Treasury Archive

Thoughts on S+P action re USA

>    >   —– Original Message —– >   From: Hadden, Glenn (FID) >   Sent: Monday, April 18, 2011 04:45 PM >   Subject: IMPORTANT – thoughts on S+P action re USA >    I would like to address the action taken today by S+P in revising the United States credit outlook to negative. Simply, I believe the argument behind ...Read More

Joe Firestone post on sidestepping the debt ceiling issue with Coin Seigniorage

Joe Firestone has a new post on Coin Seigniorage, where he gives credit to our own Beowolf’s comment on this website. As far as I’ve been able to determine, it does work operationally. It seems the US Treasury is already legally empowered to simply mint it’s own platinum coin in any denomination ...Read More

Kucinich

pitiful stupidity/ignorance of monetary operations. Very good post/critique by Bill on same goes into more detail: http://bilbo.economicoutlook.net/blog/?p=12866 On Thu, Dec 23, 2010 at 10:55 AM, Scott Fullwiler wrote:  http://www.scribd.com/doc/45753797/NEED-ACT  Kucinich wants to end “private money creation” by banks or anyone else.  “Sec. 102. Unlawful for Persons to Create Money. Any person who ...Read More

QE dynamics one more time- it’s about price, not quantity

Believe it or not I’m still getting a lot of questions about how QE works, so I’ve reorganized the discussion some: First, recognize that, in fact, reserves, functionally, are nothing more than 1 day t bills. And, for all practical purposes, the difference between issuing 1 day t bills and 3 month ...Read More

NYFed

Good find! I recommended this years ago when Karim first introduced me to his Treasury contacts. It moved forward and was passed around for discussion, but the dealers quashed it. An unlimited lending program could replace much of the generic libor swap market. Wish they would revisit it. Why Is the U.S. ...Read More

Greenspan in WSJ: U.S. Debt and the Greece Analogy

History will not be kind to the former Fed Chairman with regard to his understanding of monetary operations. He understands solvency is not an issues which does seem to put him ahead of most. But he lacks a critical understanding of interest rate determination, particularly with regard to how the entire term ...Read More

Response to Dem debate

I arrived in Connecticut to begin a ‘listening tour’ before making the decision to run in the Democratic primary for United States Senate. Tonight I listened carefully to the Democratic candidates as they put forth their agendas for restoring the US economy and both fell far short of the mark. Neither had ...Read More

Geithner Headlines

[Skip to the end] Not exactly a unified front for the team. TREASURY SECRETARY GEITHNER HAS EXPRESSED RESERVATIONS ABOUT PROPOSED U.S. BIG BANK LIMITS ANNOUNCED ON TUESDAY–FINANCIAL INDUSTRY SOURCES GEITHNER HAS CONCERNS LIMITS DO NOT NECESSARILY GET AT PROBLEMS THAT FUELED FINANCIAL CRISIS–SOURCES GEITHNER HAS CONCERNS THAT POLITICS INFLUENCING REFORMS–SOURCES [top] ...Read More

Thoughts/Response to Bill Gross Piece

[Skip to the end] Well stated and agreed!!! A few highlights(mine), below: On Thu, Jan 7, 2010 at 8:57 AM, Lando, Joseph wrote: In a bit of a surprising philosophical shift, Bill Gross came out yesterday strongly bearish and firmly in the camp of the deficit hawks: Link . My reaction: 1. ...Read More

Deficit terrorism has not let up

[Skip to the end] No telling which way the Obama administration will go. Probably the middle path which will mean muddling through with high, repressive output gaps that do the most damage to their own constituency. It’s not a bad environment for stocks, the near term risk remaing a strong dollar that ...Read More