," that he and his advisers discussed use of a trillion dollar coin as a safety valve.
Treasury Secretary Janet Yellen said Tuesday in an interview with CNBC that she is"opposed" to the idea, and doesn't believe it should be considered seriously.Treasury Secretary Janet Yellen speaks during a Senate Banking, Housing and Urban Affairs Committee hearing on the CARES Act, at the Hart Senate Office Building, Sept. 28, 2021, in Washington, D.C.
"The platinum coin is equivalent to asking the Federal Reserve to print money to cover deficits that Congress is unwilling to cover by issuing debt, it compromises the independence of the Fed conflating monetary and fiscal policy, and instead of showing that Congress and the administration can be trusted to pay, to pay the country’s bills, it really does the opposite," Yellen said.
Still, some Democratic lawmakers back the idea. House Speaker Nancy Pelosi said that Rep. Jerod Nadler, D-N.Y., brought up the coin during a closed policy meeting last week as one of other"options" to prevent government default without congressional action.
Certainly not healthy. Just prolongs the inevitable.
Prior to ww2 Germamy tried that with stamps, we all know how that played out !!!!
Make it out of chocolate
What if someone steals it? Ocean’s 11.
This is a fantasy , correct ?! Not unless you use and can even obtain enough of the precious metal to creat a ginormous several million pound coin . Platinum is 1000 $ an oz . There’s not enough precious metal on our planet to use as backing for the worlds wealth .
Sorted and for good measure, let’s make a 100T note 😂
The answer to our debt limit crisis is dismantling trickle down economics which is crippled us for 40yrs(thanks GOP) by rebalancing the tax burden so we're capitalistic again and not oligarchy and stop defending IRS, so they can collect the trillion dollars in Lost taxes POTUS
If you truly want a solution to the debt crisis, OUST EVERYONE IN THE GOVT AND LET NEW HONEST LEADERS WHO ARE WILLING TO SERVE THE PEOPLE AND NOT THEMSELVES A CHANCE. WITH NO CORRUPTION, - DEBT CRISIS, FREE EDUCATION, FREE HEALTHCARE (ALL BASIC RIGHTS OF CITIZENS) SOLVED
What if they lose it in the soda machine?
Such a coin would weigh 42,778,918 pounds at today's market value of platinum, that's nearly seven Saturn V rockets and would occupy 31,947 cubic feet! It'd be hell making change!
I've minted 3 already
This is awesome!!
Just devalue US dollar by half and debt becomes half.
Or we could just like.... Tax Amazon or something
Impulsive.
No I say we let Biden suffer another political failure
I do not understand this at all.
The solution to the US debt problem is to stop spending money on war
No. This is clickbait.
Yes. And then we purge. Whoever gets it is king.
No.
eokba_cristian WesleyBKress
Wow check this
Bizde ki dolar hastaları okusun. Amerika ekonomisinin, karışıklığını.!
The answer is new leadership total system revamp
Does peeing in a glass make it gold?
Lemme have it tho
That 'DC' and the way the eagle is angled makes it seem like it's taking a dump.
It looks like it says $100 not $1,000,000,000,000. I'd buy that for $100 just to be heavy like that.
I'm really curious how this gonna go
why cant we just mint one 100 trillion dollar coin,... hmmmm!
Tax tax tax The Rich MF
Why don’t you stop giving money to other countries and get them to start paying America back the money they owed
CinturãoVermelho
Simpler to just print surcharges on the biggest bills presently used with indelible ink. Just like the Weimar Republic did for stamps. Pick a billion or trillion bill. Cheaper, wouldn't need metal or engraving costs.
The debt limit is dumb. Pay the interest on outstanding bonds and shut down the government forever for all I care….but defaulting for real, indefinitely, is an absolutely dumb thing for Democrats to do. Sadly, I think some of them might want to. Idk
And purposely devalue the dollar? Yall taking economic classes in Venezuela?
Mint a $30 trillion dollar coin … wipe out all debt … and take a month off paid …
wow
And it will be worth only the value of the platinum it’s made of.. I swear to god this sounds like an Onion article..yes, it sounds that fucking stupid..
That's ONE heck of an idea... -ONE.💯
talking coin currency
Simpsons did it.
$AMC to the moon 🌕🚀
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Now is not the time to mint $1 trillion platinum coin to avoid debt limitInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know. jbarro wow jbarro jbarro This is so ridiculous to me... I'm all about my NeoBank and Crypto...This is so archaic. The trillion dollar trinket, like why tho!? Invest your money in trusted hands like AspirationBank and ESG Inflation USD Enviroment FossilFuels GreenBank $IPVF $ASP ClimateCrisis
Source: BusinessInsider - 🏆 729. / 51 Read more »