Just One Trillion-Dollar Coin Might Rid the US of Its Economic Crisis
The idea sounds peculiar to say the least, yet it's quickly gaining popularity
Law technicalities can sometimes spark the general public's interest, especially when what it all comes down to is money. Thus, the idea that the US Treasury could mint a trillion-dollar coin and rid the country of its economic crisis once and for all is now quickly gaining popularity.The working principles behind this plan are fairly simple: there is no way the Treasury can simply start printing more money to pay debts, since this goes against the law. However, what it can do is mint platinum coins of whatever denomination it sees fit.
“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,” reads an online petition created on January 3 to support this movement.
Still, one question remains: whose face will the coin display?