Friday, October 18, 2013

The USA Defaults - on Its Constitution (Again)

The USA Defaults - on Its Constitution (Again) 

Section 4 of the 14th Amendment to our Constitution:

“The validity of the public debt of the United States, authorized by law … shall not be questioned.”

Compare and contrast with the President’s comment of a week ago: “As reckless as a government shutdown is … an economic shutdown that results from default would be dramatically worse” or the opening of his address to the nation a couple of days later, in which he talks of meeting “Republicans and Democrats from both Houses of Congress in an effort to … remove the dangers of default from our economy.”

Let’s be clear.

If anyone who has sworn an oath of office to uphold the Constitution would threaten any default by the USA when the USA has a) the revenue to meet the interest obligations on its debt and b) (for shame) the ability of a sovereign issuer of its own currency to pay all its debts at any time c) seen this coming for ages, and therefore had plenty of time to prepare for it, then he is doing little other than threatening willfully to violate his oath.