Krugman backs minting a $1trn platinum coin

The real funny story's the debt ceiling.

Paul Krugman, Nobel Laureate and New York Times columnist/blogger, has written that President Obama should be willing to mint a $1trn platinum coin in order to avoid having to compromise over the debt ceiling.

Krugman blogs:

He will, after all, be faced with a choice between two alternatives: one that’s silly but benign, the other that’s equally silly but both vile and disastrous. The decision should be obvious…

It’s easy to make sententious remarks to the effect that we shouldn’t look for gimmicks, we should sit down like serious people and deal with our problems realistically. That may sound reasonable — if you’ve been living in a cave for the past four years. Given the realities of our political situation, and in particular the mixture of ruthlessness and craziness that now characterizes House Republicans, it’s just ridiculous — far more ridiculous than the notion of the coin.

Krugman is… half right. As Felix Salmon notes, it's no surprise that the people most in favour of the platinum coin option are largely economists. From an economic point of view, there really is no reason not to do it. Less informed commentators use basic knowledge of economic theory to warn that minting the coin is "printing money" which will lead to "massive inflation"; but since using the legal quirk to prevent a government shutdown wouldn't lead to an increase in the money supply, those fears are unfounded.

Instead, the problem is the political one. Salmon sums it up:

If you believe that the country is best run by grown-ups, you can’t believe in #mintthecoin, because it simply isn’t a grown-up strategy. If you believe that the House Republicans behave in crazy and illogical ways, then you can’t believe in #mintthecoin, because the threat of minting the coin doesn’t work against someone who’s crazy and illogical. And if you believe that the best way to approach the debt ceiling is to try and abolish it altogether, then you can’t believe in #mintthecoin, because the entire strategy is based on the idea of keeping the ceiling where it is, and then trying to circumvent it.

There are still some economic problems with the idea, which Salmon touches on. The chief ones are to do with the sheer uncertainty of minting the coin. Everyone thinks it is probably legal – but until and unless the Supreme Court affirms that, nobody can be certain it is. Which means that for an indeterminate period, the US economy would be like Schrödinger's Cat, in a superposition between default and creditworthiness. That's not desirable for anyone.

The real reason to carry on talking about minting the coin isn't, as Krugman argues, because it might mean that Obama actually mints it. But nor is it, as Salmon argues, because it might scare the Republicans into backing down. It is, instead, to come up with something Obama can "concede" on without actually having to concede on anything at all. Obama offers to change the law to ban minting the coin, in exchange for also changing the law to end the debt ceiling. It's the argument made by *Bloomberg*'s Josh Barro.

And make no mistake, the debt ceiling is ridiculous. Quite beyond its pernicious effects – it would prove beyond doubt that the American political system is broken, would almost certainly lead to the US defaulting on its international debt payments, and would definitely lead to crippling immediate defaults on *national* debt payments like tax refunds and federal salaries – it is a legal limit which makes no sense, politically or economically. The debt ceiling is a limit, set by congress, on how much the executive branch can borrow. But the executive branch's spending is also set by congress: when it authorises a bill, the president is not allowed to spend a penny over the amount specified, nor a penny under.

The debt ceiling could only ever have one of two effects: either it does nothing, because it is higher than the amount congress has ordered the executive branch to borrow; or it forces the President to break the law, either by ignoring the debt ceiling or by ignoring all of the other bills passed by congress instructing him to spend.

And we're laughing about the platinum coin?

A US platinum coin. Photograph: Wikimedia Commons

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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Is "successful" sperm really the measure of a man's masculinity?

An advertising campaign challenging men to "prove your worth" is being proposed to increase dwindling numbers of sperm donors – will the myth that only "real" men have potent sperm ever die?

Are you a superman? By which I mean, do you have the kind of sperm that would be accepted by the UK Sperm Bank, currently stuck with only nine donors on the books? Laura Witjens, chief executive, is currently launching a drive to recruit more donors. Her secret weapon? An appeal to male vanity.

Speaking to the Guardian, Witjens claims that if she advertised saying, “Men, prove your worth, show me how good you are”, it would be a route to gaining “hundreds of donors”. The implication is that beta males need not apply; this is for “real” men only. And what better way to demonstrate one’s manly credentials than through the spreading of one’s super-strength, 100 per cent proof, ultra-potent seed?

The proposed campaign approach serves to remind us of two things: first, the male ego is ridiculous, and second, reproductive ability is still treated as an indicator of whether or not one is a “successful” representative of one’s sex. However much we claim that biology is no longer destiny, certain expectations linger. “Real men” have high-quality sperm and want to see it distributed as widely as possible. “Real women,” on the other hand, only end up unable to reproduce if they have “left it too late” (that is, spent too much time in what is still seen as the world of men).

That fertility is primarily linked to luck rather than sexist morality tales is something we’d rather not admit. After all, far too many cultural edifices have been built around the idea that the opposite is true.

For something that resembles runny PVA glue, sperm has done well for itself. Throughout history, men have been obsessed with their precious seed and what it means for their status as the dominant sex. Since it is women who get pregnant – women who perform the actual task of gestating and birthing new human beings – there has always been a need to inflate the importance of semen, lest men should be sidelined completely. Whereas for women reproduction is a continuous process, for men it is more disjointed and conceptual. Hence it is important to have something to rely on. In sperm we trust.  

Otherwise can a man ever be sure – really, really sure – that a baby is his? For biological mothers, maternity is never in question. For biological fathers, paternity needs to be established. There are various ways of achieving this: heterosexual marriage, compulsory monogamy, the policing of women’s sexual choices, the withholding of material resources from women in return for sexual exclusivity, the threat of an appearance on Jeremy Kyle.

And then there are the various myths regarding how magical and special your own sperm is. It had to be you, didn’t it? He shoots, he scores. How else would the phrase “Who’s the Daddy?” have come into its current usage? The “skill” of impregnation is linked to manliness. If you’re a real man, the implication is, then you’ve nothing to fear.

The “superman” theme proposed by Witjens harks back to the various ways in which men have sought to position themselves and their sperm right at the centre of human reproduction, believing, for instance, that it already contained human beings in miniature, or that women merely provided the passive matter that would bring their active principle to life.

The biology I learned at school still played on the narrative of the hardy, valiant sperm battling against all odds to reach the passive, if somewhat capricious, egg. Sex education met gender indoctrination; it even seemed to be implied that the egg, in closing off entry to all other sperm once the “victor” had penetrated her boundaries, was being a bit of a tease (she’d already set off down the fallopian tube, what did she expect?). Pregnancy itself, we were led to believe, could never match the creativity, risk and drama of that one initial shag.

To respond to such myth-making with “but it’s only sperm and actually it could be anyone’s” seems positively mean. Women are supposed to worship it. Our effluvia – vaginal discharge, menstrual blood, breast milk – might be seen as disgusting, but when it comes to a man’s cum, it’s considered rude not to want to swallow it. People who respond with outrage when a woman suckles her baby in a crowded café think nothing of the idea that a real woman should want to gulp down semen with gusto. Patriarchal semiotics tell us that what comes out of men is life-giving and hygienic; women, on the other hand – popping out babies and sustenance – merely leak. It takes a brave woman to say, “hang on, is semen really all that?”

In the UK at least, it would seem that it isn’t. According to Witjens, getting one’s sperm approved for the UK Sperm Bank is exceptionally difficult because of how strong the product needs to be to survive the freezing and thawing process: “If 100 guys enquire, ten will come through for screenings and maybe one becomes a donor. It takes hundreds of guys.” Meaning most men don’t actually measure up to “superman” standards (without even considering what this approach says to men with a low sperm count, of whom it is suggested that the manhood test has been well and truly failed).

Her advertising strategy may be one that works. But it would be nice if, in a society that increasingly favours a politics of acquisition over one of care, we could be a little less focused on the potency of the mighty seed, looking instead at this particular form of donation as part of a broader process of creating and caring for others. Perhaps appeals to male vanity just work better than appeals to altruism. Even so, it’s a pity that it has to be so.

The aftermath of sperm donation can be complicated. Once one gets beyond the cash and the ego trips, the process can lead to real children with a real need to know the identity of the donor. Whereas in the past social convention allowed men to define ownership of children on their terms, nowadays globalisation and reproductive technology have led to a splintering of roles. Is it care or biology that makes a parent? What is it that shapes an identity and makes a person?

For most of us, the humane position is that nurture – the act of being there – must trump any biological contribution. To think otherwise is unfair on those who devote years of their lives to the raising of children. But for many donor-conceived adults, the donor is still needed to complete the picture of who one really is. And he will not be a superman. He will be a person who gave something small that nevertheless contributed to the creation of something miraculous: a life. And shouldn’t that be enough?

Glosswitch is a feminist mother of two who works in publishing.