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Saturday, January 12, 2013

And Frankly, We're Embarrassed To Have To Address This

A Bloomberg article, tactfully conveying that the Treasury and the Fed have made negative statements about the "Charmin" platinum coin:

They cannot spend within their means. They deserve to be mocked.
Rob - I have never laughed so hard.

Btw, the great liberal thinkers of our time were very invested in the Charmin currency. DU is practically distraught! All their hopes and dreams, so cruelly dashed to the ground.

I'm not surprised that someone from the Fed sidled up and hissed "Enoughway ithway isthay atinumplay oincay onsensenay" to a reporter. The theory was that the Fed was supposed to take deposit of the worthless coin or coins and sell Treasuries to give Treasury money. So the Fed would end being busted.

And they weren't even being offered chocolate and flowers so they could respect themselves in the morning!
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Krasting thinks Ben put the kibosh on this and the WH spun it as their decision. The idea that other CB's called up and said "you're not seriously considering this" rings true.

Nobody in politics wants the fraud exposed for what it is, and the coin would have done it for sure.
TJ - I am sure they are acutely embarrassed by even having to refuse, hence this way of handling it. Nothing screams "Argentina, Weimar Republic, etc" like trillion dollar platinum pennies.

If given the choice between a promise an an ounce of platinum I would take the coin. Especially if the promise came from someone $16 trillion in debt. The fed will cough up the bucks whether they get one or the other. You hit it on the head when you said they don't want to do this because they don't want to scream Weimar in a broke bank. There is etiquette, you know. It includes not being honest.

There is etiquette, you know.


They intend to print away the debt. You know it, I know it, everybody knows it. That's why you're only allowed $2K of I-bond purchases per year, why they've cracked down on foreign bank accounts, and why they're now floating a trial balloon about a federal registry of private gold ownership. And, of course, why they're so keen on gun confiscation.

But to embody the printing in a single ounce of platinum is just crude.

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