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debt ceiling, meet platinum coin

By: Cactus Flower in ALEA | Recommend this post (0)
Wed, 05 Dec 12 8:10 PM | 55 view(s)
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http://www.cnn.com/2011/OPINION/07/28/balkin.obama.options/index.html?hpt=hp_c1

"Are there other ways for the president to raise money besides borrowing?

Sovereign governments such as the United States can print new money. However, there's a statutory limit to the amount of paper currency that can be in circulation at any one time.

Ironically, there's no similar limit on the amount of coinage. A little-known statute gives the secretary of the Treasury the authority to issue platinum coins in any denomination. So some commentators have suggested that the Treasury create two $1 trillion coins, deposit them in its account in the Federal Reserve and write checks on the proceeds."


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