Tag Archive: Federal Debt

All the Coins That’s Fit to Print

A long time ago, the Simpsons did an episode about Congress creating a trillion dollar bill to rebuild Europe after World War II. Apparently, a few pundits and at least one Congressman think that was a documentary:

Rep. Jerrold Nadler has an admittedly “out of the ordinary” solution to the coming fight over the debt ceiling.

“There is specific statutory authority that says that the Federal Reserve can mint any non-gold or -silver coin

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Downgraded

Standard and Poor has just downgraded us to AA+ rating.

There will be a lot said and a lot of finger-pointing. I’ll have more to say later (I’m traveling). But this is simply the result of 11 uninterrupted years of fiscal recklessness capped by a knock-down drag-out blue-in-the-face fight over spending cuts that wouldn’t impress the most gullible subprime loan company.

We brought this on ourselves. All of us.

Update: It bears pointing out … Read more

Oh-nos! You Can’t Cap Spending Growth!

Well, the debt deal is out. And, as you might expect, so is the hysteria. Here’s Krugman:

For the deal itself, given the available information, is a disaster, and not just for President Obama and his party. It will damage an already depressed economy; it will probably make America’s long-run deficit problem worse, not better; and most important, by demonstrating that raw extortion works and carries no political cost, it will take America a

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