Close. Geithner is recommending abolishing the debt limit altogether.
The notional derivatives debt is over $600T.
It's silly. These debts cannot be paid. You can raise taxes. You can confiscate wealth. You can inflate the currency. But you'll never pay off a $600T debt.
Solution -- Jubilee. Cancel all the debts. Tell the creditors that they played a good game, but they pushed it too far and broke the bank. Now we all owe nothing, and we start over.
Yeah -- that would really hurt and cause all kinds of trouble. And sticking with $600T debt won't hurt?