Trillion-Dollar Platinum Coin: US Lawmakers Consider Minting Magical Coin to Avert Debt Crisis

Some US bureaucrats are suggesting the minting of a Trillion-Dollar platinum coin in order to magically boost the treasury with cash. This comes in an effort to help the situation, as U.S continue facing a serious debt crisis and the debt ceiling putting the country on the brink of default. But while many questions are still being asked and concerns being raised, a solution might finally be around the corner.

Trillion-Dollar Platinum Coin Can Be Minted in Mere Hours— Former US Mint Director

It’s somehow become a quite popular trend in recent times to simply create a new fiat out of nothing, disregarding how excessive monetary expansions have destroyed the history of economics over time. But American public officials and mainstream media are seemingly damning any consequences. US politicians have been floating the idea of minting a trillion-dolar platinum coin to save the economy from disaster.

Meanwhile, this coin minting idea is not entirely unachievable. And thanks to an interesting piece of legislation, the executive branch of government can mint coinage of any denomination, even without approval from the Congress.

Felix Salmon, an Axios reporter has explained the legislation saying that even if Janet Yellen doesn’t tell the public, she could secretly order the Mint director to initiate the process, days in advance. By that time, a coin could be struck in just a matter of minutes at the West Point mint.

The interesting law permitting the creation of such a coin was established some 20 years ago. However, a financial debt crisis is not in anyway mentioned within the rules.

According to the official law statement, Janet Yellen, the U.S. Treasury secretary can “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.”

Though Yellen has dismissed the idea on Tuesday, former director of the United States Mint, Philip Diehl believes the decision could still be made. The trillion-dollar platinum coin could be minted “within hours of the Treasury Secretary’s decision to do so,” Diehl remarked.