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For once we have to admit with U.S. Treasury Secretary Janet Yellen about Paul Krugman's idea of a trillion-dollar platinum coin for solving the debt ceiling problem.
Secretary Yellen said the idea is a gimmick and we could agree more but would also add that the solution to the debt problem is reigning in government spending and putting the U.S. monetary system back on a gold standard.
Our conclusion is that it is highly unlikely there will be an official return to covering the Fed's liabilities with a statutory percentage of gold but that the market will very likely do what many call a reset.
Gold Cover article from St Louis Fed: https://fraser.stlouisfed.org/files/docs/publications/frbrichreview/pages/65585_1965-1969.pdf
Myrmikan Capital LLC: https://myrmikan.com/
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