There are two ways in the absence of a debt-ceiling increase for the President not to break the law:
1. Find some other debt of the U.S. government--like, as Bob Rubin did, the debt of the U.S. government to the Federal Employees' Thrift Savings Plan--where the Trustee will not complain if the government does not pay its debts for a while, and then have the government not pay its debts for a while.
2. Mint the damned coins already.
(2) look strongly preferable to me--the exercise of the government's not paying its debts to people who can't gain standing to sue and then saying that unpaid debts by the government are not part of the debt subject to limit has always seemed ugly.Brad DeLong — Grasping Reality with Every Possible Tentacle
The Trillion Dollar Coin--Or, More Sensibly, 1000 Billion-Dollar Coins--Is The Only Way For Obama To Fulfill His Oath Of Office
J. Bradford DeLong | Professor of Economics, UCAL Berkeley
See also: John Quiggin: Mmt: Noted
Zimbabwe (really!). Typically uninformed criticism by John Quiggin. When are critics going to actually read MMT literature before they go off on a tangent that just makes them look foolish professionally?
