Monday, September 20, 2021

Everything Is Theater

Unless you believe that the Fed, which has a mandate to stop the economy and banking system from imploding and claims unlimited "emergency powers" whenever it wants, will just sit by and let the country default on debt and implode the entire world economy and our banking system, then the upcoming "battle" over the debt ceiling is all just a show. Though I don't know what the purpose of it is.

(The Fed could, for example, light the bonds it owns on fire, or gift them to the Treasury, or whatever. It's all silly because it's all silly!)

The importance of paying the debts is in the constitution! A lot more justification for dealing with that than paying Jamie Dimon's salary.