From Modern Monetary Realism via The Masses:
Obama could cite the 14th Amendment to blow past the debt ceiling, Geithner could mint platinum coins, Bernanke could order the Fed to buy $2 trillion in postage stamps (I hope they’re Forever stamps so they’re hedged against inflation) or Obama could stick to form– stand firm for 15 minutes and then act like General Hull at the Battle of Detroit (“General Hull’s own forces still outnumbered those of the approaching enemy, but he did not know this. Feeling the situation within in the fort hopeless, he ran up a white flag and quickly agreed to surrender”).
No matter what President Obama chooses to do as relates to the debt ceiling, I’m sure it will involve him choosing to place himself in a position of weakness before starting negotiations with House Republicans.
Recent Comments