The Platinum Coin Option

Jan 7 2013 @ 8:09pm

Drum doubts it would work:

There is, apparently, a widespread belief that courts will uphold a literal, hypertechnical reading of legislative language regardless of its obvious intent, but I'm quite certain this isn't true. Courts are expected to rule based on the most sensible interpretation of a law, not its most tortured possible construction. I don't think there's even a remote chance that any court in the country would uphold a Treasury reading of this law that used it as a pretense for minting a $1 trillion coin.

Agreed. The only way to end Republican nihilism is by exposing and shaming it. Wilkinson is on the same page:

The fancy of a $1 trillion platinum coin is so tantalising in part because it puts a monetary option in play. The larger attraction, though, is that it does so in a way that honours democracy by sticking to the letter of democratic legislation, yet also flirts with the heady unilateral decisiveness of fascism. This is, I'm afraid, a combination powerfully intoxicating to the pundit id. We'd be better served, however, if the commentariat would rein in its id, stop its idle chatter about exotic, coin-based, presidential monetary policy, and begin seriously to consider the more probable but less glittering eventuality of a Greek-style default.