A Trillion Dollar Coin, Seriously
Let’s see, the idea is to print a $1 Trillion Dollar platinum coin… calling it money… then selling it to the Federal Reserve. Ostensibly the idea would help the nation pay its debts. Or not have to borrow at all? “Due to a technicality in the law,” Mr. Baker, who is the cofounder of Center for Economic and Policy Research, told CNN, “the Treasury Department can print a platinum coin and assign a huge value to it—say, $1 trillion—and sell it to the Federal Reserve Board. This would get around the need to borrow.” New York Times columnist Paul Krugman has endorsed the idea, as have members of Congress including Reps. Rashida Tlaib and Jerry Nadler. Okay, fine. We print a coin and call it worth a trillion bucks. Why not print 30 of them?