The hashtag #mintthecoin is currently white-hot in the Twitterverse. In case you’re not following the discussion, it has to do with the idea that one option President Obama has, should House Republicans be determined to deny the necessary rise in the debt ceiling so as to force the US government to default on many of its financial obligations sometime around mid-February, is to take advantage of the statute allowing the Treasury to mint platinum coins of any denomination to fashion a, say, $1 trillion coin and present it to the New York Federal Reserve to, in effect, create that money to spend.

This is the idea advanced particularly vehemently these days by Nobel Prize-winning economist and NYT blogger Paul Krugman, who notes that while it might seem a silly idea on its face, any notion that the Republicans can be persuaded to stop holding the credit-worthiness of the US Federal Government hostage is “just ridiculous – far more ridiculous than the notion of the coin.”

Some do not agree, so that a full-fledged debate on the advisability of #mintthecoin has erupted among the American punditocracy. But don’t think no one outside American borders has also noticed:

Lese: Debatte um Eine-Billion-Dollar Münze in USA geht weiter – Wirtschaft – Süddeutsche.de http://t.co/ULhPNfzu

January 9, 2013 5:53 am via HootBarReplyRetweetFavorite

@blicklog

Dirk Elsner

This includes the prominent Munich-based newspaper Süddeutsche Zeitung, as picked up by Dirk Elsner on his @blicklog feed.

The piece, by Jannis Brühl, is entitled “Heads or Tails,” and its essential function is to describe to German readers what is going on – or, rather, just what the heck is going on over there in the USA with this crazy-sounding coin-minting plan that, as Brühl puts it, beflügelt die Phantasie – basically, is mind-blowing. (more…)

Uh-oh. It seems a certain American English expression is spreading overseas, and not one we might prefer:

US-Haushaltsstreit: “Go f… yourself!” – Washingtons Nerven liegen blank http://t.co/XlE06lIu

January 3, 2013 4:48 am via SocialFlowReplyRetweetFavorite

@welt

DIE WELT

This is of course the Twitter-link to Die Welt’s recent coverage of that ordeal of the “fiscal cliff” (Finanzklippe in German, if you’re interested). And, since it’s a reliable way to let others provide you with grist for your column (just ask the NYT’s Thomas Friedman, for example), journalist Ansgar Graw gives us here, right off-the-bat, a cabbie interview. The driver’s name’s Timothy, he comes from Jersey, and at least he’s capable of keeping a civil tongue as he transports Graw to his DC destination. “If I can’t make ends meet with my money,” he observes, “I can’t simply demand more from you [or “youse guys”?]. I have to start saving. But what does Washington do? They raise taxes, to avoid the ‘fiscal cliff’!”

That’s quaint. First rule of Macroeconomics: the family budget is a faulty analogue for the financial issues of a government, particularly one in charge of its own currency. Back to the Congress, Graw attributes all that profanity flying around to the “frayed nerves” left over from the recent brinksmanship. He errs, however, when he tells his readers that John Boehner’s headline “request” to Harry Reid occurred “in the White House lobby” – accounts rather place the incident to just outside the Oval Office, as both Congressional leaders were waiting to confer with President Obama.

Maybe we shouldn’t begrudge Boehner his letting-off of a little steam, though, because (as Graw notes, and everybody knows) an equally fraught confrontation over the US debt ceiling is less than two months away. Speaker Boehner might even be out of a job by then: he was left high-and-dry when his House Republican majority refused to back his “Plan B” budget program of December’s last week, and his immediate deputy, House Majority Leader Eric Cantor, was careful to vote “No” himself on that “fiscal cliff” legislation.

UPDATE: Goodness, goodness. Now this completely uncensored bit from Poland’s Gazeta Wyborcza:

Go fuck yourself http://t.co/dSLBpgdr

January 5, 2013 5:01 am via Gazeta WyborczaReplyRetweetFavorite

@gazeta_wyborcza

Gazeta Wyborcza.pl

Apologies to anyone who needs them, this blog has never claimed to be G-rated. The occasion for this particular tweet, by the way, is a Gazeta twit – just click through to behold his mugshot – who needed an attention-getting title for his time-line editorial recounting the “fiscal cliff” craziness.

“Sssssshhhhhh – keep it down, will ya? That’s exactly what Rush Limbaugh together with just about the rest of the Republican Party have been loudly declaiming these past few weeks, and we all know that is hogwash. Who is this guy who is piling on this organized campaign of slander against the President?”

Actually, it’s Josef Joffe, one of the publishers of the prestigious German weekly commentary newspaper Die Zeit, who in a new article (title: “The Monster Budget”) calls Obama a “social democrat,” i.e. in the European style. OK, he actually doesn’t call Obama a “social democrat” directly, but instead writes about the “social-democratization” of America that he detects Obama is aiming for on the evidence of the Federal government budget that he just submitted to the Congress. His lede reads “Barack Obama’s proposed budget drives expenditures, debts, and taxes to new heights.” It all sounds like we still might prefer to keep Rush Limbaugh in the dark about this, don’t you think? (Do you remember if Rush understands any German?) (more…)

The fourth and last of the debates of the 2004 presidential campaign has now come and gone. For the most part European newspapers have successfully dealt with the fact that, just like the other three, this debate actually took place from 2:00 AM to 3:30 AM their time, so that newspaper reports are popping up together with even the occasional analytical treatment already.

The Munich-based Süddeutsche Zeitung is among those already featuring some of that analysis, or Kommentar, and I think it is worthwhile to turn to that. (more…)

There was good, intriguing stuff on Saturday from what is perhaps a suprizing source: the Nederlands Dagblad (“Dutch Newspaper”), which with its slogan Christelijk betrokken (“Involved in Christ”) on the masthead of its Internet edition puts its religious affiliation front-and-center. The ND has taken its time in considering the State of the Union message and fiscal 2005 federal government budget George W. Bush delivered over a week ago, presumably the better to produce a more profound analysis to share with its readers. The main point of that analysis is found in the article’s title: How George W. Bush Threatens the World’s Economy. The US has gone from Bill Clinton’s $127 billion budget surplus to a deficit of $521 billion, and, so writes author Ruurd Ubels, that has earned the President “scorn and derision” in his own country. But troubles like that in the world’s biggest economy cannot help but spill over to others. (more…)

It’s July 1, so the half-yearly presidency of the European Union changes hands again (for possibly the second-to-the-last time, if the EU Constitution, which changes this system, is ratified within the first half of 2004 as planned). Good-bye to Greece; ciao to Italy, specifically to Silvio Berlusconi, the Italian prime minster. (more…)