In case you may have missed it, there was talk about the Treasury Department minting a trillion dollar coin to avoid raising the debt limit. Basically, if the Treasury minted the coin and deposited it in the Federal Reserve, it would count as assets and relieve the debt ceiling. It’s like saying you must have money in the bank because you have checks left.
Well, the Treasury has decided not to mint the coin and the Federal Reserve agrees. Shucky darn. Another plan dashed against the rocks.
The plan was to mint and deposit the coin until congress adjusted the debt ceiling, then the coin would be destroyed. Right? Surely there was another plan on how to get that coin into circulation. Who knows, it might have ended up in my hands.
Imagine me waiting at the register for my change in Wally Mart.
PMO
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