Rep. Jerrold Nadler, others still pushing for trillion-dollar coin to duck debt ceiling

With Rep. John Boehner now officially returning as House Speaker, it’s certain that we can look forward to yet another standoff between Boehner and the White House over the nation’s debt ceiling, which the country hit on Dec. 31. The idea of minting a handful of trillion-dollar coins to get around the debt ceiling arose last year, but with the House GOP still holding that one bargaining chip and Treasury Secretary Tim Geithner headed for the exit, the push is on again to make the coin a reality.

Business Insider’s Joe Weisenthal calls the idea “really thrilling,” and Rep. Jarrold Nedler (D-N.Y.) is pushing for the coin as well, seeing as the president is faced with GOP “blackmail to destroy the country’s economy.” In an interview with website Capital, Nadler likened Republicans to the mob: “It’s like in the old gangster movies: ‘That’s a nice economy you got over there, pity if it should happen to blow up — if you don’t do what I want.’ That’s exactly what they’re saying.”

The law allows the Treasury to mint platinum coins in any denomination. The idea was to allow for production of special commemorative coins, but there’s nothing legally to stop the Treasury from minting a few trillion-dollar coins and depositing them in the Federal Reserve. It’s a great idea, right?

No we won’t. That stimulus is going to kick in any second.

  • Leroy Whitby

    Give a trillion dollar coin, backed by the full faith and credit of the United States, to a private corporation . . . the Fed. What could go wrong?

    • SineWaveII

      The mob hijacks the truck and steals it?
      I can see the conversation in Newark now.
      Boss: “yeah so’s Anthony and Moose got their boys to hijack that federal truck on the toinpike and says to me ‘ya know Big JIm there was this trillion dollar coin on that truck’. And I says get the {Bleep} outta here. And he says “I tell ya Big Jim a trillion dollar coin with that jamoke Obama’s face on it. I’m holdin’ it right here.” And I says well {Bleep} I’m going to have ta {bleep}-in’ find a way to break that {bleep}-in thing so’s I can kick up to’s New Yoik what that they can wet their beak. I’m sayin’?
      Gang: “Yeah Boss”
      And so’s I call the accountant and he says ‘there’s no way you can break that coin Big Jim no one has enough money. You’re going to have to send it up ta New Yoik an’ let’s the bosses keep it for yah and wait for dem ta pay ya’s later.’
      And I said ain’t that some {bleep}? So’s in the end i decide to jus’ keep the coin fors myself and not tell anyone about it. I figures the way that jamoke is runnin’ the country it’ll only be a few years before a trillion bucks is heard about all over an what not. Then I can cash in my coin, but If I’m lucky I might be able to buy a steak dinner at Antonio’s with it, I’m sayin?”
      Gang: “Yeah Boss”
      Boss: “Ain’t that some {Bleep}” I’m sayin’?
      Gang: “You got that right boss”.

      • Leroy Whitby

        That’s classic!

        • SineWaveII

          Thank you

  • Andrea Silver

    Joking about make-believe money is playing with fire when all money is really make-believe money.

    • TomJB

      If it were a pure platinum coin it would have value, but certainly not $1T because at yesterday’s close, $1T of platinum would weigh 20,246 tons, 387 lbs, and 6.9 ounces. Why platinum anyway other than the part above about the gov’t being able to mint platinum coins of any denomination? Gold is currently more expensive and less rare.

      • SineWaveII

        I’d pay money to go see that coin.

      • mentalmidgets

        Because gold has current law on the books that the government is not allowed to do this funny business. There is no mention of platinum, so they could in theory get away with this.

  • MoxieLouise

    Soooo…this is like Jack and the Beanstalk? We’re going to sell our cow to a shiester for a few magic beans/coins? Help me understand…

    • Zane Henry

      There’s no understanding insanity.

      Where do I sign up for insertion into the Matrix? Wake me when the adults are in charge again.

      • Vennoye

        The “children” are not in charge…..the inmates are!! How stupid do they really think we and the rest of the world are?????

        • Zane Henry

          well, “we” and the rest of the world don’t buy into it. Just read articles from Europe and other parts of the world. They see our decline into socialism. It’s just that we’ve hit a tipping point in our national ignorance quotient. Like a 51% tipping point. It’s truly stunning.

  • peteee363

    i love this idea. for one billion dollars each, i will make them, how many dozen do you want. sorry, you must pay me in gold for the coins!

    • SineWaveII

      Excellent business plan. How can I Invest in your company?

  • Steve_J

    Coins put out by the Franklin Mint will have more value.

    • SineWaveII


  • Philip Levine

    didn’t the simpsons do an episode about this?

  • Booker

    You know I thought it was a joke. But to see Dems actually pushing this is just… a tragedy. They don’t think anyway, so why do I bother?

  • Leroy Whitby

    Has anyone seen a gold colored coin around here? I had a hole in my sweatpants pocket but I think I set it down on the dresser last night.

    • peteee363

      a trillion dollar coin should be made from solid diamond, flawless!

      • MoxieLouise

        Don’t tell them I have titanium in my neck; next thing you know HHS will be chasing me down the street with a hatchet…

        • Leroy Whitby


  • GTFOBigGovt

    Deja vu. My ex took a Susan B Anthony coin, had some guy coat it in gold plate (don’t even ask). Then it was worth zero. He was Greek. Who’s surprised?

  • Chris Mears

    If I owe $16,000 and I get my paycheck and deposit the money in my bank account, I’m still $16,000 in debt. How does this trillion dollar coin change the amount of money that is owed by the government

  • grais

    Will they be filled with chocolate?

  • octagon999

    Kinda like me writing a trillion dollar check…

  • Keldon McFarland

    I thought this was a joke-get-your-attetion from a Republican, like sataire to bring the seriousness of the debt—-but a Democrat wants to coin money to “get around the debt”!!! Does he not realize that by coining a $1 Trillion coin, the coin would not really have any value? My collectors commemorative silver dollars have more value!

    • rob1699

      how much is your paper $100 bill really worth?

  • Gary

    “You know, if you let me write $200 billion worth of hot checks every year, I could give you an illusion of prosperity, too.” Loyd Bentsen, 1988. A Democrat, but a Texan. My has the world changed.

  • redheadgrl

    When do we get to start using Monopoly money?

    • MoxieLouise

      In the Weimar Republic they eventually papered their walls with their money…then Hitler came to “fix” everything…Yeehaw.

  • IndySkye

    I’m curious how many levels the U.S. credit rating will be lowered on the same day that the government creates a trillion dollars out of thin air.

    • MoxieLouise

      How low can it go? Everybody limbo!

  • RblDiver

    Come on, don’t stop there! Why not create LOTS of trillion coins and send one to everyone in the US! Just THINK of how stimulated our economy would be! Inflation, pffft, who cares, we’d be trillionaires, we could afford it! >.>

    • MoxieLouise

      China will be SO jealous!!

    • Evil Otto

      “We’re trillionaires. Let’s buy dune buggies!” -Lisa Simpson

  • effinayright

    You know what Jerry Nadler would do if you put a $1 trillion coin in front of him?

    He would eat it.

    The man’s gone on a million diets, he’s had intestinal tubes strangled, and he’s had the remaining guts stapled shut. He’s had his jaw clamped tight with concertina wire.

    Yet he remains an undisciplined and enormous bag of offal. The idea of food is itself alone enough to drive him crazy.

    He’s been known to eat the illustrated menus outside Burger King drive-thru’s while waiting in line to place his order for “Ten of everything, with cheese”.

    After he eats, he sucks on his used napkins so as to savor the last bit of “Greasy, Cheesy Goodness.”

    IOW his personal discipline is a measure of his fiscal discipline.

    But, his NY constituents still have something to be proud of: Nadler’s personal hygiene.

    As Nadler puts it, “I wash myself every day, using a wet rag on the end of a stick”.

    So there’s that.

  • Moue La Moue (D)

    Why not just make it into a ring, for crying out loud? And then we can cast it into Mordor, and POOF! All our fiscal troubles … gone! For crying out loud on a Sunday in my pj’s this is … insane.

  • Red Fred

    Elected officials need to begin to take us seriously. Play time is over. You have one choice, get to work and start making strides to correct this deficit. We’re awake now, and we are watching.

  • rporth

    You all do know our current money is “pretend money”, right?

  • bo1921

    A trillion dollar coin is NOT Legal Tender. The formal definition of legal tender is anything which when offered in payment extinguishes the debt. What debt is this silly coin going to extinguish? We are in so much trouble, and we have politicians and so-called business leaders who think this idea is “thrilling.” God help us!

  • V the K

    Wasn’t this an episode of the Simpsons? Yes, it was

  • Fido

    Save the platinum,

    “dispense with the pretense”

    simply use Monopoly money

    and stop insulting people’s intelligence.

  • Joseph Phillips

    Ah, the stupidity that Barry represents. Please put his face on the coin.

  • WVS

    Zimbabwe, here we come.

  • SineWaveII

    So THAT’s what Obama meant by hope and CHANGE… I get it now.

  • Bryan

    Isn’t this tactic backdoor quantitative easing? Let’s say the United States has a perceived value of $4T. If we instantly have $6T worth of currency representing the original $4T, the government just devalued all of our individual assets by 33 1/3% through rapid inflation. Seems like another tax to me. Add income tax to currency devaluation and many will realize that an equivalent of 65% of our net worth was just stolen by the government. Congratulations, we’re all the rich paying our fair share now.

  • lainer51

    I am thrilled – once I get my hands on this new itty bitty coin, I will be able
    to buy that island I have been yearning for.

  • Thomas Collins

    We have to provide health insurance for this fat pig.

  • Cbfordz

    I’m moving to Switzerland