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From: Les H10/15/2021 2:02:06 PM
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Cryptocurrency enthusiasts and the exchange-traded fund industry are bracing for the first bitcoin futures ETF to begin trading Tuesday, when the ProShares Bitcoin Strategy ETF is scheduled to debut at the New York Stock Exchange.

There is, however, one catch: The ETF goes active unless the Securities and Exchange Commission objects to the filing, which can happen right up until midnight Monday.

Despite the uncertainty, many believe the odds are in favor the ETF will begin trading as scheduled.

“I would give it a 75% chance of approval,” ETF Trends director of research Dave Nadig said.

cnbc.com

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To: Don Green who wrote (28026)10/15/2021 3:37:45 PM
From: Don Green
   of 32391
 
The case for minting a $1tn coin to deal with America’s debt ceiling

Nathan Tankus

The idea may seem silly or gimmicky – but it’s a serious solution to a serious problem

theguardian.com


‘Nothing economically would fundamentally change: there would be no additional soaring inflation from “printing money”.’ Photograph: Content Mine International/Alamy

The United States is again hurtling towards default on its “national debt”. While a two-month extension has emerged, the fundamental dynamic remains – and the risk. This is not happening because there is any danger of the Treasury being unable to find buyers for treasury securities. Nor is it happening because of any presumed “burden” from interest payments. Instead, it is happening because the United States Congress has placed an arbitrary limit on how much “national debt” the US government can incur. Congress has authorized and required a certain amount of spending – but is blocking the treasury’s preferred tool for financing that spending.

Given how often politicians have invoked “the deficit” and “the debt”, it’s natural for the public to think that the debt ceiling represents a deeper “lack of money”. When news outlets like CNN publish contextless headlines claiming the “US government” will “run out of money” by a certain date, this impression is reinforced.

That framing, however, is all wrong. What’s going on is much more like an internal accounting mishap than a “cashflow” problem. After all, where does the US government bank? It banks with itself – the Federal Reserve Board. As the US second circuit court reminded us in 2019, the money created by the federal reserve system is a product of the federal government. Crucially, legally speaking the federal reserve system is subject to congressional control and oversight.

On a technical level, the Federal Reserve could fill up the Treasury’s account tomorrow. What it lacks is a legal instruction to do so. Normally that legal instruction comes from successful Treasury auctions. But there’s one problem: the debt ceiling prevents more of those auctions. Even if the Treasury could legally borrow from the Federal Reserve – which it can’t – in this case the debt it owed the Federal Reserve would count against the debt ceiling.

If the Treasury can’t make more debt, what if it … made a coin? Coins haven’t counted towards the debt ceiling and the US Mint already contributes significant “profits” every year. The trouble with coinage is that while there are no caps like the debt ceiling, there are different kinds of limits. Congress has specified exactly the materials in most US coins, and what denominations are on them. Most US coins … except for one.

In 1996 a modification of the coinage act passed Congress and was signed into law which allows the US mint to “mint and issue bullion and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary’s discretion, may prescribe from time to time”.

This is extraordinary power. And that was no accident. As Philip Diehl, US Mint director at the time and co-author of the bill, has said: “When we passed this law in 1996, it was with full knowledge that it was unprecedented in the history of US coinage. [Until then] Congress had always specified coin denominations by law.”

During the Obama administration’s debt ceiling fights an enterprising lawyer noticed this obscure provision and had the bold thought – could we issue a trillion-dollar platinum coin, deposit it at the government’s bank and continue to make payments? The provision, after all, says any denomination, just like the statute that provides for the Treasury secretary to issue government securities of any denomination. The difference merely, but importantly, is that the coin – like all other coins – would not be subject to the debt ceiling at all.

This accounting solution provides a way for the Treasury to fill up its bank account, continue to make payments (as Congress has directed it to) and all without violating any statute or provision of the constitution. Funds would flow out of the Treasury’s account like normal, while the Federal Reserve would sell some of its holdings of treasury securities to accomplish its monetary policy objectives.

Nothing economically would fundamentally change: there would be no additional soaring inflation from “printing money”. All that would happen is we would avoid the deleterious effects of coming close to or, devastatingly, actually defaulting. Without the threat of government default, holding the debt ceiling hostage would lose its power, and the antiquarian law would probably get repealed.

The coin may seem “silly”, or be considered a “gimmick”. But really it uses the federal government’s most basic constitutional power – to coin money – for one of the most basic purposes of public finance: paying our obligations. Feeling foolish is no excuse not to act.

Nathan Tankus is the research director of the Modern Money Network. He writes the Notes on the Crises newsletter

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To: Don Green who wrote (28028)10/15/2021 5:02:44 PM
From: SteveinTX
   of 32391
 
"The idea may seem silly or gimmicky – but it’s a serious solution to a serious problem"

I must be out of step with reality because I do not consider this a "serious solution".

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To: Les H who wrote (28027)10/16/2021 10:41:14 AM
From: Les H
   of 32391
 
Amateur hour: Pete Buttigieg's inexperience exposed as supply chain breaks down
BY JOE CONCHA, OPINION CONTRIBUTOR — 10/13/21 08:00 AM EDT 2,728THE VIEWS EXPRESSED BY CONTRIBUTORS ARE THEIR OWN AND NOT THE VIEW OF THE HILL
5,796

thehill.com

He was rewarded for running a token campaign to derail Bernie Sanders who had the lead. He and a number of others entered late in the primaries to dilute the vote.

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To: Les H who wrote (28030)10/16/2021 2:41:09 PM
From: Les H
   of 32391
 
COVID super-immunity: one of the pandemic’s great puzzles
People who have previously recovered from COVID-19 have a stronger immune response after being vaccinated than those who have never been infected. Scientists are trying to find out why.

nature.com

UW Health: COVID-19 vaccines create more reliable immunity than infection

cbs58.com

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To: Les H who wrote (28031)10/16/2021 8:10:12 PM
From: Les H
   of 32391
 
Amazon copied products and rigged search results to promote its own brands, documents show

reuters.com

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To: Don Green who wrote (28028)10/17/2021 10:47:34 AM
From: Don Green
   of 32391
 
Selling Cars in the Era of the Chip Shortage: Online Chats and No More Haggling Dealerships lean on fewer staff to sell used cars, handle new-car buyers online; ‘Haggling has gone out the window’
The global chip shortage has slashed vehicle inventories and left dealers with few cars to sell. It has also left car salesmen and women with less to do on the dealership lot.

Dealerships laid off thousands of salespeople at the start of the pandemic. While some have been rehired, about 70,000 people who worked at new-car dealerships have been permanently let go.

For those who remain, the job has been transformed both by pandemic restrictions and an accelerated shift to online buying. Salespeople who once spent days prowling dealership lots offering test drives now wrangle online leads and explain the chip shortage to frustrated customers

wsj.com

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To: Les H who wrote (28032)10/17/2021 11:06:55 AM
From: Les H
   of 32391
 
COVID vaccines cut the risk of transmitting Delta — but not for long
People who receive two COVID-19 jabs and later contract the Delta variant are less likely to infect their close contacts than are unvaccinated people with Delta.

nature.com

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To: Les H who wrote (28034)10/17/2021 11:50:20 AM
From: Les H
   of 32391
 
Clinton released from hospital after treatment for UTI/sepsis

usatoday.com

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From: Les H10/17/2021 6:08:07 PM
   of 32391
 
Another bombing at a Shiite mosque in Afghanistan by ISIS-K

cnn.com

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