Photo: Wikimedia Commons
A couple of weeks ago, before everyone realised that the debt ceiling fight would get this bad, a comment on Cullen Roche’s blog, Pragmatic Capitalism proposed that Treasury just end this crisis by minting a $1 trillion platinum coin that would allow Geithner to walk to the Fed, buy back $1 trillion in debt, and retire that.Apparently, minting coins is totally under Geithner’s control.
Anyway, since then this idea has gone viral.
So are we since a) it would end the crisis and b) it would be a great lesson in how our monetary system works.
By the way: that coin’s obviously just worth $100, so you’d have to add a few zeroes.