Saturday, January 19, 2013

The Trillion Dollar Coin Debate

Mark Steyn isn't Mark Twain but he'll do.
Meanwhile, hot from the fiscal-cliff fiasco, the media are already eagerly anticipating the next in the series of monthly capitulations by Republicans, this time on the debt ceiling. While I was abroad, a Nobel Prize–winning economist, a Harvard professor of constitutional law, a prominent congressman, and various other American eminencies apparently had a sober and serious discussion on whether the United States Treasury could circumvent the debt constraints by minting a trillion-dollar platinum coin. Although Joe Weisenthal of Business Insider called the trillion-dollar coin “the most important fiscal policy debate you’ll ever see in your life,” most Democrat pundits appeared to favor the idea for the more straightforward joy it affords in sticking it to the House Republicans. No more tedious whining about spending from GOP congressmen. Next time Paul Ryan shows up in committee demanding to know about deficit-reduction plans, all the treasury secretary has to do is pull out a handful of trillion-dollar coins from down the back of the sofa and tell him to keep the change.
Read it all.

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