The trillion dollar coin

The weirdest idea for solving the debt crisis comes from Ezra Klein of the Washington Post:

Obama could always just solve the crisis with a pair of magical platinum coins. Sure, that sounds preposterous, but Yale’s Jack Balkin argues that this is actually a perfectly legal strategy. Here’s the logic: Under law, there’s a limit to how much paper money the United States can circulate at any one time, and there are rules that limit how many gold, silver and copper coins the Treasury can mint. But the Treasury is explicitly allowed to mint however many platinum coins it wants and can assign them whatever value it pleases.

So the Mint makes a pair of trillion-dollar platinum coins. The president orders the coins to be deposited at the Federal Reserve. The Federal Reserve moves this money into Treasury’s accounts. And just like that, Treasury suddenly has an extra $2 trillion to pay off its obligations in the near term without issuing new debt. If the Fed was worried about all that newly created money being pumped into circulation, it could always counteract the inflationary effects by selling off the $2 trillion in securities it owns from quantitative easing (thereby taking an equivalent amount of money back out of the economy). Problem solved. Right?

Well, sort of. The interesting thing about the platinum option, as it turns out, is that it actually seems to be on a firmer legal footing than the 14th Amendment approach. The law very clearly states that the Treasury Secretary can mint these platinum coins. He could even adorn them with the face of House Speaker John Boehner (R-Ohio) if he fancied. The trouble, of course, is the politics. Does Obama stage a press conference where he holds up the two large coins and announces what he’s doing? It’d be hard to see how he could do that with a straight face. (When I tried calling various market observers to get a sense of how Wall Street might react, responses ranged from “I don’t really want to talk about this” to actual laughter.)

via Can a giant platinum coin save our credit? – Ezra Klein – The Washington Post.

North to Alaska

This weekend we head up to Alaska.  Anywhere to get away from this heat!  No, I have always loved sagas of the high seas, and had always wanted to go for a ride on a big ship.  My wife not so much, but she has always wanted to go to Alaska.  So she proposed that we celebrate our 40th anniversary (40!) on August 7 with an Alaska cruise!   How brilliant and thoughtful she is.  So we saved our pennies and made our plans, and now the time is here.  We leave Sunday and will be gone for around two weeks, with some time before and after the cruise to do a little exploring of Alaska and Canada on our own.

Don’t worry, though.  I expect to be able to keep up the blog.   The ship has Wi-Fi.   I don’t think it violates the point of a vacation to blog.  That’s not my job.  It’s my hobby.   But I reserve the right to miss a day or not post quite so much.

We go north, the rush is on.

The tomb of one of the Disciples?

Archeologists may have discovered the tomb of one of Christ’s Twelve Disciples.   Tradition says that St. Philip was martyred in the Hierapolis in present day Turkey and that’s where they found what appears to be his tomb in the ruins of an ancient church. From a Turkish newspaper:

An Italian professor has announced the apparent discovery of the tomb of St. Philip, one of Jesus Christ’s apostles, at the ancient city of Hierapolis in the Aegean province of Denizli.

The discovery of the grave of the biblical saint, who was killed by the Romans 2,000 years ago, will attract immense attention around the world, said Francesco D’Andria. St. Philip, one of the 12 apostles, came to Hierapolis 2,000 years ago to spread the Christianity before being killed by the Romans, the professor said.

D’Andria has been leading archeological excavations at the ancient city for 32 years.

“Until recently, we thought the grave of St. Philip was on Martyrs’ Hill, but we discovered no traces of him in the geophysical research conducted in that area. A month ago, we discovered the remnants of an unknown church, 40 meters away from the St. Philip Church on Martyrs’ Hill. And in that church we discovered the grave of St. Philip,” said D’Andria.

D’Andria and his team have not opened the grave but are planning to do so soon.

via Tomb of St. Philip the Apostle Discovered in Turkey – FoxNews.com.

What will they find?  The remains of a man who actually walked with Jesus?  That would be mind-blowing.  Of course, it’s too early to say, and it could just be more Biblical archeology sensationalism.  But still, the mind reels.

 

St. Philip's Tomb

 

HT:  James Kushiner

John Stott, defender of the Atonement, dies

The evangelical Anglican John Stott, a pastor and influential author died.  I remember reading Stott at a crucial time in my own spiritual pilgrimage.  Lutheran Anthony Sacramone offers a good tribute:

If you entered the evangelical world when I did, in the 1980s, you were immediately introduced to a Hall of Fame whose inhabitants, some living, some dead, and representing a variety of denominations, had a somewhat uniform presence in the various churches: C.S. Lewis, Francis Schaeffer, J.I. Packer, A.W. Tozer, Martin Lloyd Jones, even an Anglo-Catholic such as Dorothy Sayers and a Roman Catholic such as G.K. Chesterton. And, of course, John R.W. Stott, who fell asleep in the Lord today at age 90.

Stott was an evangelical Anglican who for many years preached at All Souls Church, Langham Place, London, where no matter the controversy then roiling the Church of England you would always hear the Gospel, and the utter centrality of the Cross. In fact, Stott’s most significant contribution as a teacher may have been his classic work entitled just that, The Cross of Christ, a thorough and biblical defense of the penal-substitution theory of the atonement. In other words, in answer to the question, “What exactly happened on Calvary? What exactly did Jesus accomplish?” penal substitution replies: “Jesus took upon himself the just judgment and punishment due sinners. He accomplished the salvation of those who believe.”

This contentious doctrine continues to drive many up the walls, eliciting some of the most hysterical (in all senses of the words) reactions from Christians who come from traditions that construe the atonement in other ways. Stott never denied that Scripture pictures Christ’s death as multi-dimensional (as Savior, he is also our liberator, model, and healer), only that the minute you lose sight of His role as the ultimate sacrifice for sin, you have lost the key that unlocks the mystery of the Incarnation and how and why God saves.

via John R.W. Stott: Defender of the Faith » First Thoughts | A First Things Blog.

Playhouse mansions

As the real estate market for adults is in shambles, the market for playhouses is booming.  Some of them cost as much as a real house:

APART from the open bar by the swimming pool, the main attraction at parties held at the Houston home of John Schiller, an oil company executive, and his wife, Kristi, a Playboy model turned blogger, is the $50,000 playhouse the couple had custom-built two years ago for their daughter, Sinclair, now 4.

Cocktails in hand, guests duck to enter through the 4 ½-foot door. Once inside, they could be forgiven for feeling as if they’ve fallen down the rabbit hole.

Built in the same Cape Cod style as the Schillers’ expansive main house, the two-story 170-square-foot playhouse has vaulted ceilings that rise from five to eight feet tall, furnishings scaled down to two-thirds of normal size, hardwood floors and a faux fireplace with a fanciful mosaic mantel.

The little stainless-steel sink in the kitchen has running water, and the matching stainless-steel mini fridge and freezer are stocked with juice boxes and Popsicles. Upstairs is a sitting area with a child-size sofa and chairs for watching DVDs on the 32-inch flat-screen TV. The windows, which all open, have screens to keep out mosquitoes, and there are begonias in the window boxes. And, of course, the playhouse is air-conditioned. This is Texas, after all.

“I think of it as bling for the yard,” said Ms. Schiller, 40.

Some people might consider it “obnoxious” for a child to have a playhouse that costs more and has more amenities than some real houses, she conceded. But she sees it as an extension of the family home. “My daughter loves it,” she said. “And it’s certainly a conversation piece.”

Even in a troubled economy, it seems, some parents of means are willing to spend significant (if not eye-popping) sums on playhouses for their children that also function as a kind of backyard installation art.

There are a number of companies and independent craftsmen that make high-end playhouses, which can cost as much as $200,000, and come in a variety of styles, including replicas of real houses, like the Schillers’, and more-fantastical creations like pirate ships, treetop hideouts and fairy tale cottages. And many of these manufacturers report that despite the economic downturn, they are as busy as ever.

Barbara Butler, an artist and playhouse builder in San Francisco, said her sales are up 40 percent this year, and she has twice as many future commissions lined up as she did this time last year. Not only that, but the average price of the structures she is being hired to build has more than doubled, from $26,000 to $54,000.

“Childhood is a precious and finite thing,” Ms. Butler said. “And a special playhouse is not the sort of thing you can put off until the economy gets better.”

via Playhouses – Child’s Play, Grown-Up Cash – NYTimes.com.

An interesting example of over-the-top parenting.   How does this manifest itself among us less affluent family-values types?

You have already been judged

Our pastor, Rev. James Douthwaite, is on vacation, so my son-in-law from Australia, Rev. Adam Hensley, preached the sermon last Sunday.  It was an amazing exposition of the Gospel.  His text was  Romans 8:28–39, focusing on  verse 3:

God for us. It is no overstatement to claim that these three little words make all the difference to everything! They change the very landscape of your life! Indeed, they allow St Paul to say just a few verses before, “for those who love God all things work together for goodFor, because of Christ, God our Father—the Judge and Creator of all–has already judged in our favor!

Already this morning you have heard Him speak his final judgment upon you, when you heard me declare to you in His stead and by His command: “I forgive you all your sins, in the name of the Father, and of the Son, and of the Holy Spirit.” You do not have to wait until Judgment Day to know His verdict—He has already given it: He has forgiven you for Christ’s sake! . . . .

Now a good judge prizes himself or herself on being neutral. A good judge shows no favoritism, but executes justice without regard for status, fame, prestige, wealth, or appearance. A good judge does not regard the face,but is fair and even, rewarding, justifyingthe righteous and punishing the wicked.

Here we may think of Lady Justice, that statue inspired by the Roman goddess Iustitia, as the epitome of this ideal. She stands blindfolded, indicating that she does not judge by appearances or what she sees. In one hand she holds a sword, symbolizing authority, and in the other a balanced scales, symbolizing equity and fairness. Indeed, Lady Justice is the ideal model for the office of judge in the courts; in God’s left hand Kingdom, as we say.

But Lady Justice is no model for our Eternal Judge, who judges us in Christ!

Our Judge is anything but neutral! He acquits the guilty! He cancels debts! He justifies sinners and transgressors!

He shows favoritism! He shows His favor to you for Christ’s sake. . . .

Now some people talk about the justice of God, or about God as Judge and for all intents and purposes leave Christ out of it. They get into discussions about God’s sovereign right to condemn some and save others in general. . . .But God does not deal with us in the abstract. He deals with us in Christ! He always points us to Christ, and says of Him, “Here is my justice for you! Here I justify you! . . .

God loving is still ―God punishing sin with death, but it is God Himself taking on our human flesh and bearing the punishment—our death sentence—for us.

And so justice is done. Sin and guilt are punished. God’s wrath is exhausted.

Not blindly though, but with both eyes open! For the Father knew what He was doing. The Son knew what He would endure and why: the Innocent would die for the guilty.

And yes, this is a miscarriage of justice to our way of thinking: Christ was no blasphemer as He was accused of being. But it is God’s miscarriage of justice. It was God’s plan that Christ, the Son of God, become the Blasphemer, the Murderer, the Adulterer, the Sinner. And we have become the “called,” “justified,” “glorified” children of the Heavenly Father.

And He who was born of a virgin, talking upon Himself our human flesh and all our sin and guilty, who then died and rose again… He now intercedes for you and me! Both His eyes are open, looking upon you with compassion; looking to the Heavenly Father and pleading the perfect plea for our forgiveness: His wounds that testify that all sin has been punished by death; all our debt paid in full.

So, the eternal Judge and the eternal Defense Attorney is for us! And not only that: He is also the one who chose to endure your sentence for you!


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