A Coin worth...(pause)....ONE TRILLION DOLLARS!!!

[azulmagia]

Less Than Liz

Because some of us understand what the rule of law is and how that is important regardless of petty Congressional games. Further, if Congress can rely on executive circumvention every time they get in a tiff, there's even less incentive to cooperate.

It seems to me that you do not understand the dilemma.

The President cannot refuse to spend moneys that have already been authorized to spend.

The President cannot raise the debt ceiling. You may reply "14th Amendment," but Obama has also ruled out invoking it.

So, what's you're brilliant solution out of this that is legal, "rule of law" advocate?

[King Shining Heaven]

I'm skeptical of this whole thing. It just seems like that shouldn't be possible..to mint a platinum coin worth 1 trillion. It ssems like there should be some kind of restirction on such a thing, or that there would be several consequences

[azulmagia]

Queen Shining Heaven

I'm skeptical of this whole thing. It just seems like that shouldn't be possible..to mint a platinum coin worth 1 trillion. It ssems like there should be some kind of restirction on such a thing, or that there would be several consequences

You know what also shouldn't be possible?

Fiat money. Which is just what this is.

[Origin of Wealth]

azulmagia

Less Than Liz

Because some of us understand what the rule of law is and how that is important regardless of petty Congressional games. Further, if Congress can rely on executive circumvention every time they get in a tiff, there's even less incentive to cooperate.

It seems to me that you do not understand the dilemma.

The President cannot refuse to spend moneys that have already been authorized to spend.

The President cannot raise the debt ceiling. You may reply "14th Amendment," but Obama has also ruled out invoking it.

So, what's you're brilliant solution out of this that is legal, "rule of law" advocate?

Curse you Congressional Budget and Impoundment Control Act! Curse you!

[Je Nique vos Merdiers]

Less Than Liz

Because some of us understand what the rule of law is and how that is important regardless of petty Congressional games. Further, if Congress can rely on executive circumvention every time they get in a tiff, there's even less incentive to cooperate.

I'm pretty sure everyone knows what the rule of law is. It's just that not all of us are retarded enough to consider the rule of law to be a higher priority than a possible existential threat.

[hahahalolwut]

Queen Shining Heaven

I'm skeptical of this whole thing. It just seems like that shouldn't be possible..to mint a platinum coin worth 1 trillion. It ssems like there should be some kind of restirction on such a thing, or that there would be several consequences

you're skeptical that it's legally possible?

[King Shining Heaven]

hahahalolwut

Queen Shining Heaven

I'm skeptical of this whole thing. It just seems like that shouldn't be possible..to mint a platinum coin worth 1 trillion. It ssems like there should be some kind of restirction on such a thing, or that there would be several consequences

you're skeptical that it's legally possible?

Yeah, a little bit. It just seems too good to be true

[Complex Systems]

Jesus, I thought, "hey, maybe they're be some decent discus-" hit the link, and then went, "- OH GOD MY EYES. MY EYESSSSSS."

Both the treasury and the fed have turned down printing A Magical Bill worth $1 Trill. Link. People who continue to talk about it are just coming off as progressively more crazy. What will happen if the debt ceiling is hit is that Obama will have to prioritize executive spending towards particular item, for which interest payments will be first.

[azulmagia]

Complex Systems

Jesus, I thought, "hey, maybe they're be some decent discus-" hit the link, and then went, "- OH GOD MY EYES. MY EYESSSSSS."

Both the treasury and the fed have turned down printing A Magical Bill worth $1 Trill. Link. People who continue to talk about it are just coming off as progressively more crazy. What will happen if the debt ceiling is hit is that Obama will have to prioritize executive spending towards particular item, for which interest payments will be first.

You forgot that the United States' credit rating will be downgraded. Again.

As for the Treasury and the Fed, it's one thing for the Treasury not to mint the coin (which it wouldn't do anyway except at the behest of the President), but it's another thing entirely for the Fed to say that it would not accept the coin. That would mean the Fed would be taking upon itself that some things are the legal tender of the United States, and other things are not - which is entirely not the Fed's place.

[hahahalolwut]

Queen Shining Heaven

hahahalolwut

Queen Shining Heaven

I'm skeptical of this whole thing. It just seems like that shouldn't be possible..to mint a platinum coin worth 1 trillion. It ssems like there should be some kind of restirction on such a thing, or that there would be several consequences

you're skeptical that it's legally possible?

Yeah, a little bit. It just seems too good to be true

well, a plain reading of the relevant law certainly make it seem legal. the purpose of the law is to allow for commemorative coins, but that doesn't mean we can't use it for something else so long as it wouldn't break other laws.

it's all academic at this point, anyway

[hahahalolwut]

azulmagia

You forgot that the United States' credit rating will be downgraded. Again.

because that affected our ability to take on more debt in any way at all last time

[Wendigo]

Je Nique vos Merdiers

Less Than Liz

Because some of us understand what the rule of law is and how that is important regardless of petty Congressional games. Further, if Congress can rely on executive circumvention every time they get in a tiff, there's even less incentive to cooperate.

I'm pretty sure everyone knows what the rule of law is. It's just that not all of us are retarded enough to consider the rule of law to be a higher priority than a possible existential threat.

The rule of law is sure as s**t more important than the Tea Party.

[azulmagia]

Wendigo

Je Nique vos Merdiers

Less Than Liz

Because some of us understand what the rule of law is and how that is important regardless of petty Congressional games. Further, if Congress can rely on executive circumvention every time they get in a tiff, there's even less incentive to cooperate.

I'm pretty sure everyone knows what the rule of law is. It's just that not all of us are retarded enough to consider the rule of law to be a higher priority than a possible existential threat.

The rule of law is sure as s**t more important than the Tea Party.

No, Je Nique is right. The Tea Party IS an existential threat. Not merely to America, but to the human race and potentially to all life on earth, because they're an obstacle to dealing with the threat of global warming. But that's a topic for another thread.

[Complex Systems]

azulmagia

Complex Systems

Jesus, I thought, "hey, maybe they're be some decent discus-" hit the link, and then went, "- OH GOD MY EYES. MY EYESSSSSS."

Both the treasury and the fed have turned down printing A Magical Bill worth $1 Trill. Link. People who continue to talk about it are just coming off as progressively more crazy. What will happen if the debt ceiling is hit is that Obama will have to prioritize executive spending towards particular item, for which interest payments will be first.

You forgot that the United States' credit rating will be downgraded. Again.

As for the Treasury and the Fed, it's one thing for the Treasury not to mint the coin (which it wouldn't do anyway except at the behest of the President), but it's another thing entirely for the Fed to say that it would not accept the coin. That would mean the Fed would be taking upon itself that some things are the legal tender of the United States, and other things are not - which is entirely not the Fed's place.

People still care about credit ratings? Man, are we that stupid? They're structured stupidly and have never predicted much of anything- besides in hindsight.

Secondly, the Federal reserve wouldn't be deciding what is legal tender, it would be deciding not to expand the money supply by $1 trillion in exchange for magical fairie dust. It does have something called autonomy. Wouldn't you know, independence of central banks is a clearly correlated with inflation just because central banks can decide when to laugh at gov'ts.

[Je Nique vos Merdiers]

Wendigo

Je Nique vos Merdiers

Less Than Liz

Because some of us understand what the rule of law is and how that is important regardless of petty Congressional games. Further, if Congress can rely on executive circumvention every time they get in a tiff, there's even less incentive to cooperate.

I'm pretty sure everyone knows what the rule of law is. It's just that not all of us are retarded enough to consider the rule of law to be a higher priority than a possible existential threat.

The rule of law is sure as s**t more important than the Tea Party.

Who's talking about the tea party?