No fire sale of gold to delay debt ceiling---simply sublime

Justacommeman

I love what other assets gold is lumped in with

A snipet from the link............

As the government approaches the legal borrowing limit currently set at $14.294 trillion, some have suggested the government could sell its gold reserves, as well as other assets such as mortgage-backed securities or student loan portfolio.

MJ

DrBuster

Selling the gold reserve would be like throwing $5 at a stripper and expecting to get laid.

MrBear

Well...it would kill the price of gold, at least in the short term, so they wouldn't be getting anything close to the best price...

CaptHenway

I know! I know!
The government can sell ten-year gold-backed bonds 100% backed by the Fort Knox depository, and then in nine years change the rules and pay them off in cash!!!!!

ttown

That would be a shame and should show everyone the changing of the guard. Gold is your dooms day holdings just like the oil reserves that they are always wanting to open up when oil rises. Let's see that's not even 500 billion dollars, scary that all the gold we should have wouldn't even pay off a trillion dollars in our debt! What next? Solve this issue now or we are going to be selling huge chucks of land to foreign investors or governments.

Funny gold would more than likely fall on the announcement and rapidly rise when it doesn't even hit the market. Why?
China has already said they are divesting a few trillion dollars of the USD. I think we are just assisting the process and escalating the time line if we go that direction......sad state of affairs isn't it?

storm888

Failed countries sometimes know better than to sell their gold.

gold standard likely

TheBigB

That make sense, sell the accumulated treasure of the USA to cover approximately 5 weeks of 2011 projected spending.

I can see this is going to happen, not.

CaptHenway

I know! I know!

Let's sell North Dakota and the northern half of Montana to Canada! They've got their oil money, and might appreciate a couple (relatively) tropical southern provinces to vacation in.

The remainder of Montana would be long and skinny, so we could cut it in half and call the eastern part West Dakota to keep the state count at 50.

TD

Justacommeman

<< <i>I know! I know!

Let's sell North Dakota and the northern half of Montana to Canada! They've got their oil money, and might appreciate a couple (relatively) tropical southern provinces to vacation in.

The remainder of Montana would be long and skinny, so we could cut it in half and call the eastern part West Dakota to keep the state count at 50.

TD

>>



I thought Montana was in Canada.

Sure Capt. Sell them two of the most fiscally sound states we have

MJ

Spooly

Do the USA a favor and sell NY & CA! (evil smile)

You could sell Texas to Mexico.....but the Mexicans don't have any money! (smile)