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Insane: Liberals Contemplate $1 Trillion Platinum Coin to "Solve" Debt Limit Issue

aceofwands Wrote: Dec 08, 2012 1:21 PM
Interesing...a coin weighing 52 million pounds
psydoc Wrote: Dec 08, 2012 1:31 PM
Is that the weight of $1 trillion dollars of platinum at today's price, aceofwands?

A couple of interesting aspects of the law that allows the secretary of the treasury to mint coins made of platinum is that it must come from the grubrmnt's store of the material, and is a commemorative coin.

Does the grubrmnt actually have a stockpile of platinum worth $ 2 trillion?

Can a commemorative coin be deposited into the general treasury?
aceofwands Wrote: Dec 08, 2012 2:19 PM
Yes...that would be $1 trillion.

A price of $1605 per troy ounce x 12 troy ounces to a pound.

Welcome to Zimbabwe.  This is not a parody -- it is an actual report from the Washington Post:

Some economists and legal scholars have suggested that the “platinum coin option” is one way to defuse a crisis if Congress can’t or won’t lift the debt ceiling soon. At least in theory. The U.S. government is, after all, facing a real problem. The Treasury Department will hit its $16.4 trillion borrowing limit by next February at the latest. Unless Congress reaches an agreement to raise that borrowing limit, the government will no longer be able...

Related Tags: Debt Limit Inflation