Media takes Ron Paul seriously: world ends, etc.

When The New Republic has an article viewing Ron Paul in a positive light, you know politics as we know it is forever changed. Well, maybe not forever. But at least we get an interesting conversation out of it. Here's the scoop:

Representative Ron Paul has hit upon a remarkably creative way to deal with the impasse over the debt ceiling: have the Federal Reserve Board destroy the $1.6 trillion in government bonds it now holds. While at first blush this idea may seem crazy, on more careful thought it is actually a very reasonable way to deal with the crisis. Furthermore, it provides a way to have lasting savings to the budget.

Tyler Cowen has an analysis here. Unfortunately, I'm not an expert in economics, and I can't readily make a sophisticated assessment. I just find the politics pretty fascinating.