Platinum Coins and Banana Republics

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.


A couple of days ago Greg Sargent emailed to ask me why I was so opposed to the $1 trillion platinum coin as a way of evading the debt ceiling. After all, a lot of liberals argue that Republicans are threatening to turn the United States into a banana republic by refusing to allow our bills to be paid, so why shouldn’t Democrats respond in kind? I think it’s worth sharing my answer:

Fighting banana republic with more banana republic is far more dangerous than coin supporters think. It’s one thing for Republicans to go crazy. It’s another for craziness to essentially become institutionalized. When liberals stop fighting this kind of stuff, we really are on our way to banana republic-hood.

Is that self-explanatory? In the end, I think we’ll end up with a negotiated solution of some kind to the debt ceiling standoff, so I don’t consider the danger as great as some people do. But even if I’m wrong about that, I think there’s a much bigger danger in the possibility of ridiculous unilateral legal hair-splitting becoming the norm in American politics. If that happens, then we really are just an unusually rich banana republic.

The answer to the debt ceiling nonsense is to force Republicans back into some semblance of responsibility and prudence. In the long term, it’s the only way we survive. Barack Obama appears to understand that.

TIME IS RUNNING OUT!

We have an ambitious $350,000 online fundraising goal this month and it's truly crunch time: About 15 percent of our yearly online giving usually comes in during the final week of the year, and in "No Cute Headlines or Manipulative BS," we explain why we simply can't afford to come up short right now.

The bottom line: Corporations and powerful people with deep pockets will never sustain the type of journalism Mother Jones exists to do. And advertising or profit-driven ownership groups will never make time-intensive, in-depth reporting viable.

That's why donations big and small make up 74 percent of our budget this year. There is no backup to keep us going, no alternate revenue source, no secret benefactor. If readers don’t donate, we won’t be here. It's that simple.

And if you can help us out with a donation right now, all online gifts will be matched thanks to an incredibly generous matching gift pledge.

payment methods

TIME IS RUNNING OUT!

We have an ambitious $350,000 online fundraising goal this month and it's truly crunch time: About 15 percent of our yearly online giving usually comes in during the final week of the year, and in "No Cute Headlines or Manipulative BS," we explain why we simply can't afford to come up short right now.

The bottom line: Corporations and powerful people with deep pockets will never sustain the type of journalism Mother Jones exists to do. And advertising or profit-driven ownership groups will never make time-intensive, in-depth reporting viable.

That's why donations big and small make up 74 percent of our budget this year. There is no backup to keep us going, no alternate revenue source, no secret benefactor. If readers don’t donate, we won’t be here. It's that simple.

And if you can help us out with a donation right now, all online gifts will be matched thanks to an incredibly generous matching gift pledge.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate