Tuesday, January 8, 2013

"A clever little scheme having only the color of legality..."

"...cannot be upheld." 

Anyone who thinks the "platinum coin" solution to the Debt Ceiling is obviously legal needs to read Bloomington Nat'l Bank v. Telfer, 916 F.2d 1305 (7th Cir. 1990), in which a court bench-slapped the Comptroller of the Currency for abusing his discretion under the National Banking Act. Chevron deference goes only so far.

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