Theater of the Absurd: Administration won't rule out minting $1 trillion platinum coin

Much of the last 4 years has been a nightmare for conservatives. But there is a crazy, stupid, absurd idea being seriously discussed in Washington that makes previous nightmares from the White House pale in comparison. The idea is for the Treasury Department to mint a platinum coin and declare it to be worth $1 trillion. If Congress won't raise the debt ceiling, the coin would be deposited at the Federal Reserve and Obama could continue to spend money. Congress passed a bill allowing for the minting of platinum coins several years ago. But it was a bill designed to aid investors and collectors. Unfortunately, someone forgot to put in a limit on how much a platinum coin could be minted for. Thus, a gigantic loophole that liberals see as a way to stick to the GOP while spending money as fast as it can be printed. Is it legal? Partisan constitutional scholar Lawrence Tribe says yes: I don't think it makes sense to think about this as some sort of "loophole" issue. Using the...(Read Full Post)