Bitcoin Forum

President Barack Obama on Tuesday said that even if such moves survived legal scrutiny, using the Fourteenth Amendment to justify raising the nation's borrowing authority or issuing a trillion dollar coin wouldn't be viable solutions to the debt limit fight.

"I know there's been some discussion, for example, about my powers under the Fourteenth Amendment to go ahead and ignore the debt ceiling law," the president said in a press conference. "Setting aside the legal analysis, what matters is that if you start having a situation in which there's legal controversy about the U.S. Treasury's authority to issue debt, the damage will have been done even if that were constitutional because people wouldn't be sure. It would be tied up in litigation for a long time. That's going to make people nervous."

"So a lot of the strategies that people have talked about, well the president can roll out a big coin, or he can resort to some other constitutional measure," he added. "What people ignore is that ultimately what matters is, 'What are the people who are buying treasury bills think?'"

http://talkingpointsmemo.com/livewire/obama-dismisses-14th-amendment-argument-for-lifting-debt-ceiling
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Although he denied the idea, it seems he is getting close to the truth of central bank making money out of nothing, if he realized that us government can do the same without the help of a central bank, what is going to happen?  8)  Some thing big is coming...

FBI is the new Fed dispersing BTC, I can see it now...

Obama's coin will be as real as his smile, as secure as his handshake...

It won't matter if it is useless, as long as it is recognized by the government that makes it. To believe bitcoin's value would go up because of more fiat money on the market will not matter ether. Keeping an eye on government is good. We need to know what they are up to against bitcoin. But even though it is hard for me to grasp the concept, bitcoin does need to know about any fiat circus. It is still a psychological chain we need to break. More fiat into bitcoin and never look back. We are not there yet of course.

the real question is,

if people own banks, and people own governments. and governments own banks.. basically the whole country belongs to the people living in it.. seeing as senators, bank managers and presidents are people too....

who actually is the debt owed too??

obama can easily reset the debt to 0

ha in the quote, obama says that is a bad idea yet the cartoon depicts otherwise.  And of course a lot of dumb people believe the cartoon.

If the government own banks, no problem. But the reality is that they owe money to the banks, otherwise there will never be this debt ceiling talk, FED only need to write off its government bond holding

http://4.bp.blogspot.com/-TmWDzp6szDI/UPTIujerWuI/AAAAAAAAHV8/gu7jK8d5_d4/s1600/preliminary-fy2012-to-whom-does-the-us-government-owe-money.png

Sure, but monetary system could stop working. The better is good old forever inflating currency, it keeps the debt in reasonable borders

He could, but he would piss off the other nations he and his predecessors borrowed from.

Anyway, the debt of the state is not the debt of the individual, so it doesn't really matter to me; my share of this debt is $0.

Maybe Obama should buy some ASIC miners and hash away to pay off some of the loans.

It may not be the responsibility of the individual, but the national debt is paid down via the taxpayer.  So in a round about way it does not matter what your share is, you will ultimately pay a share based on your tax bracket.  Alternatively, if we inflate or print the debt away we will all suffer from a simultaneous decrease in relative wealth. 

very cheap and good idea then may be he can elected for third and fourth attemp also and surviver of nations award also