The Biden administration could sidestep McConnell's refusal to pay off America's bills by minting a $1 trillion platinum coin

[j-mac]

No, the idea far predates her.

Trillion-dollar coin - Wikipedia

en.wikipedia.org

"
The idea for the Treasury Department to mint a coin and send it to the Federal Reserve to pay off the debt was first popularized by Populist Party presidential candidate Bo Gritz in 1992. As a standard part of his stump speeches, he would hold up a five-inch example coin. The specific concept was first introduced by Carlos Mucha, a lawyer who commented under the name "beowulf" on various blogs. "Beowulf" outlined the idea in a series of comments on Warren Mosler's blog in May 2010, noting that "Congress has already delegated to Tsy [Treasury] all the seigniorage power authority it needs to mint a $1 trillion coin".[18] Beowulf also drew attention to the concept on the blog of economist Brad Delong in July 2010 and in a legal analysis blogpost of his own in January 2011, but it was not until July 2011 that the use of the concept as an unorthodox method of resolving the debt-ceiling crisis came to the attention of the financial press and in mainstream media blogs. At that time, the idea found some support from legal academics such as Yale Law School's Jack Balkin. Once the debt ceiling crisis of the summer of 2011 was resolved, attention to the concept faded.

The concept gained renewed and more mainstream attention by late 2012, as the debt-ceiling limit was being approached again. In early January, the economist Paul Krugman endorsed the idea and asserted that opposition to the idea was coming from people unwilling to admit the truth that "money is a social contrivance". His endorsement attracted considerable media attention. Former Mint director Diehl was widely cited in the media debunking criticisms of the coin and its basis in law. Congressman Jerry Nadler endorsed the idea, and it was featured in the international press by January 4, 2013."

It was Talib that reintroduced it recently.

What a dumb idea…

 

[danielpalos]

To start with platinum is $949.65/oz USD at the moment I write this. To arbitrarily assign a value other than that is nonsense. The damn thing might just as well be printed on copy paper or stamped from aluminum.
Call this the Weimar or Zimbabwe option.

I have seen ads on YouTube about making coins with precious metals and precious stones.

 

[tyroneweaver]

Now here's an old/new idea. 1 trillion dollar coin and f'k Congress.

The Biden administration could sidestep McConnell's refusal to pay America's bills by minting a $1 trillion platinum coin

Senate Minority Leader Mitch McConnell has firmly dug in on refusing GOP help to renew the US's ability to pay off its bills, known as the debt ceiling. Instead, the Kentucky Republican said it's up to Democrats to raise it in order to finance their social spending plans on healthcare, education, and childcare. He insists he's not "bluffing."
But the conundrum could have a coin-sized 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.
In the Obama era, several economists and commenters noted a potential workaround to the debt limit. The law that governs the types of coins that the Treasury Department is legally allowed to mint includes descriptions of typical coins like dimes, nickels, and quarters, as well as special commemorative and collectors' coins, like a palladium $25 coin.

The law includes this clause: "The Secretary may mint 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's discretion, may prescribe from time to time."
That clause leaves it up to the Treasury Secretary to decide on the denomination for a platinum coin, meaning in theory, Yellen could carve out the amount required and Congress could get on with more pressing business.
Of course, Treasury officials have long ruled out using the trillion-dollar platinum coin as a solution to the debt ceiling, arguing that Congress should do its job and raise the ceiling itself.

That's a lot of catalytic converters to steal.

 

[AntonToo]

Umm no. The whole point is to maintain full faith and credit. Mickey mouse machinations like minting a trillion dollar coin would end all that.

 

[JWBooth]

“Full faith and credit”
In an outfit 30 trillion in debt.