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Opinion
Josh Barro

Platinum Coin Is Less Silly Than Its Alternatives

Donald Marron, head of the Brookings-Urban Tax Policy Center and former director of the Congressional Budget Office, wrote a great post yesterday arguing for the platinum coin as a last resort in the deficit-ceiling standoff. He says something particularly important about the alternatives to the coin:

Analysts have considered a range of other options for avoiding default, including prioritizing payments, asserting the debt limit is unconstitutional, and temporarily selling the gold in Fort Knox. All raise severe practical, legal, and image problems. In this ugly group, the platinum coin looks relatively shiny. In particular, it would be much less provocative than President Obama asserting the debt limit is unconstitutional.