Treasury, Fed Debase Themselves By Dignifying Trillion Dollar Coin Trick With a Response ("No.")
Policymakers have gazed into the banana republic and found the banana republic gazing back at them.
The Treasury Department will not mint a trillion-dollar platinum coin to get around the debt ceiling. If they did, the Federal Reserve would not accept it.
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.
Accordingly, we've gone ahead and cashed out the platinum coin futures contract on the American Civics Exchange demo market, where it last traded at $24.98.
Handcrafted by Flip on January 12, 2013 |
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