I wanted to be the first to, um, coin that phrase with respect to the debt ceiling solution being bandied about (A quick Googling shows Coingate is already in use.)
The platinum trillion dollar coin gambit is really intriguing and is a wonderfully bold move by the Obama White House, even if it’s merely a trial balloon and likely a bluff.
But it does point out the humiliating lack of options the GOP is left with in terms of enforcing their agenda in the teeth of gale force winds of change blowing against them.
It seems weird that the GOP, despite having been outflanked time and time again by Democrats ever since the election, haven’t sat down and decided “Fuck the Teabaggers. We have to do something to get into the game.”
It’s sort of like the Washington Generals benching their starting five agaisnt the Harlem Globetrotters and electing to send out a troop of Cub Scouts. At least the adults might score a few points, even if they’ll still get outshined.
President Obama can cite the 14th Amendment, which states that the debts of the Federal Government shall never be questioned, and demand the Republicans raise the debt limit (indeed, there ought not to be a debt limit, except as a sham to debate the kind of spending we are doing…and oh by the way, where were these jackasses when Dubya was handing out tax cuts and defense spending like lollipops?). He can pay down a sizable portion of the debt by minting a trillion dollar coin and depositing it with the Federal Reserve. He can use his bully pulpit and beat the crap out of the GOP leadership until they come back and negotiate in good faith. Or he can shut the government down and turn off the Teabagger Hoverounds.
The GOP? Doesn’t have a whole lot of options here.
In the end, this is pretty much all posturing, barring an internal revolt amongst the House Republicans: the debt ceiling will be raised, Obama will be hoisted as a boogeyman, and spending cuts will be enacted, including defense.
Nobody will be happy. Politics as it ought to be.
6 comments to Coingate
The Agonist Log in