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Congressman To Introduce Law To Ban The Trillion Dollar Platinum Coin

Earlier today, Paul Krugman hopped on board and said Obama must be ready to mint the coin if the GOP decides to try to force the country into defaulting on its obligations.

And now a US Congressman has come out against the coin idea and is proposing a law to ban it (via Matthew O'Brien). Ironically, this action actually legitimizes the coin option.

A new wonder of the world: a solid platinum fiat money coin! How deliciously confounding. Of course Obama could veto any legislation proposed to remove the cited authority. But why be a piker. GWB's legacy bequeathed tens of trillions of new debt for the US government. Why just mint one coin? Mint ten or twenty, enough to redeem all of the increased debt from GWB's inauguration to Obama's.  Triumph over debt!

See! These problems really are easy to resolve if just seen in the proper light.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Jan 7th, 2013 at 10:22:34 PM EST
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