Want to avoid the fiscal cliff and end the political bickering on Capitol Hill? Turns out the answer could be a $1 trillion coin. The #MintTheCoin campaign is asking the White House to create a new platinum coin with a value of $1 trillion US Dollars in order to avoid another argument on the debt ceiling.
A petition, which already has close to 25,000 signatures, was created on the We The People website on January 3.
“With the creation and Treasury deposit of a new platinum coin with a value of $1 trillion US Dollars, we would avert the absurd-yet-imminent debt ceiling faceoff in Congress in two quick and simple steps! While this may seem like an unnecessarily extreme measure, it is no more absurd than playing political football with the US — and global — economy at stake.”
According to the FireDogLake, the idea behind #MintTheCoin is simple. The United States has laws about how much paper money it can print and how much gold, silver, and copper coins it can produce. There are no regulations, however, on platinum coins.
Joe Weisenthal writes at the Business Insider:
“Although the Treasury can’t just create money out of thin air to pay its bills, there is a technicality in the law that says the Treasury has special discretion to create platinum coins of any denomination, and the thinking is that Tim Geithner could make the coin and walk it over to the Federal Reserve and deposit it in the Treasury’s bank account.”
Do you think a trillion dollar coin is the answer? Are you going to join the #MintTheCoin campaign?