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Trillion Dollar Coins And Debt Ceilings (Again…) — Brian Romanchuk

Summary:
The periodic debt ceiling silliness has again erupted in the United States. Since I was feeling mildly unwell this week, I was largely out of the loop. If the reader wants a brief explanation of what the trillion dollar coin idea is about, I highly recommend my brief discussion in my latest book Modern Monetary Theory and the Recovery.If we go beyond the shameless self-serving plugs, it is quite easy to summarise my views....When the electorate gets tired of this nonsense, it will go away. But as long it plays well, the political theater around the deficit, debt and the debt ceiling as a demonstration of fiscal responsibility will play well. And a long as it plays well, don’t' expect the craven media to drop it either. The sooner this public tires of this stupidity the better.Bond

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The periodic debt ceiling silliness has again erupted in the United States. Since I was feeling mildly unwell this week, I was largely out of the loop. If the reader wants a brief explanation of what the trillion dollar coin idea is about, I highly recommend my brief discussion in my latest book Modern Monetary Theory and the Recovery.

If we go beyond the shameless self-serving plugs, it is quite easy to summarise my views....

When the electorate gets tired of this nonsense, it will go away. But as long it plays well, the political theater around the deficit, debt and the debt ceiling as a demonstration of fiscal responsibility will play well. And a long as it plays well, don’t' expect the craven media to drop it either. The sooner this public tires of this stupidity the better.

Bond Economics
Trillion Dollar Coins And Debt Ceilings (Again...)
Brian Romanchuk

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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