Diamonds and the Treasury Debt Ceiling: Why Nothing Has ‘Intrinsic Value’ in Economics
The U.S. Treasury Department has just issued an urgent letter requesting a lift on the debt ceiling, warning Congress of imminent financial collision in September as federal cash is running out. Though this scenario has played out many times before, it takes on special significance now in light of president Trump’s recent comments about bitcoin, saying it was created from “thin air,” and a congressional warning to Facebook regarding their Libra project. Actually, to raise the debt ceiling and keep paying bills with borrowed USD is creating value out of thin air… read more.
