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$1 trillion coin is nuts but not $25 billion

Posted by Guru on January 10th, 2013

Policy wonks are debating whether a $1 trillion platinum coin would be a clever or insane way for President Obama to play hardball with Republicans in the upcoming debt limit battle.

Here's what you should know about this crazy-sounding idea:

1. A legal loophole gives the Treasury Secretary apparently unlimited authority to mint platinum coins.

Joe Biden calls tea party Republicans "terrorists" in fight over raising debt limit. Treasury bonds trade higher as uncertainty abounds.

Ending a perilous stalemate, President Barack Obama and congressional leaders announced a historic agreement Sunday night on emergency legislation to avert the nation's first-ever financial default.

The dramatic resolution lifted a cloud that had threatened the still-fragile economic recovery at home -- and it instantly powered a rise in financial markets overseas.

Over the past seven trading sessions we have seen stocks plummet in price because of the debt issues in the United States. I think a lot of individuals including myself thought that a bill would have been passed last week and with a plan underway money would flow back into stocks for a relief bounce at minimum.

As the debt ceiling debate heats up, President Obama claims most Americans are OK with higher taxes. Are you?

As the U.S. debt ceiling deadline moves closer, the bond market takes it in stride. The 10-year U.S. Treasury note trades within spitting distance of eight-month highs.

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