Can a trillion-dollar coin solve the U.S. debt ceiling crisis?1/5/2013
It seems like a plan concocted by Dr. Evil: solve the U.S. debt ceiling crisis with… a trillion-dollar platinum coin? But seriously, the #mintthecoin idea has gone viral in finance circles. Here’s the theory: The debt ceiling is crazy, because Congress tells the president to spend borrowed money, but stops him from actually borrowing that money. Some say Obama should fight crazy with crazy. The federal government can mint platinum coins in any denomination (to make commemorative coins, for example). So, the country could easily pay its bills without borrowing a dime if it mints a trillion-dollar coin. Sounds like a great idea, until Obama loses our trillion-dollar coin in the Oval Office couch. [Source]
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Is this idea crazy enough to actually work?