Sidestep the debt ceiling logjam by minting a $1 trillion platinum coin

Market Insider/Andy Kiersz and Joseph Zeballos-Roig/9-20-2021

“But the conundrum could have a coin-size solution. A loophole in the law that prescribes the types of coins that can legally be minted in the US theoretically allows the Treasury Department to mint a $1 trillion platinum coin, deposit it at the Federal Reserve, and then continue paying its bills as normal.”

USAGOLD note: So all we have to do is mint about 30 of these platinum coins and we have the national debt paid. Mint another 30 and the government suddenly accrues untold wealth. One wonders why the Treasury Department didn’t deploy this fix a long time ago. Bizarre …… It turns out that the Treasury Department, in fact, did reject the idea in 2013 saying that instead of a quick fix platinum coin worth $1 trillion, Congress should get its act together, raise the debt ceiling, and avoid a federal government bond market default.