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Trillion Dollar Coin

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January 14, 2013 in Economics

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I heard somewhere, Obama was going to pose for his portrait on the trillion dollar coin…

“WASHINGTON—The Obama administration snuffed out an idea to mint a $1 trillion platinum coin designed to sidestep a national default, instead seeking to refocus debate on the need for Congress to boost the nation’s borrowing authority.

The platinum-coin idea implausibly rose from online banter to the halls of Congress, prompting a weekend response from government officials. “Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit,” Treasury spokesman Anthony Coley said.”

http://finance.yahoo.com/news/trillion-dollar-coin-not-going-041200635.html


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