by Counter-argument to the legality of "the coin." Preston Byrne is a lawyer. He explains why he thinks it unlikely the courts would support such a gambit.The fourth section of the Fourteenth Amendment might fare better in the courts, but it has certain qualifiers that the court could use to deny applicability. However, it seems to be stronger than the "the coin," which can only be described as a gambit that Congress never intended in passing the legislation.However, a further issue is that this is a constitutional question that affects the power of the executive branch, potentially setting up a constitutional crisis between the executive and judicial branches.In the end, there will be a "just in time" political solution though. The US is not going to default on the public debt, interrupted
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Counter-argument to the legality of "the coin." Preston Byrne is a lawyer. He explains why he thinks it unlikely the courts would support such a gambit.
The fourth section of the Fourteenth Amendment might fare better in the courts, but it has certain qualifiers that the court could use to deny applicability. However, it seems to be stronger than the "the coin," which can only be described as a gambit that Congress never intended in passing the legislation.
However, a further issue is that this is a constitutional question that affects the power of the executive branch, potentially setting up a constitutional crisis between the executive and judicial branches.
In the end, there will be a "just in time" political solution though. The US is not going to default on the public debt, interrupted social welfare payments such as social security, etc. The political and economic fallout is so uncertain that neither party can safely assume that it will be isolated from it. Not gonna happen. In the meanwhile, the congressional leadership will continue to make asses our of themselves, further undermining American soft power and government credibility.
Preston ByrneMinting the “Trillion Dollar Coin” is illegal