid an elected official take action and (6+ / 0-)

    responsibility for solving a technical problem expeditiously and moving on to more pressing matters, like the Class War, the economy and, oh yeah, the boiling freakin' planet.

    The Class, Terror and Climate Wars are indivisible and the short-term outcome will affect the planet for centuries. -WiA "When you triangulate everything, you can't even roll downhill..." - PhilJD

    by Words In Action on Fri Jan 11, 2013 at 05:09:53 PM PST

  •  Klein wins that contest...with you, I mean. (1+ / 0-)
    Recommended by:

    You're spinning an economic model in which we literally do have fiat money, much as Ron Paul and similar cranks have always claimed.  

    You know, I sometimes think if I could see, I'd be kicking a lot of ass. -Stevie Wonder at the Glastonbury Festival, 2010

    by Rich in PA on Fri Jan 11, 2013 at 05:28:09 PM PST

    •  You're all wrong. All 3 of you. (4+ / 0-)

      The coin is a vehicle that does nothing but get around the ridiculous debt ceiling nonsense provided that it is minted by the Treasury and deposited with the Fed. Quite simply, it is an accounting gimmick.

      Ezra is full of it if he thinks that this is the time to make Republicans sane. As long as a black man is president they will be crazier than loons. Racist Republicans must do everything they can to sabotage Obama to protect their excuses for white privilege.

      The idea that a coin can make the national debt disappear is pretty damn ignorant. The Fed just can't print 60 trillion dollars or conjure it up on a computer screen without consequences. Eventually the situation would resemble Zimbabwe. There's been enough contraction of private debt that a trillion or two more of federal debt won't cause much  inflation, but 60 trillion is a different world.

      As Hannah says, money is a human construct.  Food and water are essentials. Money is a convenience.

      look for my eSci diary series Thursday evening.

      by FishOutofWater on Fri Jan 11, 2013 at 05:54:06 PM PST

      [ Parent ]

      •  My "recommend is for the first two paragraphs (3+ / 0-)
        Recommended by:
        psyched, pdx kirk, Lestatdelc

        you are utterly and completely wrong in your third paragraph. Well, you are right when you say "The Fed can't print 60 trillion..." because the Fed can't print anything. Only the Treasury can mint. You are wrong, however, when you reference Zimbabwe. The difference is that the $60T would be metered into the system over up to 25 years, as notes come due, and the Fed would be operating all of the other financial controls already built into the system to control inflation. As has been said in several other diaries, inflation only becomes a factor when an economy reaches full employment and utilization. We are no where near that so there is PLENTY of room for expansion.

        There's been enough contraction of private debt that a trillion or two more of federal debt won't cause much  inflation, but 60 trillion is a different world
        And the above quote simply makes no factual sense what-so-ever in terms of the way PCS works on the actual ledgers of the Treasury, the Fed and investment banks.

        "When in doubt, do the brave thing." - Jan Smuts

        by bunnygirl60 on Fri Jan 11, 2013 at 06:22:16 PM PST

        [ Parent ]

      •  Why don't we just use it (2+ / 0-)
        Recommended by:
        markthshark, emal

        to get rid of the fucking blackmail option in Congress.

        and think about the larger picture later.

        that's my take.

        Especially since the support for this idea has apparently been dropping ever since we started thinking of using it in a larger ($60T) way.

        I did not appreciate Jon Stewart going along with the herd on the trillion-dollar coin the other night. His critique was something along the lines of "Trillion-dollar coin? but that's so silly! And it'll make other nations laugh at us!"

        if necessary for years; if necessary, alone

        by SouthernLiberalinMD on Fri Jan 11, 2013 at 07:37:42 PM PST

        [ Parent ]

        •  As if the rest of the world isn't already laughing (2+ / 0-)
          Recommended by:
          pdx kirk, SouthernLiberalinMD

          at us for attributing the GOP any legitimacy at all in our government.

          I did not appreciate Jon Stewart going along with the herd on the trillion-dollar coin the other night. His critique was something along the lines of "Trillion-dollar coin? but that's so silly! And it'll make other nations laugh at us!"
          Personally, I think the rest of the world would give POTUS and the Democrats a lot of credit for taking steps to end the incessant, hostage-taking modus operandi of the Republicans.

          "That men do not learn very much from the lessons of history is the most important of all the lessons of history." ~ Aldous Huxley

          by markthshark on Fri Jan 11, 2013 at 08:13:08 PM PST

          [ Parent ]

      •  Then you have not actually read up on (3+ / 0-)
        Recommended by:
        psyched, katiec, a2nite

        or seriously informed yourself as to what PCS is, how it actually reduces inflationary impact to the economy than current debt instruments do. The dollars minted would only enter the economy at the same rate as Congressional expenditures do now, but without the added interest fees incurred.


        Mitch Gore

        Want to end too big to fail banks? Then move your money and they will no longer be too big.

        by Lestatdelc on Fri Jan 11, 2013 at 10:31:58 PM PST

        [ Parent ]

    •  The trillion dollar coin will subvert (2+ / 0-)
      Recommended by:
      markthshark, pdx kirk

      the Republicans' economic blackmail option.  The debt ceiling is no less silly than the coin (it's like saying I can refuse to pay my credit card bill when it comes, and just feed it through the shredder every month because I don't believe in going into debt).

      We should mint it and be done with it. If we did, we would effectively make it much less attractive to hold the country's good faith and credit hostage.

      That's the main thing I care about. We can discuss the true meaning of money after we disable this obnoxious and toxic political trap that the Republicans can apparently spring upon us infinite numbers of times--and that apparently some conservative Democrats are using as cover to justify cutting our social safety net.  Further.

      if necessary for years; if necessary, alone

      by SouthernLiberalinMD on Fri Jan 11, 2013 at 07:41:21 PM PST

      [ Parent ]

  •  Thanks for this. Ezra Klein is a little to cute (3+ / 0-)
    Recommended by:
    markthshark, psyched, pdx kirk

    for my taste. I am a mathematician turned systems designer and in my opinion Ezra often stretches his math too far. He makes me think of drug companies who stretch the mathematical results of drug trials.

    Might and Right are always fighting, in our youth it seems exciting. Right is always nearly winning, Might can hardly keep from grinning. -- Clarence Day

    by hestal on Fri Jan 11, 2013 at 05:40:19 PM PST

    •  In my opinion, Ezra Klein is locked in a... (3+ / 0-)
      Recommended by:
      hestal, a2nite, emal

      neck & neck, three-way race with Harold Ford and Ed Rendell for "the most annoying pundit on cable news" award.

      I even switched off Rachel's show the other night because Klein was hosting, something I rarely [if ever] do. He fails miserably every time he tries to read the scripts written for Rachel, which are custom tailored to Rachel's own quirky but extremely intelligent delivery.

      As for his political leanings, I believe he's just short of "Third Way" territory. (where corporate DINOS like Rendell and Ford regularly reside)

      "That men do not learn very much from the lessons of history is the most important of all the lessons of history." ~ Aldous Huxley

      by markthshark on Fri Jan 11, 2013 at 08:04:35 PM PST

      [ Parent ]

      •  I switch him off, too. nt (3+ / 0-)
        Recommended by:
        markthshark, a2nite, emal

        Might and Right are always fighting, in our youth it seems exciting. Right is always nearly winning, Might can hardly keep from grinning. -- Clarence Day

        by hestal on Fri Jan 11, 2013 at 08:07:57 PM PST

        [ Parent ]

      •  The fact this guy (3+ / 0-)

        Has such a bully pulpit and national platform in this debate is beyond amazing to me. He is what... 28?and has a what...a BS degree in political science and yet he somehow speaks of things as if he is an expert. He is no prodigy and yet IMHO he is somehow regarded as one in villager circles. How he rose to the level he has is beyond me.
        Just what expertise does this kid have on this issue? What makes him qualify to educate others on the issue? Someone enlighten me.

        Now don't get me wrong, he most certainly is entitled to speak his opinion on the matter just like every other person.
        But what  expertise or specialty on this issue does this kid have that makes his opinion appear to carry more weight in the discussion?

        Not a fan, he doesn't impress me, even when I agree with him. But he to me comes off as a classic villager wannabe. Ugh.

        The Plutocratic States of America, the best government the top 1% and corporations can buy. We are the 99%-OWS.

        by emal on Sat Jan 12, 2013 at 07:58:28 AM PST

        [ Parent ]

  •  By the way, didn't Krugman (1+ / 0-)
    Recommended by:

    say that Klein took his preaching too far?

    Might and Right are always fighting, in our youth it seems exciting. Right is always nearly winning, Might can hardly keep from grinning. -- Clarence Day

    by hestal on Fri Jan 11, 2013 at 05:42:25 PM PST

  •  Obama has asked Geitner for a report on PCS so (4+ / 0-)
    Recommended by:
    clonal antibody, katiec, pdx kirk, emal

    it is clear he is thinking about it. My concern is that he is only thinking in terms of the debt ceiling and isn't considering the option of the $60T coin. I don't know how to generate a more vocal conversation on the "big ball" version of PCS but perhaps we should be bouncing around ideas on how to drive that.

    I had to laugh when I read this post because I hopped over to it in the middle of working on Arliss' next one which is basically the Dummies version of this. Arliss wanted to say something about the policy space created by big ball PCS. Swear to God, she was already half way through her dictation and I was planning to post it tomorrow.

    She did want me to add that she has a BS in Disapproval (from SBUNY) and she, too, thinks PCS is Constitutional. I, on the other hand, only have a physics PhD from this institute of technology located in Massachusetts so my ability to read the plain English probably does not compare to Ezra's outrage at the blatant unconstitutionality.

    Also, in case you don't know, David Waldman,, is trying to reach you so you can talk about this on "Kagro in the Morning."

    "When in doubt, do the brave thing." - Jan Smuts

    by bunnygirl60 on Fri Jan 11, 2013 at 06:00:10 PM PST

  •  I'd love to end austerity too. (0+ / 0-)

    Now tell me how we can do that when the Tea Party controls the House of Representatives and all appropriations measures.

    •  Simple. Honestly, it is. If the Treasury mints a (3+ / 0-)
      Recommended by:
      katiec, Lestatdelc, psyched

      $60T and deposits it in the Fed for use in paying our debt, NO NEW MONIES ARE BEING APPROPRIATED. Seriously. None. Zilch. It isn't an end-run around the law, it is the law. We would just be depositing the money all at once and the Fed would be metering it over the next 25 years as notes come due. It's amazing to think about but it is entirely possible to heal the economy, erase the debt AND AVOID INFLATION with this one genuinely simple move.

      "When in doubt, do the brave thing." - Jan Smuts

      by bunnygirl60 on Fri Jan 11, 2013 at 07:55:14 PM PST

      [ Parent ]

  •  Keep at it Letsgetitdone! (7+ / 0-)

    The idea is moving along the famous continuum:

    First, they ignore you
    Then, they mock you
    Then, they fight you
    Then, you win.

    "Why do we see the same old Republicans all over the news all the time when they were kicked out for screwing everything up?" - socratic's grandma

    by Michael James on Fri Jan 11, 2013 at 06:29:42 PM PST

  •  Minting the coin would be a minor change (2+ / 0-)
    Recommended by:
    katiec, Calgacus

    compared to what FDR did in 1933. Overnight, FDR took the United States off of the gold standard, meaning you could no longer cash in your pieces of paper money for real gold.

    Then FDR confiscated all the gold and paid people half of its soon-to-be price.  The government kept the profits to balance the budget.  If you didn't surrender your gold, you were arrested.

    He did it to liberate the economy from the artificial constraint of the gold supply.

    Those measures make minting the trillion dollar coin seem modest.

    If Obama sought to confiscate gold today, people would come out shooting.

    And in the 30s people had fully automatic weapons but didn't rise up.

    Orly, it isn't evidence just because you downloaded it from the internet.

    by 6412093 on Fri Jan 11, 2013 at 10:30:18 PM PST

  •  Villager Ezra Klein's vshould not speak... (3+ / 0-)
    Recommended by:
    Ian S, emal, katiec

    of things he does not understand.

    On the contrary, Stephanie Kelton was on Up with Chris Hayes today which I encourage everyone to watch.

    Thank you, Letsgetitdone.

    I don't negotiate grand bargains with deficit terrorists!

    by priceman on Sat Jan 12, 2013 at 07:08:41 AM PST

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