(Image Source: Fiscal Times)

BY JOHN O’CONNOR

ANCHOR LOGAN TITTLE

President Barack Obama may have ruled out negotiations with Congress over raising the debt ceiling, but there is one debt-solving option the White House hasn’t ruled out... minting the incredible trillion dollar coin.

According to Buzzfeed, White House Press Secretary Jay Carney refused to rule out a radical proposal to mint a $1 trillion platinum coin which would allow the government to avoid the debt ceiling if Congress lets the U.S. default on its loans.   

Reporter: “Do you believe this is an option … ”
Carney: “I think the only option here is there is no backup plan for Congress to do its job.”
Reporter: “So will you totally rule it out?”
Carney: “I mean you can speculate about a lot of things.”  

So the White House hasn’t ruled out the idea, but how is it possible to mint a platinum coin worth $1 trillion, and is that even legal? The Huffington Post explains the answer to both questions are a resounding yes.

“We don't need trillions of dollars' worth of platinum, because the mid-1990s laws give the Treasury Department the right to print up a coin made out of just a little bit of platinum and stamp whatever denomination it wants on it. One trillion, two trillion, whatever.” 

So if it’s possible and legal, why not just mint 16 of the things and pay off the U.S.’s national debt in it’s entirety? A writer for the Fiscal Times explains it’s because the move is a purely political one — fighting stupid with silly.  

“We’ve crossed over into Bizarro Wonk World, where the nonsensical is clever and crazy is sane … [and] if Republicans really want to hold the global economy hostage in order to cut spending, even rational observers might as well float an idea that’s almost as outlandish.” 

That leaves just one question left — whose face will be printed on the coin? U.S. economist and New York Times columnist Paul Krugman says

“ … that’s easy: John Boehner. Because without him and his colleagues, this [coin] wouldn’t [even] be necessary.” 

But Comedy Central’s Stephen Colbert has a different idea in mind for the chunk of change that could save the world economy from catastrophe.  

“I’ll tell you what it should be — those Charmin bears. Cause when you pull an idea like this out of your a**, you’re going to need something soft.” 

White House Won't Rule Out $1 Trillion Coin

by John O'Connor
0
Transcript
Jan 11, 2013

White House Won't Rule Out $1 Trillion Coin

 

(Image Source: Fiscal Times)

BY JOHN O’CONNOR

ANCHOR LOGAN TITTLE

President Barack Obama may have ruled out negotiations with Congress over raising the debt ceiling, but there is one debt-solving option the White House hasn’t ruled out... minting the incredible trillion dollar coin.

According to Buzzfeed, White House Press Secretary Jay Carney refused to rule out a radical proposal to mint a $1 trillion platinum coin which would allow the government to avoid the debt ceiling if Congress lets the U.S. default on its loans.   

Reporter: “Do you believe this is an option … ”
Carney: “I think the only option here is there is no backup plan for Congress to do its job.”
Reporter: “So will you totally rule it out?”
Carney: “I mean you can speculate about a lot of things.”  

So the White House hasn’t ruled out the idea, but how is it possible to mint a platinum coin worth $1 trillion, and is that even legal? The Huffington Post explains the answer to both questions are a resounding yes.

“We don't need trillions of dollars' worth of platinum, because the mid-1990s laws give the Treasury Department the right to print up a coin made out of just a little bit of platinum and stamp whatever denomination it wants on it. One trillion, two trillion, whatever.” 

So if it’s possible and legal, why not just mint 16 of the things and pay off the U.S.’s national debt in it’s entirety? A writer for the Fiscal Times explains it’s because the move is a purely political one — fighting stupid with silly.  

“We’ve crossed over into Bizarro Wonk World, where the nonsensical is clever and crazy is sane … [and] if Republicans really want to hold the global economy hostage in order to cut spending, even rational observers might as well float an idea that’s almost as outlandish.” 

That leaves just one question left — whose face will be printed on the coin? U.S. economist and New York Times columnist Paul Krugman says

“ … that’s easy: John Boehner. Because without him and his colleagues, this [coin] wouldn’t [even] be necessary.” 

But Comedy Central’s Stephen Colbert has a different idea in mind for the chunk of change that could save the world economy from catastrophe.  

“I’ll tell you what it should be — those Charmin bears. Cause when you pull an idea like this out of your a**, you’re going to need something soft.” 

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