https://www.cnn.com/2021/09/24/economy/trillion-dollar-coin-debt-ceiling/index.html I wonder how collectable they'll be in 100 years...
I'm envisioning a far-(I hope)-future day when the one-ounce platinum trillion dollar coin's bullion value exceeds its face value.
Error in the article, the President doesn't have the authority to issue such a coin on his say so That power is in the hands of the legislative branch of the government.
That is only $50 billion, you are $950 billion short. And at the rate of inflation, and an impending government shutdown(again!) you can bet we will be on the way to printing those sooner than I wish.
He just needs a higher denomination note, they did print a 100 Trillion dollar note. A paper not won't work in the US though, the paper money has no value until it is "purchased" by the Federal Reserve. Coins on the other hand have thier seigniorage counted once they are turned over to the Treasurer of the Mint. So the seigniorage of the trillion dollar coin would be available for spending almost immediately. Just strike it, turn it over to the Treasurer, put it in the vault, and transfer the Seigniorage fund to the General Fund of the Treasury. And BOOM they have another trillion to spend with no borrowing. That's why this idea has been floated at least three times over the years. Congress is a great fan of something for nothing. If they ever do actually go for this you will probably see them do it just about every time the debt ceiling needs to be raised. (What's the point of having a "ceiling" if your simply going to raise it every time you are about to exceed it?) And then eventually whenever they want to just spend money for votes.
