“Final Options: Wall Street Broaches Crazy Maneuvers To Avert Default”
By Eric Morath
“Setting aside how desperate the move looks, it may also require the approval of lawmakers. Congress mandates that the government hold a portion of the gold reserve to stratify certain international obligations. Furthermore, a fire sale wouldn’t likely produce the revenue advocates of the idea hope. The U.S. holds 3% of all the gold ever mined. Dumping that much gold would tank prices.”“The strategy is flawed because the law in question allows only for a bullion coin, which would require a trillion dollars worth of platinum to make, or a commemorative coin, which would need to be sold.”
Read the full piece at the Wall Street Journal.
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