David Zervos of Jefferies is always good for a unique take on economics, and his latest note on the debt ceiling doesn't fail to deliver. He starts by talking about, yes, the economics of the trillion dollar coin, but where he gets interesting is where he talks about how a US default could possibly occur. Without a Platinum Coin the debt limit ensures that there will come a day in the not too distant future where the Treasury general account has a zero balance. What will happen with the 100b of monthly deficit spending that cannot via funded via debt issuance? The Republicans believe it will ... Read More