If you have "no place to go," come here!

"Treasury says it will not produce platinum coins to avert debt crisis"

Oh well. I guess Obama's owners gave him the word. And since they've already ruled out the 14th Amendment, austerity, here we come!

Clue stick, "progressives"! Obama believes in austerity!

No votes yet


DCblogger's picture
Submitted by DCblogger on

I am planning a longer blog post, but I think we are backing our way into disaster. Obama is so desperate for a crisis that will allow him to cut social security he can't see the disaster that is looming in front of him.

Submitted by Hugh on

The concerns of the 1% and those who serve them are not the problems of the 99%. It was difficult to see how the platinum coin served the interests of the 1%. The object of the whole of this manufactured fiscal cliff crisis was to create a Shock Doctrine moment where the rich and elites could attack Social Security, the rest of the what laughingly passes for the safety net, and spending, either current or needed, that addresses the problems of ordinary Americans. The coin would have aborted the crisis so it almost had to be a nonstarter.

The Establishment has a series of responses to ideas which challenge it: ignore, trivialize, co-opt, deny, demonize. It's interesting that the platinum coin was actually taken seriously enough to make it to level four and that it went from ignore to deny so quickly.

DCblogger's picture
Submitted by DCblogger on

not gone yet, Obama may have ruled it out, but it is still there in the background. We cannot default, unless Obama chooses to. And Obama cannot pretend that he was forced to cut Social Security because the Republicans would have defaulted otherwise. Everyone knows he has another option, even if he pretends that he hasn't.

Cujo359's picture
Submitted by Cujo359 on

No surprise here. This is one of the reasons I never wrote about the trillion dollar coin at my blog. It just seemed obvious that the Obama Administration would ignore this option, and that the progressive establishment would obligingly cover for him. It was almost as predictable as gravity.

Miguel Sanchez's picture
Submitted by Miguel Sanchez on

Yeah I have a link but I hit the red 'save' button when I meant to hit the OK button to the edit link window as I was putting in the link. Maybe you could do something about that.

Here's the link.

I also wanted to add that what it seems to boil down to is this: progressives will argue that Obama is rejecting the coin because he needs the debt ceiling confrontation in order to destroy the GOP 'once and for all'. In reality he needs the debt ceiling confrontation as cover to destroy social security as we know it. Remember the phrase 'make me do it'? This is what it really means to Obama.

Anyone who thinks a president seeks office because he is happy with the salary and isn't looking to put his family into the aristocracy (aka the 1%) is a fool. Obama is Cicero.