"The United States has a statutory limit on the amount of paper money in circulation..."
OK, I finally understand why this coin nuttiness is considered necessary. What a stupid fucking law. I'd never heard of it. Anybody have a quick story (or a quick Google search--I haven't had luck) on this statutory limit? On Sat, Jul 30, 2011 at 5:12 AM, Jim Devine <[email protected]> wrote: > from SLATE > The $5 Trillion Coin > Gimmicks the government could use to resolve the debt-ceiling debacle. > > By Annie LowreyPosted Friday, July 29, 2011, at 4:48 PM ET > > the countdown clock to the Debtpocalypse [Debtmaggedon??] now stands > at four days, give or take. Soon, the Treasury will start receiving > bills it cannot pay, and the United States will fall delinquent on > billions of dollars in promised payments to Social Security > recipients, government contractors, and so on. Congress remains > deadlocked. So, the chattering classes have started getting creative. > If you cannot lift the debt ceiling, maybe you can vault over it. > > One option is coin seigniorage—aka, the "really-huge-coin workaround." > The United States has a statutory limit on the amount of paper money > in circulation, but no such limit on coins. The Treasury secretary has .... _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
