Biden may have no choice There’s a lot of talk these days about Biden citing the 14th amendment to unilaterally lift the debt ceiling if it comes down to that. (Actually it’s just him directing the treasury dept. to pay the bills the government has incurred.) I thought you might be interested in this analysis of the subject by legal expert Garret Epps: John Perry, a wealthy patriot, boosted the American war effort in 1918 by subscribing to the Fourth Liberty Loan. For $10,000, he bought a bond payable in 1934 “in United States gold coin of the present standard of value.” By Perry’s calculation of the price of gold, that meant that in 1934 he was entitled to a payback in the value of $16,931.25. Unfortunately for Perry, U.S. dollars were no longer backed by gold in 1934, and there were no legal gold coins. Among the effects of the Great Depression was radical deflation—as money got scarcer, those who still had dollars could buy more goods and services than before the crash. So, on June 5, 1933, Congress passed a Joint Resolution declaring such “gold clauses” invalid. Congress resolved that from 1933 on, “gold clause” or not, U.S. bonds were repayable only by legal tender. Perry thus would get $10,000 in paper money. Perry did what any self-respecting wealthy patriot would do when his country is in extremis—he sued the government. When his case reached the Court, an opinion by Chief Justice Charles Evans Hughes stated that, sure enough,…