Oh, good, we’re hitting the debt ceiling earlier than expected. Fire up the platinum mint!!
I see that a former director of the U.S. Mint has come out in favor of the platinum coin gambit. He certainly has credibility on the issue, yet I remain unpersuaded.
His argument is too cute by half. Characterizing the scheme as routine, insisting (without supporting evidence) that it would have no macroeconomic effects, and claiming that it would preserve Congress’s authority over the debt ceiling are respectively, dishonest, begging the question, and sophistry.
But, you know what? Go ahead and threaten the Republicans with this. I suggest that we keep churning the coins out until we have a giant surplus since it couldn’t possibly ever have any negative macroeconomic effects.
In truth, I have no idea what kind of collateral effects it would have. I’m pretty sure Congress will fix the loophole on a bipartisan basis before long. And the president will sign it.
In the meantime, maybe the Democrats can trade it for the elimination of the debt ceiling.
