The platinum coin is killed as America careens toward default

The platinum coin is dead, long live the debt ceiling.

On Saturday evening, the Washington Post's Ezra Klein dropped a bombshell: The platinum coin gambit – the plan to circumvent the American debt ceiling by minting a trillion-dollar coin and depositing it in the Federal Reserve – is dead. Klein writes:

That’s the bottom line of the statement that Anthony Coley, a spokesman for the Treasury Department, gave me today. “Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit,” he said.

The Treasury's take on the law is one thing; but the Federal Reserve, as a quasi-independent body, is really what's put the kibosh on the whole plan. If it doesn't believe that using a platinum coin to circumvent the debt limit would be legal, that's it. The lynchpin of the plan was that the Treasury, after using powers granted to it through a loophole in a law intended to let it mint commemorative coins for collectors, would be able to deposit the coin in its account in the Fed. If the Fed won't take it, the plan's bust.

Joe Weisenthal, the most consistent advocate of the platinum coin, points out that it's hard to work out what point of law the Fed was actually trying to apply here:

It seems odd that the Fed would decide that there's some legal tender that it will recognize, and some legal tender that it wouldn't recognize.

Paul Krugman, who became a high-profile advocate of minting the coin last week, asks what the administration's plan is now, but also somewhat unfairly places the blame on Obama. Given the White House's comment to Buzzfeed focuses on the Fed, it seems like they weren't exactly behind the move to pre-emptively remove the bargaining chip from the table.

Regardless, the administration's position now is clear. The debt ceiling must be lifted, and they will offer no "concessions" to do so. With the platinum coin out of the equation – and with the so-called "constitutional option", where the President cites the 14th amendment's command that the validity of the public debt "shall not be questioned" and ignores the debt ceiling, ruled out by the White House last month – the Republicans can be under no illusions that if they fail to concede, America will definitely have a messy government shutdown, and will likely enter technical default on its public debt. The only question that they have to answer is whether they have an ounce of rationality left, or if they'll take the whole system down, themselves included.

Past experience suggests that the latter is worryingly possible. For one thing, conservative economists like John Cochrane have been minimising the effect of hitting the ceiling. Cochrane casts doubt on possibility of default by rightly pointing out that the Treasury has enough income to make debt repayments even if the ceiling is hit. But by ignoring the practical aspects of hitting the ceiling, he bypasses an important point. The treasury pays its bills with a vastly complex, automated system. It is not clear it has the technology to "prioritise" debt repayments, nor is it clear that to do so would be legal.

And even worse, those GOP members who do understand the likelihood of a default aren't too concerned. Politico's Jim Vandehei, Mike Allen and Jake Sherman write:

GOP officials said more than half of their members are prepared to allow default unless Obama agrees to dramatic cuts he has repeatedly said he opposes…

“For too long, the pitch was, we’ll deal with it next time,” said Rep. Jason Chaffetz, a conservative from Utah. He said GOP lawmakers are prepared to shut things down or even default if Obama doesn’t bend on spending. “No one wants to default, but we are not going to continue to give the president a limitless credit card.”

If the US did default on its debt – even just by paying a coupon a day late – the international knock-on effects would be massive, and unprecedented. Now that every option for preventing that has been taken off the table save for negotiating with the most radical congress ever, the financial community may start to take note.

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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Should feminists talk about “pregnant people”?

Two writers present the arguments for and against.

NO

“I’m not sure what the public health issue is that would require a focus only on those who become pregnant, as opposed to any of those involved in pregnancy, either becoming pregnant or causing someone else to become pregnant,” Dr Elizabeth Saewyc, a Canadian professor in nursing and adolescent medicine at the University of British Columbia, recently told journalist Jesse Singal when he asked her for clarification on a study she conducted into trans youth and pregnancy.

Her statement is, on the face of it, extraordinary: unlike those who “cause someone else to become pregnant” (males), those who “become pregnant” (females) actually, well, become pregnant, with everything that entails from the risk of varicose veins and pre-eclampsia, to having an abortion or being denied abortion, to miscarriage or giving birth and living with the economic strain and social discrimination that come with motherhood.

As absurd as Saewyc sounded, her position is the logical endpoint of “gender neutral” language about pregnancy. Pressure on reproductive rights groups – especially those in the US – to drop references to “women” and instead address themselves to “people” have been growing over the last few years, and the American body Planned Parenthood now regularly mentions “pregnant people” in its communications. In theory, this is supposed to help transmen and non-binary-identified females who need reproductive health services. In practice, it creates a political void into which the female body, and the way pregnancy specifically affects women, simply disappears.

The obscuring of the female body beneath obscenity and taboo has always been one of the ways patriarchal society controls women. In 2012, Michigan Democratic representative Lisa Brown was prevented from speaking in a debate about abortion after she used the word “vagina”, which Republicans decided “violated the decorum of the house”. Now, that oppressive decorum is maintained in the name of trans inclusion: in 2014, the pro-choice organisation A is For was attacked for “genital policing” and being “exclusionary and harmful” over a fundraiser named Night of a Thousand Vaginas.

Funnily enough, trans inclusion doesn’t require the elimination of the word vagina entirely – only when it’s used in reference to women. A leaflet on safe sex for trans people published by the Human Rights Campaign decrees that “vagina” refers to “the genitals of trans women who have had bottom surgery”; in contrast, unaltered female genitals are designated the “front hole”. And it’s doubtful that any of this careful negation of the female body helps to protect transmen, given the regular occurrence of stories about transmen getting “unexpectedly” pregnant through having penis-in-vagina sex. Such pregnancies are entirely unsurprising to anyone who knows that gender identity is not a contraceptive.

It does, however, protect from scrutiny the entire network of coercion that is cast over the female body: the denial of abortion rights in the Republic of Ireland, for example, affects the same class of people who were subjected to the medical violence of symphysiotomy — a brutal alternative to cesarean, which involves slicing through the cartilage and ligaments of a pelvic joint to widen it and allow a baby to be delivered — the same class of people who were brutalised by Magdalen Laundries (institutions established to house “fallen women” which operated from the late 18th to the 20th centuries), the same class of people who are subject to rape and sexual harassment. That class of people is women. If we give up the right to name ourselves in the service of “inclusion”, we permit the erosion of all our hard-won boundaries.

Sarah Ditum is a journalist who focuses on feminism.

YES

No matter who you are and how straightforwardly things go, pregnancy is never an easy process. It might be a joyous one in many ways, but it’s never comfortable having to lie on your back in a brightly lit room with your legs hitched in stirrups and strangers staring at parts of your anatomy some of them hesitate to name. Then there are the blood tests, the scans, the constant scrutiny of diet and behaviour – it may be good practice for coping with a child, but the invasion of privacy that takes place at this time can have a dehumanising effect. And that’s without having your gender denied in the process.

If you’ve never experienced that denial, it might be difficult to relate to — but many women have, at one time or another, received letters addressing them as “Mr” or turned up at meetings only to discover they were expected to be men. It’s a minor irritation until it happens to you every day. Until people refuse to believe you are who you say you are; until it happens in situations where you’re already vulnerable, and you’re made to feel as if your failure to conform to expectations means you don’t really deserve the same help and respect as everyone else.

There is very little support available for non-binary people and trans men who are happily pregnant, trying to become pregnant or trying to cope with unplanned pregnancies. With everything geared around women, accessing services can be a struggle, and encountering prejudice is not uncommon. We may not even have the option of keeping our heads down and trying to “pass” as female for the duration. Sometimes our bodies are visibly different.

It’s easy for those opposed to trans inclusion to quote selectively from materials making language recommendations that are, or appear to be, extreme – but what they miss is that most trans people going through pregnancy are not asking for anything drastic. We simply want reassurance that the people who are supposed to be helping us recognise that we exist. When that’s achievable simply by using a neutral word like people, does it really hurt to do so? I was always advised that manners cost nothing.

Referring to “people” being pregnant does not mean that we can’t also talk about women’s experiences. It doesn’t require the negation of femaleness – it simply means accepting that women’s rights need not be won at the expense of other people’s. We are stronger when we stand together, whether pushing for better sex education or challenging sexual violence (to which trans men are particularly vulnerable).

When men criticise feminism and complain that it’s eroding their rights, this is usually countered with the argument that it’s better for everyone – that it’s about breaking down barriers and giving people more options. Feminism that is focused on a narrow approach to reproductive biology excludes many women who will never share the experience of pregnancy, and not necessarily through choice. When women set themselves against trans men and non-binary people, it produces a perfect divide and conquer scenario that shores up cis male privilege. There’s no need for any of that. We can respect one another, allow for difference and support the growth of a bigger feminist movement that is truly liberating.

Jennie Kermode is the chair of the charity Trans Media Watch.