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Can We Avert The Coming Debt Ceiling Crisis With A Magic Coin?

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Because of the deal made on New Year's Day that averted the immediate impact of the so-called fiscal cliff, America will face a sequel to the debt ceiling hostage crisis that led to the super committee and the sequester and the fiscal cliff and the fiscal cliff solution and the sequel to the debt ceiling hostage crisis that led to the super committee and the sequester and the fiscal cliff and the fiscal cliff solution, et cetera, ad infinitum. The best of all possible fiscal cliff deals would have included a guaranteed de-weaponization of the debt ceiling. Since the fiscal cliff deal did not include any such de-weaponization, America's credit and the global economy are still very much jeopardized by the dangerous lunatics who have threatened another round of hostage-taking.

What can be done about it? Well, what about a magic trillion-dollar coin, wrought from platinum? Would that help?

Actually, in an interview with Capital New York's Reid Pilifant, Rep. Jerrold Nadler (D-N.Y.) suggests that it is possible to mint just such a coin, stick it in the Federal Reserve, and stick a fork in the coming debt ceiling crisis before it begins. "I'm being absolutely serious," Nadler told Pilifant, adding, "It sounds silly but it's absolutely legal. And it would normally not be proper to consider such a thing, except when you're faced with blackmail to destroy the country's economy, you have to consider things."

Yes, it would be good to have some "things" you can do to save the planet from the debt ceiling psychopaths. But how does the magic platinum coin work? In the video above, we attempt to explain the whole matter without having our heads explode, right down to whether or not America is doomed if that master pickpocket from that great New Yorker article steals the magic platinum coin.

UPDATE: A group of citizens is petitioning President Barack Obama to begin minting platinum coins. If the petition garners 25,000 signatures, the White House will be required to respond. The petition reads:

"With the creation and Treasury deposit of a new platinum coin with a value of $1 trillion US Dollars, we would avert the absurd-yet-imminent debt ceiling faceoff in Congress in two quick and simple steps! While this may seem like an unnecessarily extreme measure, it is no more absurd than playing political football with the US -- and global -- economy at stake."

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