If Obama tries to raise the debt ceiling without congress's approval, the House should make it known to all lenders that they should consider all new loans to be personal loans made to Obama, and that the congress will not honor them.
The salient part of the 14th amendment clause is "authorized by law". Authorized by law" implies that there was a *law*. "Laws" can only be written at the legislative level. The president cannot legally authorize debt.
They already know that. Megan McArdle commented, over at the Atlantic, that she was talking to a financial type and he wondered who would buy them. (She was surprised; she used to be a financial type, but apparently she lost some of the feeling for it, and hadn't thought of the need for customers.)
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