"You mean to tell me that the coins being stamped out at the Mint are, the very same night, melted down into bullion on Threadneedle Street?" [1] Yesterday, Doomer NVmike asked: "John, can you explain, in simple terms, the differences between “Agency” and “Treasury” debt?" This post is an attempt at a response. The plan is to start off simply, and then go off on a rant. There’s more here than meets the eye, and some of the issues are critical. Doomer Yossarian’s reply to NVmike’s query is a good place to start. It points to this rather dated (Sallie…
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