{"id":12914,"date":"2021-10-06T18:54:09","date_gmt":"2021-10-06T18:54:09","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/us-lawmakers-float-the-idea-of-minting-a-trillion-dollar-platinum-coin-to-avoid-sovereign-debt-crisis\/"},"modified":"2021-10-06T18:54:09","modified_gmt":"2021-10-06T18:54:09","slug":"us-lawmakers-float-the-idea-of-minting-a-trillion-dollar-platinum-coin-to-avoid-sovereign-debt-crisis","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/us-lawmakers-float-the-idea-of-minting-a-trillion-dollar-platinum-coin-to-avoid-sovereign-debt-crisis\/","title":{"rendered":"US Lawmakers Float the Idea of Minting a Trillion-Dollar Platinum Coin to Avoid Sovereign Debt Crisis"},"content":{"rendered":"

American politicians have been clamoring about the U.S. facing a significant debt crisis and the debt ceiling putting the country at risk of default. Joe Biden spoke about the debt ceiling and told Republicans to \u201cjust get out of the way\u201d when it comes to the decision. Meanwhile, a number of U.S. bureaucrats are floating the idea of minting a $1 trillion platinum coin in order to magically bolster the treasury with cash.<\/strong><\/p>\n

Trillion-Dollar Coin Concept Strongly Considered by US Politicians, Former US Mint Director Says Platinum Coin Can Be Minted in Mere Hours<\/h2>\n

Simply creating new fiat out of thin air these days is an extremely popular trend, and it seems that many politicians worldwide have not considered the history of economies<\/a> that have been destroyed by excessive monetary expansion. In the U.S., public officials have been discussing the country\u2019s debt ceiling and whether or not America will default on what it owes.<\/p>\n

Speaking at a White House news conference, U.S. president Joe Biden stressed<\/a>: \u201cRaising the debt limit comes down to paying what we already owe\u2026 not anything new.\u201d Biden says that Republicans are stonewalling the need to raise the debt limit and he\u2019s asked the party to simply \u201cget out of the way so you don\u2019t destroy [the country].\u201d<\/p>\n

Meanwhile, a number of public officials and mainstream media outlets are discussing the idea<\/a> of minting a $1 trillion platinum coin to save the economy from disaster. It\u2019s not a joke and it is being strongly considered by U.S. politicians who are fans of heterodox macroeconomic concepts like Modern Monetary Theory (MMT).<\/p>\n

Moreover, thanks to an interesting piece of legislation, the executive branch \u2014 without congressional approval \u2014 can mint coinage of any denomination as long as the currency is made from platinum. Additionally, Axios reporter \u200b\u200bFelix Salmon explains that even if Janet Yellen doesn\u2019t tell the public, she could \u201cquietly instruct the Mint director to take those steps a day or two in advance.\u201d Salmon added:<\/p>\n

At that point, a coin could be struck in minutes at the West Point mint. Even if it then needed to be physically deposited at the New York Fed, that\u2019s only a short helicopter ride away.<\/p>\n

Yellen Calls the Coin Idea a \u2018Gimmick,\u2019 MMT Proponent Rohan Grey Says the \u2018Debt Ceiling Itself Can Be Viewed as One Big, Poorly Designed Accounting Gimmick\u2019<\/h2>\n

The unique law enabling the creation of such a coin was devised 20 years ago and intended to help bolster the production of commemorative coins. A financial debt crisis is not mentioned within the rules.<\/p>\n

The law specifically states that Janet Yellen, the U.S. Treasury secretary can \u201cmint 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\u2019s discretion, may prescribe from time to time.\u201d<\/p>\n

While Yellen dismissed the idea on Tuesday alongside a group of Democrats, Philip Diehl, former director of the United States Mint, says the decision could still be made. The trillion-dollar platinum coin could be minted \u201cwithin hours of the Treasury Secretary\u2019s decision to do so,\u201d Diehl remarked.<\/p>\n

Yellen described the idea<\/a> as a \u201cgimmick\u201d and told CNBC reporters that \u201cwhat\u2019s necessary is for Congress to show that the world can count on America paying its debt.\u201d The CNBC report quotes MMT proponent Rohan Grey\u2019s take on the matter who said \u201csure it is\u201d a gimmick when referring to Yellen\u2019s statements.<\/p>\n

\u201cThe fact that (the coin) represents an accounting gimmick is a source of its strength, rather than a weakness,\u201d Grey explains in a paper he wrote in the Kentucky Law Journal and shared with CNBC. \u201cThe idea of \u2018fighting an accounting problem with an accounting solution\u2019 is entirely coherent\u2026 the debt ceiling itself can be viewed as one big, poorly designed accounting gimmick.\u201d<\/p>\n

What do you think about the trillion-dollar platinum coin idea? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nEconomics, $1 Trillion Platinum Coin, $1T Coin, Axios, cnbc, Democrats, economics, gimmick, Janet Yellen, Joe Biden, Mitch McConnell, MMT, Modern Monetary Theory, monetary expansion, Philip Diehl, Platinum Coin, Republicans, Rohan Grey, Treasury Secretary, United States Mint, us treasury secretary<\/p>\n","protected":false},"excerpt":{"rendered":"

American politicians have been clamoring about the U.S. facing a significant debt crisis and the debt ceiling putting the country at risk of default. Joe Biden spoke about the debt ceiling and told Republicans to \u201cjust get out of the way\u201d when it comes to the decision. Meanwhile, a number of U.S. bureaucrats are floating…<\/p>\n","protected":false},"author":0,"featured_media":12915,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-12914","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12914"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=12914"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12914\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/12915"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=12914"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=12914"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=12914"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}