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But with the vote to raise the debt ceiling yet again now looming, yet a new asinine idea is now gaining traction among progressive circles. As ABC News describes it, “It goes like this: Should Congress fail to extend the U.S. debt limit — reached again on Dec. 31 — the president could ask the Treasury to begin printing trillion dollar coins (in a process explained mostly seriously by Jim Pethokoukis on his American Enterprise Institute blog), a number of which could then be put toward fulfilling debt obligations in the event new legislation stalls in Congress.
"While there are laws in place to regulate how much paper, gold, silver or copper currency can be circulated by the government, there is nothing so clearly stated when it comes to platinum. That door open, the Treasury could have the U.S. Mint melt and mold a few trillion dollars of it, then ship the goods over to the Federal Reserve for safekeeping until the time comes to pay the bills.”
We’re doing everything we possibly, legally can to hold Washington accountable for it’s out-of-control spending and desperately trying to balance our books, yet leave it up to the progressives to look for another loophole to exploit in the system so Washington can keep drowning us in red ink. Unbelievable.
"There is no plan B, there is no backup plan. There is Congress's responsibility to pay the bills of the United States," White House press secretary Jay Carney said during his daily briefing.
But when asked whether the administration would rule out minting a coin, Carney didn't outright deny the option. "You can speculate a lot of things, [but] nothing needs to come to these speculative notions" so long as Congress does its job, he said. And the White House expects Congress to follow through, Carney said. "The option here is for Congress to do its job and pay its bills, bills that have already been racked up." Later on in his briefing, Carney was pushed again to rule out the option of minting the coin. He referred the question to the Treasury Department and again repeated that the president does not see a back-up plan for raising the debt ceiling. Asked if anyone in the administration is trying to figure out whether using the coin is a viable option, Carney responded: "Not that I know of."
Originally posted by bloodreviara
This has got to be some kind of joke, i mean if we have that much
platinum just laying around then wouldn't the debt we have not be
an issue at all,
If the USA normalizes its economy it puts her people at a disadvantage first. This ends up with the rest of the world at a disadvantage as well. Once they adjust, the USA and her people will be on top having been amongst the first to readjust and acclimatize. We'll once again have buying power.
Originally posted by Agit8dChop
The trillion dollar coin is a debt between the government and the fed, that the fed will forever hold.