Home > Main > Yglesias climbs on board for Trillion Dollar Coin use

Yglesias climbs on board for Trillion Dollar Coin use

August 4, 2011

Matt Y wrote the post I was going to write about the platinum coin.   We need to use it because the republicans will hold our government hostage over and over if we don’t.

Lots of people are recognizing that these odious people think they have a winning strategy they can use again and again.  Mitch McConnell is bragging about never having a clean debt ceiling debate again.

I pointed out yesterday that if the economy falls into a recession, and we need more stimulus, we will be debating the debt ceiling in the middle of a presidential election.

We need to use the Trillion Dollar coin.  That’s the only way our economy will recover.

But Matt Y did it better.  I’ll turn it over to him:

“I’ll let him speak for himself rather than deploy any harsh analogies of my own:

I think some of our members may have thought the default issue was a hostage you might take a chance at shooting. Most of us didn’t think that. What we did learn is this — it’s a hostage that’s worth ransoming.

This is what I meant about innovating congressional Republicans versus uncreative White House. Do I think it would be a good idea, as a general practice, for presidents to ignore statutory limits on bargaining authority and instead finance the government with large denomination platinum coins? No, I don’t, not any more than Mitch McConnell thinks forcing the government into a payment prioritization scenario is a good idea. But if McConnell is willing to make the threat, you need to try to come up with something that can be your counter-move.”

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  1. August 4, 2011 at 8:54 am

    It’s good to see that this Platinum Coin™ idea is gaining momentum. Unfortunately our current leadership is patterned after Charlie Brown. We need to start squeezing our Congress-critters hard but I don’t think they are that into us.

  2. Kris Smith
    August 4, 2011 at 9:25 am

    It’s the last debate… The continuing resolution on the budget runs out in a couple months. The treasury having money in the bank doesn’t mean much if congress doesn’t appropriate funds and there’s no reason to think they will at this point. We need to start working on how to win that battle. You can plunk those coins in there any time you want after that.

  3. gf
    August 4, 2011 at 9:36 am

    It does not look like the Dems have the guts to fight fire with fire so I think that we will have to get more serious pain before the TP/GOP are discredited.

  4. Clonal Antibody
    August 4, 2011 at 9:51 am


    I do not see anywhere that Yglesias is advocates using the platinum coin, in any of the links you provided. Am I missing something? Are you reading between the lines?

  5. beowulf
    August 4, 2011 at 10:07 am

    Does anyone doubt that President Donald Trump would have used the platinum coin?

    Clonal, clearly Matt IS advocating this (he even uses the words platinum coins) or some other counter-move that’s brought up from Bruce Wayne’s basement.

    • TC
      August 4, 2011 at 11:17 am

      I agree – I think he is saying if they won’t raise the debt ceiling in a clean way, he supports using the coin.

    • Clonal Antibody
      August 4, 2011 at 1:31 pm

      Yes. But I do not see a clear strategy outlined here. And there will be no clear strategy, until the the ABSOLUTE legality and the exact mechanics of the coin maneuver are clearly understood. I do not think he understands either the history and context of the 1996 act.

      • August 4, 2011 at 1:46 pm

        I agree. He doesn’t understand because he’s hardly read anything. Too busy writing and talking to people to read some small time bloggers.

    • August 4, 2011 at 1:44 pm

      Yes, he’s improved from “palladium coins” to “platinum coins.” However, he refers to “bargaining” authority, not “borrowing” authority above. But the worst thing is that he doesn’t see the progressive political potential of using proof platinum coin seigniorage (PPCS). That’s here: http://bit.ly/pYgpda

  6. beowulf
    August 4, 2011 at 8:52 pm

    So thoughtful of Pelosi and a slew of Democrats to step in to save John Boehner’s job, though they certainly didn’t do the economy any favors.

    “Pelosi was surprised that Boehner was so short of the magic 216. “When they didn’t come to us for votes,” Pelosi recalls, “we thought they had the votes on their own.”
    But Boehner didn’t. So the Democrats, having waited to see how many Republicans would back the measure, started filling in the gap. Pelosi didn’t have to send any signal. Her Democrats, she says, are a “sophisticated” group, and they could see that without Democratic support the bill would fail.

    “In a routine situation, if the House speaker were to bring a bill to the floor and only obtain 174 votes of his or her own party, he or she would pull the legislation and then talk to the other side, which would expect concessions or sweeteners in return for the votes necessary to assemble a majority. In this case, Pelosi maintains, there was no time for further bargaining. The measure had to be approved and kicked over to the Senate, for the possibility of default loomed. “I don’t know nobody [in the Democratic caucus] who wanted to vote for it,” Pelosi notes. But Democrats were committed to forestalling default. In the end, half of her caucus supported the measure, far more than necessary to put it over the top.”

    • TC
      August 5, 2011 at 7:49 am

      I almost threw up when I read that yesterday.

  1. August 5, 2011 at 12:34 pm
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