The President recently signed a budget agreement spanning two years, which will “suspend the debt limit until March 15, 2017.”
How to combat the debt ceiling has been a recurring event for the last few years with many different remedies suggested to solve the ongoing issue. However, one suggestion, in particular, has peaked the interest of some economists and coin collectors.
The idea? Mint a trillion-dollar platinum coin!
You may recall the trillion-dollar coin fix first came about in 2013, during a similar debt ceiling negotiation. The idea was that the Treasury Secretary could mint a coin that would allow the government to continue paying its financial obligations, like social security, veteran’s benefits, and certain government salaries.
How this idea can even be possible lies in platinum. A detail within federal law states:
(k) The Secretary may mint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary’s discretion, may prescribe from time to time.
Essentially, the Treasury Secretary has the legal means to create a platinum coin of any value. If the Treasury Secretary did create a trillion-dollar platinum coin, he or she could then deposit that money into the Federal Reserve. This would allow for the government to pay its debts without raising the debt ceiling.
Some economists believe that the trillion-dollar coin might actually work. However, there are many who are weary of the fix and believe it will cause economic turmoil and rampant inflation if issued. Regardless, if a trillion-dollar coin is minted it would certainly raise the bar for coin collectors and metal investors.
To learn more about current economic affairs and precious metals trading visit Provident Metals’ blog and knowledge center.
You all should watch Mike Maloney, the secrets of money videos. It’s some interesting information.
Your platinum coin link goes to the palladium section.
Paper..Platinum..what’s the difference they are both worthless compared to face value. 100 Trillion dollar bill should have Obamas face on it.
OMG..Thats insane lol to give a 880 dollar platimun coin a trillion dollar value , its no difference then Somalia printing100 trillion dollar bills worthless .lol they have lost their minds and are crasping at straws .. the countrys bankrupt and just like every other country that left the gold standard we will fall …and collapse as a country ..freakin insanity ..
damn I have 20 1 ounce platinum liberty coins holy crap I,m worth 20 trillion dollars lmfao
So what’s your buy back price?
Sure, why not? Mint a 1oz platinum coin with a face value of $1 trillion. What’s the difference between that and rampant, never-ending printing of fiat paper money? 😛
No! Mint a 1 oz platinum coin with a face value of 20 trillion thereby paying off the national debt. Also mint a platinum coin with a face value of $450,000 and that will be the retirement check for Obama for the rest of his life.
In order to be able to mint a one trillion dollar coin, wouldn’t that have to be linked to retiring one trillion paper dollars, unless the debt limit was raised by one trillion dollars, and then wouldn’t that require congressional approval, followed by Presidential action? A one trillion dollar coin would, of course itself be fiat, as the only precious metal backing that it has would be the value of the precious metal that it is made from? If so, then why waste the platinum? Make it out of copper or zinc coated steel (like our pennies, nickels dimes and quarters already are)! Make sure that it has an image of Obama on the obverse, and a monkey on the reverse, because this whole idea is monkey business from thought to inception! Of course, was this a viable solution to the problem, it would already have been accomplished, wouldn’t it?
what would the coin look like and what would the cost per coin be?
Kari suojanen
Umm… The cost per coin would be 1 trillion dollars. Im sure they will sell you as many as you want at that price. Although I think the plan is only to mint one… Until we run out of money and need to mint another…. and another. If only all of us taxpayers had the power to spend more than we make and then just print more money on our printer at home when we run out and need more! Our government is run by a bunch of incompetent idiots who probably don’t even know how to balance their own checkbook.
So basically the fed can take toilet paper and say it’s with a trillionn dollars just so they technicslly have something to back the ridiculous account of money they need to spend.how about going back on the gold standard?
The gold standard would be great but you would have to have enough gold to back all of the printed money. Which the gov does not have. Sadly.
You would have to try to revalue gold. It would go to crazy amount like $50k an oz. making any coin collector a huge profit.
So how much is the Trillion Dollar platinum coin really worth a friend gave me 50 of them