You can get all the details about what’s happening today, now that the federal government is THISCLOSE to hitting the debt ceiling – which is akin to having a zero balance in your checking account, and then maxing out your credit cards – in today’s article in the Washington Post, “Treasury to tap pensions to help fund government.”
Some are calling for the feds to sell off some of that gold. Others say that’s just stupid, to go and sell primo assets. It would cause the price of gold to nose dive. And, after all, just a short-term glitch.
Seems to me that selling gold is analogous to what people do when they’re broke and there’s not enough money coming in: they go through the closets, and find things like jewelry, guns, artwork, stereos – and they sell them to get some cash.
I remember during my divorce being really cash-strapped and selling a collectible doll for around $1000.00. I didn’t care that much about the doll (it wasn’t one of my Madame Alexander’s) and that money was sorely needed.
I also recall a former client who owned a series of pawn shops. She made a very, very nice living off of folk who pawned these kinds of things to get some fast cash.
Too bad that the federal government doesn’t have that pawn shop option. Or does it?