Why Is Everyone Talking About a Platinum $1 Trillion Coin? - Politics - The Atlantic Wire
Jared Sperli stashed this in economics
Stashed in: Politics!
Basically, Geithner's last act as Treasury Secretary is to create a platinum coin worth $1 trillion, throw it in the country's bank account and protect us all from a prolonged headache over raising the debt ceiling. Should he do that, the President no longer has to ask Congress to raise the debt ceiling. Creating a platinum $1 trillion coin would circumvent the debt ceiling fight. And many of your initially perceived detractions to the $1 trillion coin have been debunked here, again by Joe Weisenthal, the coin's biggest fan. The gist: the economy and the dollar would be fine, for the most part. Obama tells Congress it's an option he's considering, and the consequences of creating a $1 trillion coin are less than the consequences of defaulting on the country's loans, so Congress' power at the negotiating table is rendered moot. Like Mayweather-Pacquiao, the fight never happens. Planned debt ceiling fight cancelled.
Brilliant idea! I hope they do it!