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Who Needs Two Nickles To Rub Together When You Can Use Two $1 Trillion Platnium Coins?

 
Anonymous Coward
User ID: 5549032
United States
12/11/2012 11:18 PM
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Who Needs Two Nickles To Rub Together When You Can Use Two $1 Trillion Platnium Coins?
Just plain crazy. Fortunately this idea leaked and now they can't use it:

[link to www.washingtonpost.com]
Anonymous Coward (OP)
User ID: 5549032
United States
12/11/2012 11:24 PM
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Re: Who Needs Two Nickles To Rub Together When You Can Use Two $1 Trillion Platnium Coins?
From the link above:

Enter the platinum coins. Thanks to an odd loophole in current law, the U.S. Treasury is technically allowed to mint as many coins made of platinum as it wants and can assign them whatever value it pleases.

Under this scenario, the U.S. Mint would produce (say) a pair of trillion-dollar platinum coins. The president orders the coins to be deposited at the Federal Reserve. The Fed then moves this money into Treasury’s accounts. And just like that, Treasury suddenly has an extra $2 trillion to pay off its obligations for the next two years — without needing to issue new debt. The ceiling is no longer an issue.

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