Treasury Department, Washington D.C. Hidden in a largely unread portion of the 600-page bill to fund the government and raise the debt ceiling, is a clause, tucked away in the middle of an overly-long paragraph, that might allow the U.S. government to pay off the $22trillion national debt in Bitcoin. The bipartisan bill is scheduled for a final vote by congress today. With little opposition, passage is virtually assured.
Financial markets, especially in stocks, are headed for a major collapse when trading resumes on Monday. The Federal Reserve Board, originally expected to cut interest rates today, is more likely to delay action, and will meet in early August to deal with the almost foregone rise in interest rates in response to the potential payoff of the national debt.
The possibility of a bank holiday to stem the panic, declared either by a special meeting of the Fed or by a presidential executive order, has already started a mini-run on banks and saving and loan institutions.
