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 ...
monetary value of coins is not based on metal value.
you can buy a 1oz gold eagle for 2.3k but face value is $50
Hou can get a copper penny for 1 cent.
a 1oz platinum coin has face value of $100 but it might cost 1.5k
a piece of paper can be $1 or $100. is there a difference in minting cost?
however congress did not place limitations on the value of platinum coins when they were authorized so legally they could mint a billion or trillion dollar platinum coin
Checks are not Constitutional money.
Precious metals coined by Act of Congress at the Mint with value assigned ARE Constitutional money.
Titanic captain. ‘We need to shuffle the chairs’
What bullshit. This government is not serious.
Yes
I think the only domestic entity that holds a trillion in federal debt is the Social Security old age trust.
Unless old folks waive their monthly payouts for a trillion dollar coin lottery, the only impact will be Social Security being unable to pay in full in short order.
It’s not practical legal tender.
Platinum coins of $10,000 face value might be practical.
LOL!
CALLED IT!
4/25/2023, 2:30:46 PM
FrankRizzo890
Is it time for the “Trillion dollar coin” discussion yet? Or do we need to wait a week or so?
A trillion dollar coin should be as big as a pizza. And bear the image of that boy on the cover of Mad Magazine.
I have one of those. The day it was minted it was worth a loaf of bread. The next day, it no longer was.
If we ever get control of congress and the presidency again, they should pass a law closing whatever stupid loophole there is that allows this crap to come up EVERY TIME.
Brilliant!
The Constitution states:
The Congress shall have Power ….. To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures
Article I. Legislative Branch Section VIII, Clause 5
It’s pretty clear the FedGov could value (denominate) a new coin at $1 trillion. But convincing the reason the world the US dollar isn’t anything but Monopoly money after that would be a tough sell.
It doesn’t matter if it is a trillion dollar coin or typical $1 bill, when you print money out of thin air you cause $1,000,000,000,000 of inflation pressures. But the MSM and half of America is too stupid to realize this.
Stale leftist idea rehashed by leftist “BusinessInsider”....and besides Yellen already said “No”:
“Why a coin? Why not a grain of sand?”
maybe a trillion dollar wampum strand?
Would that new coin work on the shopping carts at Aldi?
Quarters do
Watch me pull a rabbit out of my hat.....wrong hat.
It’s even easier
Just have a half dollar identify as a trillion dollar coin. It works for the trans agenda.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.