No post about the Platinum $1 Trillion Coin...#MintTheCoin

Hood Critic

Hood Critic

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Can a giant platinum coin save our credit? - The Washington Post

If Congress fails to resolve this debt crisis by Aug. 2, one tack President Obama could take is to simply declare the debt ceiling unconstitutional under the 14th Amendment. It’d be politically contentious, it’d set all sorts of dicey executive-power precedents, and the markets might judge it harshly. But plenty of legal types think the White House could get away with it.
But failing that, Obama could always just solve the crisis with a pair of magical platinum coins. Sure, that sounds preposterous, but Yale’s Jack Balkin argues that this is actually a perfectly legal strategy. Here’s the logic: Under law, there’s a limit to how much paper money the United States can circulate at any one time, and there are rules that limit how many gold, silver and copper coins the Treasury can mint. But the Treasury is explicitly allowed to mint however many platinum coins it wants and can assign them whatever value it pleases.
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Why We Must Go Off the Platinum Coin Cliff - Bloomberg

If Republicans start issuing a list of demands that must be met before they will raise the debt ceiling, Obama should simply say that he will issue platinum coins as necessary to pay government bills if he cannot borrow. But, to avoid causing long-term inflation expectations to skyrocket, he should pledge that he will have the Treasury issue enough bonds to buy back all the newly issued currency as soon as it is allowed to do so.
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I thought it was joke but they're dead serious...there is even a White House petition with over 4,000 signatures.

https://petitions.whitehouse.gov/pe...single-platinum-trillion-dollar-coin/8hvJbLl6
 
zerozero

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Looking to the next debt-ceiling fight, Nadler proposes a trillion-dollar coin trick | Capital New York

"There is specific statutory authority that says that the Federal Reserve can mint any non-gold or -silver coin in any denomination, so all you do is you tell the Federal Reserve to make a platinum coin for one trillion dollars, and then you deposit it in the Treasury account, and you pay your bills," Nadler said in a telephone interview this afternoon.

I asked whether he was serious.

"I'm being absolutely serious," he said.
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:laugh:
 
BlvdBrawler

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While we're at it, why not make it 40 trillion or fukk it 500 centillion? These fools *must* be joking?
 
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