Wednesday, January 9, 2013

Colbert on the trillion dollar platinum coin

The House Republicans are at it again. This time, it's the debt ceiling. The Republicans want to hold hostage the debt ceiling to wring more spending cuts out of President Obama. As a reminder, the debt ceiling is not about spending more money, it's about allowing the government to borrow money to pay the debts it has already generated. So if the House Republicans refuse then the credit rating for the United States goes through the dumper and we head towards a recession. Great job, you Republicans.

Anyway, there's been a crazy idea floating around. Have the Treasury mint a trillion dollar platinum coin and deposit it into the Federal Reserve. That would allow the printing of more money and hence no "debt ceiling" nonsense. Of course, the Republicans are against it since it would sabotage their plan to hold the country hostage. (Here's an explanation of the trillion dollar coin theory.) Anyway, Stephen Colbert did a very funny piece on this Monday. Check it out.

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