Greg Walden wants to cock-block the trillion dollar coin.

Via MSNBC’s “Last Word” blog.

What if a single coin could solve the debt ceiling? The premise is kooky, yet simple: The Treasury would print a $1 trillion dollar platinum coin and deposit it at the Federal Reserve, and boom, instantly give the government some wiggle room as it rushes towards the debt limit. Seems about as plausible as paying our nation’s debt in magic beans.

But, thanks to a loophole in an obscure commemorative-coin law, the platinum option is perfectly legal.

The idea, once considered a total joke, has recently been picking up steam among policy wonks and politicians as a possible solution to bypass refusals by Republicans to raise the debt limit.

One GOP lawmaker is trying to stop this instant fix from seeing the light of day. Rep. Greg Walden, a Republican from Oregon, plans to introduce legislation to stop the U.S. Treasury from ever printing that currency as a means to balance the nation’s budget.

“This scheme to mint trillion dollar platinum coins is absurd and dangerous, and would be laughable if the proponents weren’t so serious about it as a solution. I’m introducing a bill to stop it in its tracks,” Walden said in a statement issued on Monday. “My bill will take the coin scheme off the table by disallowing the Treasury to mint platinum coins as a way to pay down the debt.

Walden’s bill comes in direct response to a proposal by Rep. Jerrold Nadler, a Democrat from New York, who proposed going with the coin option.

I will admit that the trillion-dollar coin idea is gimmicky. And I can imagine someone snarkily asking “Well, why don’t they just mint enough of these coins to wipe out the national debt?”.  (Although that could spark a discussion about how the notion of wealth is basically illusionary. And that in turn might get us one step closer to a “Star Trek” like future where money isn’t a factor. But I ain’t holding my breath for that to happen.)
But with the House GOP acting like a bunch of German Nihilists ready to cut off our Johnsons at the drop of a pair of  pants, a crazy gimmick maybe the only thing standing between us and an economic dystopia.
And seriously, where does Walden get off slinging this played out horsecrap?

“My wife and I have owned and operated a small business since 1986. When it came time to pay the bills, we couldn’t just mint a coin to create more money out of thin air. We sat down and figured out how to balance the books. That’s what Washington needs to do as well.

Point of Order: I’m guessing that when the bills got too high, they also ruled out burning down the whole damn block.
As far as bitching about the books, Someone needs to tell Walden that government spending under Obama is at it’s lowest level since the Eisenhower Era.  And that any additional cuts are going to put us on the same path to austerity that Great Britain is on now. Which by the way, is why they’re on the verge of a Triple-Dip Recession!
I have a feeling that this block the coin bill is Walden’s way of trying to make his bones on the national stage.  Personally, I’m hoping that when he hits the Sunday shows, he winds up next to Paul Krugman.
So yeah, the coin is a crazy ass idea. But sometimes, you got to jump out of the burning building and worry about the landing on the way down.

About theragingcelt

Actor/Writer/Homegrown Pundit/Cranky Progressive/Sometimes Filmmaker. talesofthegeeknation.com
This entry was posted in great depression 2.0, Paul Krugman, Politics, President Barack Obama, Rep. Greg Walden, Republicans shooting themseves in the foot, Uncategorized and tagged , , . Bookmark the permalink.

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