$1,000,000,000,000? Keep the change.

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#1 Jan 09 2013 at 7:18 PM Rating: Good

Smasharoo

Lunatic

30,086 posts

You're missing the key step "deposited at the Fed", and also missing the key point I wrote. The federal debt is the total dollar value of all outstanding treasury bills. How they come to be outstanding is irrelevant.

Nope, it's extremely relevant.

We've had discussions in the past about intergovernmental debt and whether/how-much it counts as "real debt", but for purposes of the debt ceiling it does not matter. Your earlier post mentioned the use of t-bills as part of how the coin(s) would be used. All I'm saying is that once t-bills are issued, it adds to the debt which is limited by the debt ceiling.

Yes, I understand. You are wrong. Not in my opinion, mind you, that's just not how the debt ceiling functions.

http://www.fas.org/sgp/crs/misc/RL31967.pdf

That's how it functions. It's not a secret. We don't have to "assume" we understand how it works by making wild guesses.

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