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.
Just found out the Trillion Dollar Coin was discussed "very senior" officials in the White house last year. #TDC #trilliondollarcoin
— Traders Crucible (@traderscrucible) December 7, 2012
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?
https://twitter.com/camsteh/status/274584859060609024
"Hey, we were looking under the cushions in Treasury and we found a trillion dollar coin"
— Matt O'Brien (@ObsoleteDogma) December 5, 2012
@felixsalmon Geithner will just mint a $5 trillion platinum coin
— Franny Ryan (@mfrancesryan) November 30, 2012
https://twitter.com/ByronTau/status/277061150070423552
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
— David Frum (@davidfrum) December 6, 2012
@davidfrum This may sound crazy, but why not save platinum and just make one two-trillion dollar coin?
— Kyle Fuchko (@kfuchko) December 7, 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 7, 2012
https://twitter.com/gene_moore/status/277153644728696832
https://twitter.com/PragCapitalist/status/277109731955462144
Why not create a $16 trillion platinum coin and pay off all our debt? http://t.co/kzYwiz98 Dollar is doomed.
— Robert Morley (@MorleyRobert) December 7, 2012
https://twitter.com/kept_simple/status/277137646218797056
https://twitter.com/miles_retakes/status/276830603268210689
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 7, 2012
https://twitter.com/adrienne_jensen/status/277171605866688512
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