Let’s mint a $1 trillion coin!
Good day all. With all the news regarding King Putz’s plan to suppress the Second Amendment, this little tidbit of idiocy sort of slipped in under the radar. As anyone with a modicum of common sense knows, (Which lets out anyone who voted for Il Douche), the United States is essentially broke.
We have a national debt of over $16 Trillion dollars and honestly, no way to pay it off. The recent “Fiscal Cliff” nonsense didn’t fix the problem, it made things even worse. Now the next fiscal item on the menu is the raising of the national debt ceiling. This is done to allow the United States Treasury to borrow money from China.
The fiscal conservatives are demanding that Der Fubar and his minions in the NDSWP, (National Democrat Socialist Workers Party), actually sit down and figure out where we can make significant cuts. The Progressive Democrats don’t want to cut anything other then the military. Shutting that down entirely is just fine with them.
Newly reelected Speaker of the House, (And utter failure), John Boehner has said he will no longer have “Private discussions” with Obama. There are two reasons for this. First, Crybaby Boehner has been consistently rolled by Obama. The second and by far the most important reason was something Obama said to Boehner during the cave in. here’s the quote from TownHall.com:
What stunned House Speaker John Boehner more than anything else during his prolonged closed-door budget negotiations with Barack Obama was this revelation: “At one point several weeks ago,” Mr. Boehner says, “the president said to me, ‘We don’t have a spending problem.'” The president’s insistence that Washington doesn’t have a spending problem, Mr. Boehner says, is predicated on the belief that massive federal deficits stem from what Mr. Obama called “a health-care problem.” Mr. Boehner says that after he recovered from his astonishment—”They blame all of the fiscal woes on our health-care system”—he replied: “Clearly we have a health-care problem, which is about to get worse with ObamaCare. But, Mr. President, we have a very serious spending problem.” He repeated this message so often, he says, that toward the end of the negotiations, the president became irritated and said: “I’m getting tired of hearing you say that.”
So, Obama, living in the world of socialist unicorn farts, refuses to consider that his out of control spending is a problem. This would explain the idea for a platinum $1 trillion dollar coin. Now, only Congress can appropriate money for the government to spend, However, there is a small loophole regarding the minting of coins. It seems that the Secretary of the Treasury can order the minting of a platinum coin of any size and denomination1. Here is the relevent section of the code:
The Secretary may mint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary’s discretion, may prescribe from time to time.
So, in theory, TurboTax Tim Geithner could order the US Mint to produce 20 or so of these coins and then use them to pay off the National Debt. As you might expect, the moonbats think this is a great idea. In fact, the fat Michael Moore clone from New York, Jerry Nadler was the moron who dreamed this one up. Here are a few details from Capital New York:
“I’m being absolutely serious,” he said. “It sounds silly but it’s absolutely legal. And it would normally not be proper to consider such a thing, except when you’re faced with blackmail to destroy the country’s economy, you have to consider things.”
Now in Nadler’s mush filled brain, anything that interferes with the Progressive Democrats march to communist totalitarianism is evil. That includes things like the government not spending the nation into bankruptcy.
Republicans have made the debt ceiling a rallying cry, exacting deep spending cuts from President Obama last year, after threatening not to pay the country’s debts if he failed to agree.
Obama has since pledged not to negotiate over the debt limit, which pays existing debts, and Nadler said last night’s deal will be viewed through the prism of that promise.
If President Obama can somehow stick to his guns on the debt ceiling and the sequester, Nadler said the deal “will be viewed as a major step forward economically, and in terms of social justice. If we do cave in two months from now, this won’t look so good. I hope we won’t cave in.
Social Justice. Gee, I don’t recall that being mentioned anywhere in the Constitution. Nope! Not there.
Nadler said the trillion-dollar coin was one of two options to avoid the debt ceiling fight; another would be for the president to use his power under the Fourteenth Amendment, which says the validity of the public debt “shall not be questioned.”
And the fat communist sort of neglected the parts of the constitution that state the CONGRESS is where all monies are appropriated. Of course, Fatso could not care less about the constitution.
“It gets around this artificial debt-ceiling thing which has no economic justification,” he said. “And, by the way, by the way, none of this has to be done. All the president would have to say is, ‘I would do it if necessary.'”
Nadler is a fool as well as incompetent. The United States has already been downgraded once, and the path this walking diaper stain wants to put us on is a guarantee of economic collapse. If Obama were to try and bypass congress on the debt ceiling, it would be an impeachable offense, not that the Communists Nazi’s Democrats would actually do anything to stop him.
If the SCoaMF were to order the secretary of the treasury, whoever that will be, to create such a coin, and they actually used it to pay off the debt, it would utterly destroy the dollar. The hyperinflation it would cause would make what is happening in Zimbabwe look like a minor economic downturn. The sad thing is, any number of utter idiots think this is a great idea. Here’s a few from Fox News:
Economist Paul Krugman called it a “gimmick,” but wrote that “since the debt ceiling itself is crazy … there’s a pretty good case for using whatever gimmicks come to hand.”
As if anyone listens to Krugman. As far as I know, he has never been right about anything, including the weather outside his window.
Bloomberg’s Josh Barro tries to dispatch with these concerns by arguing that President Obama could avert the inflation fear by pledging to buy back the new currency as soon as the Treasury Department can borrow again. And then, Barro offers, Obama could revoke the platinum coin authority in exchange for abolishing the debt ceiling.
So, pay for the funny money by borrowing more funny money. What happens if no one buys the bonds we would float? China has been buying most of it, but they are not going to keep on doing this much longer, in my opinion.
“It’s just a disguised new form of debt,” former Congressional Budget Office director Douglas Holtz-Eakin told FoxNews.com. “This would say (to the markets) they cannot manage their finances as a nation, they’re down to gimmicky coins.” He added: “It would have all the implications of near-default.”
Now, this is all about trying to force the Republicans to cave in on the debt ceiling. Considering the past record of the Party of Stupid, using extortion to force yet another cave-in must look like a pretty good idea. Also, having the Obama Steno Pool screaming “The Sky is Falling!” “The World is coming to an END!” over and over again doesn’t help matters. However, what really happens if the United States is not able to borrow any more money?
It means that, like every other person on Planet Earth, they can only spend WHAT THEY TAKE IN! Currently, the United States treasury pulls in about $2 trillion dollars in taxes and fees. This means they can only spend that amount of money. This is sufficient to pay for the military, social security, servicing the debt and a few other things. They WON’T be able to pay for all those useless welfare programs and agencies like the EPA that have run rampant for decades. All those workers will have to go home after being laid off.
Awwwww, what a shame too.
So, if Obama orders this coin to be created and attempts to use it, he will have proven he is unfit to hold office and should be removed. I don’t think even he is that stupid. Oh who am I kidding? Of course he’s that stupid.
May you live in interesting times is considered a curse in China.
~The Angry Webmaster~