china-great-wall

Gordon Chang has been warning of China’s economic risk-taking for some time. But in a recent article in The National Interest, Chang documents China’s severe difficulties in defending its currency and stock. It is not a pretty picture. If the situation is as dire as Chang presents, then the world economy is in for a rough ride beginning very soon.

Apparently, the folks in Washington are considering it.  A new coin could be minted by the US Mint in platinum to pay for government operations should the debt “ceiling” not be raised.

Caesar_coin

I don’t think they’ve thought this out.  You know Obama is going to want to carry it around in his pocket.  What if he forgets to take it out, and it gets lost in the White House laundry?  What if he drops it on the golf course or at the beach?

Instead, how about cutting government spending just a little, get the Senate to finally put together a budget, and not have to raise the debt “ceiling” at all?  Or is that more ridiculous than minting a $ Trillion coin?

From the 2012 GOP Convention:

The full text of this speech is available here: http://www.weeklystandard.com/blogs/condoleezza-rices-convention-address_651165.html?page=2

(This Word Cloud was randomly generated at http://www.wordle.net.)

Is this what they had in mind?