[apillar]

I guess Krugman hasn't heard that the great “platinum coin” scam to bypass the congress on the debt ceiling has been debunked. Because even though the president can authorize a new currency, the law says the design of such currency has to be approved by congress before it can be minted, therefore Obama could never legally mint or issue the “platinum coin” without congressional approval.

[VanShuyten]

Apparently, someone gave the Fed the power to mint platinum coins. In any case, the Fed doesn’t need to do that as it’s already printing about a trillion dollars per year through its Treasury bond and mortgage purchases with money it creates out of thin air.