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A $1 trillion platinum coin could save the US from economic catastrophe in less than a month. It would be fast, legal, and no bigger than a regular coin.
businessinsider com ^ | May 3, 2023 | Juliana Kaplan and Ayelet Sheffey

Posted on 05/04/2023 4:36:21 PM PDT by lowbridge

The US is hurtling towards an entirely preventable economic crisis, and a trillion-dollar coin could solve all of its problems — if the Biden administration decides to take it seriously.

Treasury Secretary Janet Yellen said that the government could run out of money to pay its debts as soon as June 1, triggering a never-before-seen debt-ceiling crisis. Even a short default could cost the country almost a million jobs and trigger a recession.

But Republicans and Democrats are still waiting for the other to blink. The House GOP narrowly passed a bill last week that would tie massive budget cuts to a one-year increase, which Senate Democrats have proclaimed dead on arrival. President Joe Biden said he would veto that legislation, and continues to insist upon a clean raise.

Some economists say that means it's time for a break-the-glass option: a trillion-dollar coin.

The coin — which wouldn't need to be bigger than an average coin, and can be made quickly — is part of a potential debt-ceiling loophole. The Treasury Department can mint platinum coins of any denomination. That's led to a school of thought that says Yellen should simply mint a trillion-dollar platinum coin and deposit it to pay off the debts until a more permanent solution can be found.

"At this point, if any of the other solutions, the so-called more serious solutions would work, then they would've been used by now. But they keep not actually being strong enough. The coin's the only one that's strong enough," Rohan Grey, an assistant professor at Willamette University College of Law, told Insider.

To be sure, Biden's administration has not been so accepting of using a $1 trillion platinum coin to avoid an economically catastrophic default.

(Excerpt) Read more at businessinsider.com ...


TOPICS: Business/Economy; Chit/Chat
KEYWORDS: ayeletsheffey; completefantasy; debt; hellozimbabwe; instantcreditdump; julianakaplan; trilliondollarbills
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To: Paladin2
> I’ll take a piece of eight. <

Excellent, out of the box thinking there! Allow the trillion dollar coin to be broken down into smaller, legal denominations. Oh, and you’ve made the short list for Secretary of the Treasury should I ever cheat my way into the White House.

And for those not in the know:


61 posted on 05/04/2023 5:21:30 PM PDT by Leaning Right (The steal is real.)
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To: lowbridge
The Simpsons did it first with a trillion dollar bill (Harry Truman's face on it).
62 posted on 05/04/2023 5:24:16 PM PDT by Ciaphas Cain (#notmypedophile)
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To: lowbridge

Apparently idiocy is the new currency.


63 posted on 05/04/2023 5:27:14 PM PDT by SpaceBar
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To: lowbridge

Just issue one to every citizen in the USA. Just think how rich we’d all be!

Investment Tip: Invest in price tag printing machinery and supplies.


64 posted on 05/04/2023 5:32:06 PM PDT by ProtectOurFreedom (I don’t like to think before I say something...I want to be just as surprised as everyone else…)
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To: Dilbert San Diego

Kind of like bit coins and digital currency


65 posted on 05/04/2023 5:33:12 PM PDT by dirtymac ( Now Is The Time For All Good Men To ComeTo The Aid Of Their Country! NOW) )
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To: Paladin2

There are two permanent solutions.

1. Preserve the Republic by shrinking Fedzilla by 70% to 90% and putting it back in its constitutional box as the Founders intended.
2. Surrender to the CCP.

Which do you think has a higher probability of coming true?


66 posted on 05/04/2023 5:34:35 PM PDT by ProtectOurFreedom (I don’t like to think before I say something...I want to be just as surprised as everyone else…)
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To: BenLurkin
#3: "We are being ruled by lunatics."

It is bat shiite crazy. That idea is the same as writing a bad check.

67 posted on 05/04/2023 5:35:25 PM PDT by Governor Dinwiddie (LORD, grant thy people grace to withstand the temptations of the world, the flesh, and the devil.)
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To: lowbridge

How about stop government spending like a drunken sailor.


68 posted on 05/04/2023 5:36:00 PM PDT by McGruff (Don't underestimate Joe's ability to f*** things up - Barack Obama)
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To: Leaning Right

Let’s just call them the “New Dollar.”

That’s what they did in Brazil when I worked there in the 70s.


69 posted on 05/04/2023 5:36:43 PM PDT by ProtectOurFreedom (I don’t like to think before I say something...I want to be just as surprised as everyone else…)
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To: ConservativeInPA
Government employees are the problem. They don’t build a damn thing.

It's far worse than that. Say an employee in the private sector could create $1,000 of value every day. Government employees have the power to negate a multiple of that. One government employee with rules, regulations and incessant bans can destroy $100,000 of value every day. That magnifier is really destructive to the nation. Imagine what replacing our entire energy and transportation infrastructure is going to cost. Hundreds of trillions of dollars that nobody has. And there will be ZERO net benefit to anybody of that waste.

70 posted on 05/04/2023 5:40:18 PM PDT by ProtectOurFreedom (I don’t like to think before I say something...I want to be just as surprised as everyone else…)
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To: lowbridge

Business Insider. 😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂


71 posted on 05/04/2023 5:41:09 PM PDT by willk (Local news media. Just as dangerous as national media.)
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To: ProtectOurFreedom

You are absolutely correct.


72 posted on 05/04/2023 5:41:44 PM PDT by ConservativeInPA ("How did you go bankrupt?" Bill asked. "Two ways," Mike said. "Gradually and then suddenly." )
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To: lowbridge

Every couple of years someone brings this up.

It’s a ridiculous idea.


73 posted on 05/04/2023 5:43:32 PM PDT by Vermont Lt
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To: lowbridge
A $1 trillion platinum coin could save the US from economic catastrophe:


74 posted on 05/04/2023 5:43:46 PM PDT by Ezekiel (🆘️ "Come fly with US". Ingenuity -- because the Son of David begins with Mars ♂️, aka every man)
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To: Leaning Right

It’s an Hispanic thing....


75 posted on 05/04/2023 5:49:12 PM PDT by Paladin2
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To: lowbridge

I thought this was the Bee.

If anyone believes this can work, you’re definitely a democrat.


76 posted on 05/04/2023 5:50:05 PM PDT by Secret Agent Man (Gone Galt; not averse to Going Bronson.)
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To: lowbridge

This tired old “one trick to save the economy” has been around for decades.


77 posted on 05/04/2023 5:51:58 PM PDT by Organic Panic (Democrats. Memories as short as Joe Biden's eyes)
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To: lowbridge
One Trillion Dollars
78 posted on 05/04/2023 5:53:57 PM PDT by al baby (Yes he did he said how come i wasnt invited )
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To: SpaceBar

Idiocracy is apparently not just a Movie.

Between the Simpsons and South Park, The Truth has been out there for a while.....


79 posted on 05/04/2023 5:55:23 PM PDT by Paladin2
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To: lowbridge

At least it’s a good, solid coin! Not worthless paper!!


80 posted on 05/04/2023 5:56:54 PM PDT by Burma Jones
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