I remember reading somewhere that the mintage of any coins must be backed by an authorization from Congress. In some drafting error or overlook or not understanding the effect that a law would have; there is a "loophole" that permits the Mint to product any gold coin it wishes to make. Is there some truth to this? Is this a complete rumor/fabrication? Has this been discovered and addressed? Is this still the current state of law? Thanks
“The [Treasury] Secretary in minting and issuing other bullion and proof gold coins under this subsection in accordance with such program procedures and coin specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary’s discretion, may prescribe from time to time,” provided the “profits generated from the sale of gold to the United States Mint for this program shall be considered as a receipt to be deposited into the General Fund of the Treasury.” This is from the United States Code, Section 31, subsection 5112 (i) (4) (C).
Which sort of explains the notion of the trillion-dollar platinum coin as well. Which at least one Nobel Prize winner in economics is on board with. Which I take to be another sign that this empire is in its late stages.
Thank you intrepid fact-finders! PS: I wish gold was more affordable, back to $500/oz. No harm meant to investors and collectors but I'd love to have some for my own collection.
