Posted Feb 27, 2013 by Martin Armstrong
Perhaps the two crazy theories to top the list are:
(1) Canadian Tax Protesters are claiming that there is a legal person who has to file an income tax return, and then there is the natural person who the income belongs to therefore that person is not subject to income tax. The Canadian Tax authorities have sent letters warning this will not fly.
(2) The Trillion-Dollar Coin where a technicality in US law is cited claiming the Treasury has special discretion to create platinum coins of any denomination. Therefore, US Secretary of the Treasury could then deposit these Trillion-Dollar coins in its bank account via the Federal Reserve and then sell bonds to raise money to pay down the debt? The whole idea only get around the debt ceiling for under the legal authority t
- he US Treasury Mints the coin, which is the sent to the Federal Reserve, and then the Fed journals in $1 trillion to the Treasury’s account, and that can be used to fund the debt. This is by no means a solution for the debt crisis. It is a technicality to exceed the debt ceiling which they did by just agreeing to postpone it.