[url=http://www.nydailynews.com/news/politics/obama-mint-trillion-dollar-coin-deal-debt-ceiling-article-1.1235224]Article[/url]
[quote] New York Rep. Jerrold Nadler is the most prominent politician arguing that minting a trillion dollar coin to pay some of the nation's debt is a better option than another fight over raising the U.S. debt ceiling that could result in default.
And with Washington bracing for yet another game of brinkmanship in less than two months over the $16 trillion debt limit, the seemingly far-fetched idea seems to be gaining currency.
Nadler and other proponents, however, argue that a trillion dollar coin is no more absurd than the debt ceiling itself, which caps the government's ability to cover spending Congress has already authorized.
The proposal stems from a line in federal law that allows the Treasury Department to "mint and issue platinum bullion coins and proof platinum coins" in any size or denomination it chooses. That loophole, intended to allow for collectors' coins, theoretically opens the door to the trillion dollar coin.
While platinum is a precious commodity, a platinum coin would have to weigh more than 20,000 tons to have an actual value, when melted, of a trillion dollars. But the face value of no U.S. coin actually matches the value of the metal used to make the coin.[/quote]
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[quote][b]Posted by:[/b] MadMax888 [quote][b]Posted by:[/b] Android Spartan [quote][b]Posted by:[/b] Cheeseoid How on earth will a coin like this enter the economy?[/quote]Well 1st they make it with the words Trillion with a number 1 infront of it with a dollar mark on it. And then we watch the American economy collapse in a few hours followed by the economies of Asia.[/quote]And North America. And South America. And Europe.[/quote] It really wouldn't make that much difference. The Federal Reserve has essentially "printed" well over two trillion dollars since 2008 by balance sheet manipulation and making purchases. QE4 continues to increase that amount by 45 billion each month just by itself. The only difference is that this is more obvious to normal people than what the Federal Reserve monetary policy has been.