This solid block of the GOP committed to derail the U.S. economy unless they get exactly what they want has forced us to think outside of the box. There is all this talk of the rating agencies and how they are now threatening not only to downgrade the U.S. credit rating if the debt ceiling isn’t raised but now they are talking about attaching spending cuts to it as well. Since when does a credit ratings agency tell a nation how to budget for their constituents. Certain members of the E.U are demanding studies into changing how the ratings agencies do business. Especially since they were part of the fraudulent debacle of the sub prime toxic loan mess. They can’t be trusted. The President ans Mr. Geithner need to invoke the sanctity of the U.S debt as stated in the constitution and explore more fully the idea of coin seignrage , I read about this on Alternet in an article by Joshua Holland, the treasury could mint say 2 trillion in coins, they pick the metal and the monetary value of the coin, puts in on account at the Federal Reserve, that doesn’t contribute to the deficit because they haven’t sold any notes or issued bonds, that money is used to pay down the debt ceiling so that we are now clear of it for the short term and move on to budgetary business without the “end of the capitalist world” crashing down on our heads.
Read the Article at HuffingtonPost