Debt limit

Because he's always respected the restraints placed on him by the law?

I considered the other end for those who like to call "tails" in a coin flip. But then I was afraid they would be confused by the two sides looking so similar.

 

Well, Biden just stated that he thinks he has authority to ignore the debt ceiling. I think so too but I also agree that it's usually best to avoid a constitutional crisis. The question is already before the federal District Court in connection with a federal employee union suing Janet Yellen and Biden.

 

C'mon guys. Just mint an even dozen Trillion Dollar Coins and deposit them in the Treasury. How hard could it be?

 

Or three dozen and wipe out the entire National Debt!

 

I'll buy a roll...let's see...will the Mint take a post dated check?

 

Wouldn't minting those coins be a radical example of quantitative easing? What impact would it have on the value of the dollar against other currencies, as well as its impact on inflation?

 

These seem like good questions but I'm not an economist so I don't know.

 

You might not need to be. Maybe we'll find out the hard way, at some point. I think it might be like the first Chinese issue of paper money, under the Yuan dynasty, (1261-1378) founded by Kubilai Khan. The economic effects of printing too much unbacked currency were immediate: disastrous inflation. So much so, that China did not issue any more paper currency for 150 years - and did a better job the second time.

 

Thinking about it...if only enough Coin were deposited to...no, wait a minute. If ANY coins are deposited the Fed could issue dollars to the credit of the Treasury...but what would the Fed do with those dollars...to stay under the debt limit the Fed would have to pay off some outstanding debt with those dollars so...yes? It would increase the amount of money in circulation?

Sooo...that's QE isn’t it?

 

Irony. If Trump had problems with the Democrats playing games with the debt limit he would probably have just ignored it and all the MAGA folks would cheer.

 

Another argument I hadn’t thought of. Forcing Biden to pick and choose what bills to pay amounts to a line item veto which we already know is unconstitutional.

 

Looks like the Democrats are going to win this one. There is no way the Far Right will go for any of it, so McCarthy will need to hand it to the Democrats to pass (with the help of some Republicans who are in districts Biden won).

This looks like the end for McCarthy.

 

Hm. Maybe but maybe not. Even if the Freedom Caucus calls for his removal, enough Democrats might vote for him to keep him in his seat. That might be part of the Deal.

 

That would be amazing. It could destroy the Republican Caucus for years.

 

Unless the Republicans stonewall. The Freedom Caucus is nihilistic. They'd just as soon tear down the whole edifice if they don't get exactly what they want. Even then, they'll up their demands if the Democrats do agree.

 

Reality isn't something they seem to care about.

 

Jewish Space Lasers, you know?

 

Yes, Jewish space lasers start fires in California, I hear. The super tricky conspiracy theory folks like MTG have all those dirty tricks figured out. Well except for the part as to why the evil folks destroying California forests have to use lasers from space instead of the much more simple hiker with a match? Especially since we can't make lasers powerful enough to start fires from space? Maybe the conspiracy involves advanced space alien technology? Yea, that's the ticket! I'm glad we have it all figured out now.

 

Then shorty after MTG's anti-Jewish outburst, I read in Jerusalem Post that the Israelis HAVE developed a ground based laser weapon. Apparently MTG got it a bit muddled. It fires into space from Earth rather than firing at Earth from space.

Details, details.