Pages

5 comments

Jump to bottom
1 John Vreeland  Fri, Jan 11, 2013 3:45:41pm

My reading of the relevant law in this case is that it would have to be a bullion coin, meaning that the vast majority of its value would have to be intrinsic to the metal of its construction. Or maybe they could make a it a commemorative coin instead, to commemorate the record high deficit.

2 stabby  Fri, Jan 11, 2013 6:01:42pm

re: #1 John Vreeland

If you’re right then the law can’t be used.

That is what Fox will claim in any case, because otherwise the tea party* nuts don’t have the power to end medicare, social security, the EPA, etc.

*Tea Party: The Fox News Micky Mouse Club

They originally thought they could do that by taking the house since the house is the source for spending authorization - but the Obama administration responded by not making budget and simply continuing to use the previous, sane, house’s spending authorization.

Now they’re hoping to use their power to stop paying our debts to send us back to 1900.

They probably wish that the debt ceiling stopped new borrowing instead of stopping PAYING our debts, but they’ll take what they can get.

Note that if we default and the interest rates on our debt goes up, then our economy will be ruined for the rest of our lives, the world economy will crash and the US will lose its place as an important economic power. The Chinese press already can’t resist telling its billion readers that the US no longer has a viable government.

3 stabby  Fri, Jan 11, 2013 6:02:49pm

In short they’re not being stupid, they’re being manipulative.

4 EPR-radar  Fri, Jan 11, 2013 6:36:33pm

Oddly enough, the simplest approach I can think of is the one I have not seen mentioned at all.

Congress has set tax rates and made appropriations that are inconsistent with the debt ceiling. If Congress is stupid enough to pass inconsistent laws, the Executive gets to choose how to “faithfully execute the laws”.

So, I’d like to see the administration treat the debt ceiling as a nothing-burger. No coin trick. No reference to the constitution. Just blow it off.

5 lostlakehiker  Fri, Jan 11, 2013 10:30:22pm

re: #4 EPR-radar

Oddly enough, the simplest approach I can think of is the one I have not seen mentioned at all.

Congress has set tax rates and made appropriations that are inconsistent with the debt ceiling. If Congress is stupid enough to pass inconsistent laws, the Executive gets to choose how to “faithfully execute the laws”.

So, I’d like to see the administration treat the debt ceiling as a nothing-burger. No coin trick. No reference to the constitution. Just blow it off.

Actually, there is no inconsistency. There is no statutory obligation to pay social security or medicare benefits at the current rate. Many other spending programs are likewise not debts of the government.

The legal course of action, if the debt ceiling were to be reached, would be to cut spending on all these optionals, while servicing the debt to the letter and to the penny. The president, who is sworn to uphold and defend etc. and to take care that the laws be faithfully executed, would then have the duty to take care that the laws, as written, be faithfully executed. The constitution itself positively insists that the debts be payed without question or delay. It does not insist that other spending programs go on as if cash had not run out.

Now whether draconian cuts to all other spending are a good idea? That’s another question entirely. They are not. They’re a very bad idea.

The markets would crash. The economy would follow. Our defense system would lose essential people, who cannot forever work without pay. Valuable infrastructure would go untended; penny wise and pound foolish “savings” would have to be found. It would be grossly irresponsible to force the government into such a fix.

But the fault for the cuts would lie with the people who voted to not raise the debt ceiling, and not with the president. His hands would be clean.

No coining of trillion dollar baubles would wash. That would make a laughingstock of our currency and our leadership.

If the president were to decide that the constitution is a mere scrap of paper, that would have incalculable consequences for the nation; that, too, would be a very bad idea. But the fault, in that case, would rest with him. How could he do that? How, after taking Lincoln for a model? Lincoln, who refrained from wartime measures that he could not find real justification for in the constitution? Who limited his emancipation proclamation to states still in rebellion, despite his private views that slavery was an evil across the board? Who allowed a pro-surrender candidate to campaign for the presidency, knowing the nation would be lost if that candidate won? Lincoln understood that winning ugly would destroy, in the long run, what he was trying to save with the war.


This page has been archived.
Comments are closed.

^ back to top ^

TwitterFacebook

Turn off all ads for a full year by subscribing!
For about 33 cents a day (per month) or 22 cents a day (per year), our subscription option turns off all advertisements at LGF!
Read more...

► LGF Headlines

  • Loading...

► Tweeted Articles

  • Loading...

► Tweeted Pages

  • Loading...

► Top 10 Comments

  • Loading...

► Bottom Comments

  • Loading...

► Recent Comments

  • Loading...

► Tools/Info

► Tag Cloud

► Contact

You must have Javascript enabled to use the contact form.
Your email:

Subject:

Message:


Messages may be published unless you request otherwise.
Tech Note:
Using the Contact Form
LGF Pages

This button leads to the main index of LGF Pages, our user-submitted articles. You can post your own LGF Pages simply by registering a free account with us.

Create a Page

This is the LGF Pages posting bookmarklet. To use it, drag this button to your browser's bookmark bar, and title it 'LGF Pages' (or whatever you like). Then browse to a site you want to post, select some text on the page to use for a quote, click the bookmarklet, and the Pages posting window will appear with the title, text, and any embedded video or audio files already filled in, ready to go.

Last updated: 2014-03-07 2:19 pm PST

LGF User's Guide
Recent Pages
Randall Gross
Santa Clara Teen Survives After Stowing Away on Flight From San Jose to Hawaii
A 16-year-old boy stowed away in the wheel well of a flight from San Jose to Hawaii on Sunday, surviving the trip halfway across the Pacific Ocean unharmed despite frigid temperatures at 38,000 feet and a lack of oxygen, FBI and airline officials said. FBI spokesman Tom Simon in Honolulu told The Associated Press on Sunday night that the boy was questioned by ...

16 minutes ago
Views: 32 • Comments: 0
Tweets: 0 • Rating: 0
FemNaziBitch
A 12-Year-Old’s Trek of Despair Ends in a Noose at the Border
Noemi Álvarez Quillay took the first steps of the 6,500-mile journey to New York City from the southern highlands of Ecuador on Tuesday, Feb. 4, after darkness fell. A bashful, studious girl, Noemi walked 10 minutes across dirt roads that cut through corn and potato fields, reaching the highway to Quito. She carried a small suitcase. Her grandfather Cipriano Quillay flagged down a ...

20 hours, 4 minutes ago
Views: 327 • Comments: 0
Tweets: 0 • Rating: 1
palmerskiss
Debate Discrimination - Houston Chronicle
We're glad to see Mayor Annise Parker finally stand up and propose a human rights commission that will provide local due process for victims of public discrimination. Parker told the Chronicle editorial board that she plans to release a formal version of her proposal within the next few weeks, but sometimes the process is just as important as the result. As the energy ...

1 day, 13 hours ago
Views: 143 • Comments: 0
Tweets: 0 • Rating: 0
cycroft
Russ Campbell’s Blog: Bill C-23, Fair Elections Act Seems Now on Solid Ground
Now that a Sen­ate com­mit­tee has rec­om­mended nine changes to Bill C-23, Fair Elec­tions Act, the leg­is­la­tion seems pretty solid. And, since Pierre Poilievre has, ap­par­ently, in­di­cated pri­vately that he's open to changes, an amended ver­sion of the bill will likely be­come law by this sum­mer. We would prob­a­bly have got­ten to this point ear­lier had not the min­is­ter re­spon­si­ble for the bill ...

1 day, 16 hours ago
Views: 111 • Comments: 2
Tweets: 0 • Rating: 0
MichaelJ
Live now - 2014 Rip Curl Pro Bells Beach - ASP World Tour
More: 2014 Rip Curl Pro Bells Beach - ASP Iconic Bells Beach in Victoria, Australia once again hosts the world's best surfers for the 41st running of the Bells Beach Contest. New feature in this broadcast: drone cam!

2 days, 12 hours ago
Views: 226 • Comments: 0
Tweets: 3 • Rating: 0
Skip Intro
Why the Temperature of the Yellow Sea Is a Big Deal, and Other Questions About the South Korean Ferry Disaster
The boat ran into trouble several dozen miles from Jindo, an island that sticks out of South Korea's southwestern corner like a little toe. Jindo is surrounded by a group of even smaller islands that are slightly farther afield from the mainland. The ferry was curving around those small islands at the time it issued a distress call. What caused the disaster? We ...

2 days, 17 hours ago
Views: 404 • Comments: 3
Tweets: 25 • Rating: 1
Idle Drifter
Calgary stabbings: How knife crime in Canada can cause ‘moral panic’
What Calgary police chief Rick Hanson called the "worst mass murder" in the city's history didn't end at the barrel of a gun. Instead, the 22-year-old suspect identified on Tuesday as Matthew de Grood is accused of entering the kitchen at a house party, taking "a large knife" and using it to fatally stab four men and one woman, all of whom were students ...

4 days, 3 hours ago
Views: 287 • Comments: 6
Tweets: 0 • Rating: 0
aagcobb
New York Electoral College: State Joins National Popular Vote Interstate Compact.
Ben Mathis-Lilley, Slate: New York Electoral College: State Joins National Popular Vote Interstate Compact. Instead of pushing for a Constitutional amendment, which would have to be ratified in 38 states, advocates ask individual state legislatures to pass an agreement: that they'll pledge all their presidential electors to the winner of the national popular vote as soon as enough other states pass the law to ...

4 days, 10 hours ago
Views: 285 • Comments: 7
Tweets: 0 • Rating: 2
Political Atheist
The Insane History of Rockets at Jet Propulsion Laboratories
The Rocket Boys In the late 1930s, a group of Caltech graduate students were booted off campus after blowing up (part of!) their building during a rocket test gone awry. Unwilling to give up on the joy of semi-controlled explosions, the students and a few of their friends headed into the San Gabriel Mountains. They picked a deserted gully -- Arroyo Seco -- ...

5 days, 7 hours ago
Views: 304 • Comments: 1
Tweets: 0 • Rating: 3
iossarian
Drug Companies Want Your Money
Two thematically-related stories on the BBC at the moment: UK drug company Glaxo 'paid bribes to Polish doctors' UK drug company GlaxoSmithKline is facing a criminal investigation in Poland for allegedly bribing doctors, BBC Panorama has discovered. Tamiflu: Millions wasted on flu drug, claims major report Hundreds of millions of pounds may have been wasted on a drug for flu that works no better ...

5 days, 13 hours ago
Views: 304 • Comments: 0
Tweets: 8 • Rating: 0
 Frank says:

Not a speck of cereal.