In the fall of 2013, President Obama said this:
“A lot of the strategies that people have talked about, 'Well the president can roll out a big coin, or he can resort to some other constitutional measure'; what people ignore is that ultimately what matters is, ‘What are the people who are buying Treasury bills [going to] think?’"
If the platinum coin were used to circumvent the debt ceiling, ZERO TREASURY SECURITIES would be issued, so there would be NO REASON to care what the Primary Dealers (the first-hand buyers of Treasury securities) thought of the platinum coin.
This excuse was an obvious LIE, and we demand an explanation from the administration.
Why lie to us about the platinum coin? Why won't you admit that the government ISSUES OUR MONEY, and can NEVER RUN OUT OF DOLLARS?
#mmt