The Obama administration was serious enough aboutmanufacturing a high-value platinum coin to avert a congressional fight over the debt ceiling that it had its top lawyers draw up a memo laying out the legal case for such a move, The Huffington Post learned last week.
Sometimes, between sleep and the time I fully awaken, I have this fantasy about the Federal Reserve Chairman. I imagine that Ben Bernanke will testify before an exasperated, desperate Congress someday and say something like the following, perhaps near the end of his term...
When it comes to conjuring up magic money out of nowhere, I believe we are setting ourselves up for big trouble down the road, and it matters little whether we do it with quantitative easing or platinum coins.
The continued failure of Congress risks creating newer and more complicated extra-constitutional moments that will test whether America's exceptionalism as a successful presidential democracy can much longer endure unchanged.
We are only two weeks in to 2013 and there is plenty of time for far more embarrassing financial columns to be written, but The Guardian's financial editor, Heidi Moore, has opened up an early lead in the competition.
Paul Krugman on Jon Stewart: "he's ruining his own brand"