Comment: Obviously not practical

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Michael Nystrom's picture

Obviously not practical

But the fact that it is being discussed is an indication of the desperate times we live in.

The Fed would never purchase such a coin because it exists for the benefit of its shareholders, the Big Banks. This would clearly be against their interests. The Fed is not part of the government, not really. It is a bank first and foremost, and as such, it puts its own interests first.

Have you ever noticed that it only purchases securities that are backstopped, i.e. guaranteed by the Federal Government? The Fed isn't stupid. But buying a trillion dollar platinum coin would be dumb.

To be mean is never excusable, but there is some merit in knowing that one is; the most irreparable of vices is to do evil out of stupidity. - C.B.