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OpEdNews Op Eds    H1'ed 3/2/15

Who owns American Debt?

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Haas: (incredulous) You can't just have Treasury produce money on its own! Treasury has to issue bonds to the Federal Reserve, which then buys them with new dollars and...

Underwood: These are extraordinary circumstances, thanks to your party. And I will not besmirch this office by violating my constitutional duty to pay all debts and obligations of the United States Government. Perhaps you need to re-read the 14th Amendment, or even Article 6, of the Constitution? This country was founded on the principle that we pay our debts, and that was reinforced after the Civil War in the 14th amendment.

Haas: Yes, of course I agree with you that we have to pay off our debts, but you have to make some cuts first...

Underwood: (getting angry now) It is not my job to decide what bills Congress has already authorized to pay or not pay, and it is certainly not Treasury Secretary Kern's job either! We will pay our obligations! It's a requirement of the constitution.

Haas' assistant (a policy wonk): In 1862, president Lincoln still had to get Congress to authorize the production of United States Notes, sir.

Underwood: And Congress never threatened to retroactively refuse to pay its bills due.

Haas: We'll challenge you on this! We'll take it to the Supreme Court!

Underwood: (smirks) Go ahead. See how far you get when I save the country from a devastating credit-destroying debt default, keep 10s of thousands of government workers on their jobs, and introduce debt-free money without the use of the loathed Federal Reserve -- your Tea Party supporters ought to like that! Why don't you go ask them?

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Scott Baker is a Managing Editor & The Economics Editor at Opednews, and a blogger for Huffington Post, Daily Kos, and Global Economic Intersection.

His anthology of updated Opednews articles "America is Not Broke" was published by Tayen Lane Publishing (March, 2015) and may be found here:

Scott is a former President of Common Ground-NYC (, a Geoist/Georgist activist group. He has written dozens of articles for (more...)

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