Funny Money: Pundits Float $1 Trillion Coin as Answer to Debt-ceiling Standoff

http://api.app.theweek.com/sites/app.theweek.com_prod/files/1221_TP.Coin_.jpgA Democratic congressman, a Nobel-winning economist and several prominent writers are now floating the idea that the Treasury Department should use obscure powers to mint a $1 trillion coin if Congress does not permit an increase in the debt ceiling. The debt ceiling is the maximum Congress lets the government borrow. Back in ancient times (World War I), Congress started setting a big old debt limit so that it wouldn’t have to constantly approve new borrowing, its job under the Constitution.

via Funny Money: Pundits float $1 trillion coin as answer to debt-ceiling standoff

Terrorist arrested after trying to blow up Federal Reserve Bank


Quazi Mohammad Rezwanul Ahsan Nafis, 21, allegedly wanted to kill scores of people, wreak havoc on the US economy and stop the presidential election when he parked on Liberty Street around 8 a.m. and repeatedly dialed into the cellphone detonator from a nearby hotel room.

Bangladeshi on a mission to “destroy America” tried to blow up the Federal Reserve Bank in lower Manhattan Wednesday with what he thought was a 1,000-pound van bomb, according to a criminal complaint.

Nafis, 21, told an undercover agent during a recorded August meeting in Central Park, “I don’t want something that’s like small. I just want something big,” “Something very big. Very very very very big, that will shake the whole country . . . that will make us one step closer to run the whole world. I want to do something that brothers coming after us can be inspired by us.”

Nafis first arrived in the US in January on a student visa, though his sole purpose was to carry out a terror attack, the complaint says.
He attended one semester at Southeast Missouri State University before leaving in May for New York to take ESL classes, sources said.
He was studying cyber-security, a school official said.

While recruiting more terrorists to carry out an attack, he unwittingly enlisted the help of the undercover FBI agent. During a series of recorded meetings, phone calls and Facebook chats, Nafis hashed out his plan and said he had overseas terrorist pals who could help plan an attack.
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Obama, Another 4 Years?

no oIf Obama does get re-elected, the economy will eventually crash, the federal government will take over , and then everyone will have to make adjustments in lifestyle. Maybe then America will turn back to God. God help us… and I mean that as a prayer, not the trite saying it has become.

If obama does wins in November, he will inherit a far worse deficit than he inherited in 2009 and a far much worse economy and unemployment status. He campaigned in 2008 that he was the man to fix the damage that he claimed Bush created, but he didn’t fix it, in fact he made it worse.

If he couldn’t fix the conditions Bush created, how is obama going to fix his own mess that he has created. read more

Dow drops 100 after Fed official’s warning

A quiet day on Wall Street turned into the worst sell-off in three months after a Federal Reserve official said he doubted the bank’s effort to boost economic growth would work.

Charles Plosser, president of the Fed’s Philadelphia branch, told an audience Tuesday that the Fed’s effort to support the economy would likely fall short of its goals.

The speech probably startled some investors who had faith in the Fed’s latest plan, said Jack Ablin, chief investment officer Harris Private Bank. The plan includes buying $40 billion in mortgage bonds each month until the economy improves.

“So many investors have bought into the illusion,” he said. “And it was like Plosser pulled up the curtain on the Wizard of Oz.”

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