A Platinum Shield and Sword for Obama : FDR printed money in his first days in office and abandoned the Gold Standard. This was done to avert a crisis that was one million times worse than the Debt Ceiling on next Valentine's day

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Jonathan Alter in BLOOMBERG.COM says that the printing of platinum coins is an excellent idea if the Republicans take the American Economy as hostage.  Jonathan Alter, a Bloomberg View columnist, is the author of “The Defining Moment: FDR’s Hundred Days and the Triumph of Hope.

President Obama should NOT cave to Extortion, Blackmail, Kidnapping of Lady American Economy, to the Intransigence of Republicans and their Extremism, Bigotry, Hatred, Dogmatism, Doctrinalism, Stubbornness, Fanaticism, Zealotry, and the lack of Compromise, Flexibility and Common Sense of the GOP.

BLOOMBERG.COM
The Platinum Coin Wouldn't Have Been Goofy to FDR
By Jonathan Alter
January 11, 2012


The Platinum Coin Wouldn't Have Been Goofy to FDR


Some excerpts :

Roosevelt took the oath of office on March 4, 1933, at the bottom of the Great Depression. The nation was in the fetal position. Almost three-quarters of the states had already closed their banks. As president-elect, Roosevelt wanted his predecessor, Herbert Hoover, to close the rest. Hoover refused, and Roosevelt signed an executive order to do so on his first day in office.

The weeklong "bank holiday" -- as it was festively dubbed -- left Treasury Department officials (of both the new and the old administrations) racing for solutions. The most immediate problem was the currency:  There wasn’t enough money in circulation. The government had a "financing" -- bills to pay -- by March 15 and a default on those obligations was unthinkable. Not even the looniest congressman suggested it, in those days.

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