Special to Gurlitzer

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Concerning your remark about the Trillion-Dollar Doubloon:

I never thought of it that way, but I think "economic semantics" is a very fitting metaphor for the concept. Unless you're talking hard currency, which is basically no different than any other form of barter, I think it's generally accurate to say money is a symbol of value, taken on faith in the probability of new wealth being created in the future through the extraction of raw materials and/or labor to be performed. The acceptance of a national fiat currency in return for work performed might be seen as an implicit investment---whether willingly or not---in growth of the economy.

A government may wisely "run the printing presses" if there isn't enough money in circulation to support consumption and productive investment. The objective is to increase the nation's money supply---a completely reasonable and even necessary duty under certain circumstances. A Congressionally imposed "debt ceiling" means that the Treasury cannot "run the printing presses" without Congressional approval, not even for spending that Congress has already authorized with appropriations. This is a stupid policy that should not be on the books. The Trillion-Dollar Doubloon would be an alternate way for the Treasury to increase the money supply, but without Congressional approval. It's widely been judged to be a legal option, and the specific workflow for doing it has been described elsewhere.

For reasons he and his advisers know best, Bronco Bummer declared that he wouldn't invoke that executive prerogative. I'm not clear whether or not he took it off the table for the duration of his reign, but I'd guess he has. So now we get another sequester. (Notice how no one is calling it a "fiscal cliff" this time? I wonder why.)