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Good News: Treasury, Fed Both Rule Out Trillion Dollar Coin

Bear Trax Wrote: Jan 12, 2013 6:19 PM
I thought so too. A congressman interviesed on talk radio, claims he was told by a federal reserve official, that they aren't using freshly printed money, they just add numbers to their computers and lend that out. Try that in the real world and get 10 to 20 behind bars.

The fact that high-level government officials even needed to address this issue at all should tell you how high over the shark American politics has jumped. But the Department of Treasury today did indeed comment on the "trillion dollar platinum coin" lunacy, and rejected the idea that the White House had seriously considered such a "solution" to the debt crisis. Ezra Klein at WaPo reports:

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...