Tom made this point here at MNE already 3 days ago…. #TellMeSomethingIDidntKnow… the laws the Art Degree lawyers have set up are in conflict… no bueno…
White House/ other admin officials agree with Yellen. They see the coin as open to legal challenge — and thus likely to unleash uncertainty that would upset financial markets and damage the economy. https://t.co/rIjIXI8Eoa
— Jim Tankersley (@jimtankersley) October 5, 2021
5 comments:
Excuses.
And default would not upset the financial markets? Cowards. Put it before the courts.
Agreed Mike
The whole fucking system is a gimmick, an arbitrary workaround solution to a problem… meaning creative. That’s what the “American Experiment” it’s a gimmick in governance
The coin is exactly as legal as the debt ceiling. Where do those defending the debt ceiling get off on forcing reneging on some promises? L
Greg the whole system of US law and jurisprudence is based on the prevailing Socratic/dialogic method that was dominant at the time…
So paradoxical situations like this (technical people call this hypocrisy) are extant and like Tom has said they are intended to be adjudicated in court…
If you were starting from scratch today you would rely more on today’s forensics and surveillance technology administered by trusted and qualified magistrates… you wouldn’t need litigation… but this ofc is not the situation…
If they do the coin the Fed might fight it in court as the coin doesn’t pay any coupon… and FRA sets up the Fed as a financial factor… factoring requires the factor to take operational expenses out of the yield of the assets they are factoring…
Legal nightmare …
Do The Coin + Humphrey Hawkins, and I'll hold my breath.
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