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Thursday, January 10, 2013

$1 Trillion Dollar Platinum Coin!

Image from source, ThinkProgress
I don't know if this is really ever going to happen. I think it sort of sounds like a deux ex machina sort of answer, something come up with in a dream, or by a bad writer or something. It does have some advantages though. Nobody could ever steal it, because how could you spend it. "Do you have change for a trillion?"

[Excerpt]

White House Doesn’t Rule Out Ending Debt Ceiling Standoff With $1 Trillion Platinum Coin

With Congressional Republicans once again threatening to take the nation’s debt limit hostage for spending cuts, economic circles have been abuzz with the possibility that a standoff could be averted via use of a $1 trillion platinum coin. An obscure law, read literally, gives the Treasury Secretary the ability to mint platinum coins of any denomination. Deposited with the Federal Reserve, such a coin would give the federal government the ability to make payments without needing to issue more debt, defusing the possibility of a default due to the debt ceiling. . .


Read more at: Think Progress

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