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Yellen warns of default risk by October

Summary:
Yo, they  just had 0b in their account at the Fed and they can put IOUs in the FERS for a couple hundred $B… there is no hurry… they can spend their account down to zero in several months… and  they don’t need some stupid “coin!” …. they can take the rest of the summer off and worry about this in the fall…Secretary Janet Yellen said the Treasury Department will begin special steps to avoid breaching the U.S. debt limit, while urging lawmakers to act “as soon as possible” https://t.co/NI5U7M905m— Bloomberg Markets (@markets) July 23, 2021

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Yo, they  just had $700b in their account at the Fed and they can put IOUs in the FERS for a couple hundred $B… there is no hurry… they can spend their account down to zero in several months… and  they don’t need some stupid “coin!” …. they can take the rest of the summer off and worry about this in the fall…





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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