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Drudge Retort: The Other Side of the News
Sunday, January 22, 2023

Treasury Secretary Janet Yellen said the Federal Reserve likely wouldn't accept a $1 trillion platinum coin if the Biden administration tried to mint one to avoid breaching the debt limit, dismissing an idea that has been floated to circumvent Congress on the issue. The impasse between Republicans and Democrats over raising the debt limit has renewed interest in both parties about what contingency steps the Treasury could take if Congress fails to raise the debt ceiling.

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If she doesn't want it I'll take it.

I'm not too proud to take a trillion dollar coin.

#1 | Posted by donnerboy at 2023-01-23 07:56 AM | Reply | Newsworthy 1

Yellen makes a mistake by opining on things beyond her control ESPECIALLY when it tends to limit her boss's options.

#2 | Posted by FedUpWithPols at 2023-01-23 11:26 AM | Reply | Newsworthy 1

The best option is to simply say that the debt limit is clearly unconstitutional, then ignore it and try to let the anarchists sue to crash the economy.

#3 | Posted by bus_driver at 2023-01-23 11:50 AM | Reply | Newsworthy 4

The fact that dems didn't take the bullets out of this gun before handing it over to proven treasonous lunatics only shows how pathetic they are.

Repubs ARE going to drive over this cliff. Then they'll blame dems for all the horrible consequences.

#4 | Posted by SpeakSoftly at 2023-01-23 08:10 PM | Reply | Newsworthy 1

Absolutely idiotic. Debt limits are blatantly unconstitutional. Biden should proceed to ignore them and defy the court to do anything about it.

#5 | Posted by DarkVader at 2023-01-23 09:57 PM | Reply

Would have been hilarious if she said she was open to the idea, because this is a clown town idea. As much as I can tolerate the idea of a hypothetical asset being marked at $1T but having zero liquidity at that price level - it is a deeply unserious idea overall.

#6 | Posted by GOnoles92 at 2023-01-23 10:54 PM | Reply

...the idea of a hypothetical asset being marked at $1T but having zero liquidity at that price level...

It would seem that liquidity is irrelevant as long as the Fed would buy it. And, once the crisis has passed, it could be redeemed by the Treasury and melted down or held at Fort Knox for use at a future date if a recalcitrant congress fails to do its job.

Of course, the ideal solution would be for Congress to abolish the law establishing a debt ceiling because, as per the constitution

Fourteenth Amendment, Section 4: The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.

#7 | Posted by FedUpWithPols at 2023-01-24 06:24 AM | Reply

...this is a clown town idea.

It's a clown town response to a clown town issue, led by and carried out by...Republicans. As usual.

Mint the coin.

#8 | Posted by chuffy at 2023-01-24 10:21 AM | Reply | Newsworthy 1

This is an idea only Paul Krugman loves.

Except he wants a $2 trillion coin.

#9 | Posted by BellRinger at 2023-01-24 12:53 PM | Reply

This is an idea only Paul Krugman loves.

Except he wants a $2 trillion coin.

#9 | Posted by BellRinger

Holding a gun to the head of the world economy and threatening to cause mass suffering unless we cut people's healthcare and retirement benefits is an idea only sociopaths love.

#10 | Posted by SpeakSoftly at 2023-01-24 02:15 PM | Reply

" #10 | POSTED BY SPEAKSOFTLY AT 2023-01-24 02:15 PM | FLAG: "

What does any of that have to do with the abject stupidity of minting a $trillion coin?

#11 | Posted by BellRinger at 2023-01-24 02:18 PM | Reply

What does any of that have to do with the abject stupidity of minting a $trillion coin?

#11 | Posted by BellRinger

Minting a trillion dollar coin takes the gun out of your sociopathic party's hands, stupid.

#12 | Posted by SpeakSoftly at 2023-01-24 04:05 PM | Reply

It is easier to destroy things than to construct them. Republicans, MAGA republicans especially, know that their dreams for America are not wildly popular. They see America becoming a more inclusive society and are feel threatened. As a result, they are willing to tear down American society rather than try to convince people that their ideas have merit. It is like the jealous boyfriend that kills his girlfriend and says: if I can't have her, no one can.

#13 | Posted by FedUpWithPols at 2023-01-25 07:18 AM | Reply | Newsworthy 1

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