Sorry, Peeps: No Platinum Coin For You

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When it comes to the Most Important Political Topic Of Our Times™—namely the possible minting of a $1 trillion platinum coin—Ezra Klein advances the ball today. The idea behind this slow-news-week chimera is that the Treasury would mint the coin, deposit it at the Fed, and voila: the government has more money to spend even though we’ve hit the debt ceiling. Up to now, we’ve all argued about whether this is a good idea; whether it’s legal; and whether President Obama would ever consider this option in the first place1. But there’s always been another question rolling around in my head: would the Fed even accept the coin? If they won’t, the whole idea runs aground instantly.

Well, it turns out they wouldn’t: “Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit,” a Treasury spokesman told Ezra today.

So there you have it. Can we now please stop talking about this and find something else to chatter about next week?

1Answer: No, he wouldn’t. I mean, seriously, folks. This is Barack Obama we’re talking about here. Can you even imagine him buying into nutbaggery like this?

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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