I predict Obama will do the trillion-dollar platinum coin trick, because why not?—
Phil Kerpen (@kerpen) December 01, 2012
Once again, life imitates “The Simpsons.” A 1998 episode centered around the quest to retrieve a trillion-dollar bill printed by Harry Truman in 1945. Fast forward to 2012, as economists and legal scholars ponder the idea of minting two trillion-dollar platinum coins as a means of ducking the looming debt ceiling.
Why platinum coins? As noted in the Washington Post today, the U.S. legal code gives the Treasury the power to mint as many platinum coins as it likes, in any value it pleases. So why not press two trillion-dollar coins and deposit them in the nation’s piggy bank?
Some economists think the plan is feasible, and as the Post’s Brad Plumer writes, “The platinum coin is only one of many out-of-the-box ideas that have been proposed to avoid a debt ceiling crisis.” One crazy idea we’re still waiting to hear from inside Washington: cut spending. What else might be on the table?
"Hey, we were looking under the cushions in Treasury and we found a trillion dollar coin"—
Matt O'Brien (@ObsoleteDogma) December 05, 2012
Let's just mint the trillion dollar coin now, just in case.—
Byron Tau (@ByronTau) December 07, 2012
I'll be disappointed if the Treasury's platinum coin doesn't have to be carried by boxcars. A trillion bucks should look like something—
(@davidfrum) December 06, 2012
A series of say $10B platinum coins delivered in a big show everyday instead of one trillion coin would be smarter—
Jon Walker (@JonWalkerDC) December 07, 2012
People hate the trillion dollar coin idea. And they should. Because they should hate that we're even debating the debt ceiling.—
Cullen Roche (@PragCapitalist) December 07, 2012
Can't wait till Nicolas Cage steals the trillion dollar coin in National Treasure 3.—
keptsimple (@kept_simple) December 07, 2012
the trillion dollar coin theory is starting to make a ridiculous amount of sense to me.—
Miles Halverson (@miles_retakes) December 06, 2012
Has anyone considered that the government will mint the coins and then spend them on the way to the bank?
Obama…just ordered a new pair of Bass trillion dollar coin loafers…..—
Richard B (@fodder4skeptics) December 07, 2012