comment: >
context: We can live with the fear of a GOP-precipitated debt default for the next year if we want, in the hopes that cooler heads will prevail. Or, the president can end the danger once and for all and mint a magic trillion-dollar platinum coin, writes Jason Linkins. >
  
  This idea was first proposed in 2010 and more seriously considered in 2011/2012. The Treasury Department and Federal Reserve released a statement that stated, "Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit."  
  Including the Federal Reserve in significant because for the idea to work, the Federal Reserve would have to treat it as a legal way for the Treasury Department to create currency. If they don't believe it's legal, they would not credit the Treasury Department's deposit, making the coin worthless.   
  For what it's worth, the provision for the Treasury Department to be able to issue platinum coins for any value was part of the a 1997 Omnibus bill, and written by Republican congressmen Mike Castle. He wanted to help coin collectors who couldn't afford the platinum coins at the time, so he wrote the part of the law that allows for the coins to be of any value, not thinking through with what that might entail. >
  
  Surely there are no downsides to exploiting an infinite money glitch. >
  
  Minting the trillion-dollar coin wouldn't affect the money supply, so would there be any practical difference between minting the trillion-dollar coin, and just eliminating the idiotic debt ceiling altogether? >
  
  Would spook the shit out of investors which is never good. >
  
  "Who will think of the rich speculators!"? >
  
  Dont get me wrong, Im all for a paradigm change I just dont think a trillion dollar coin is going to fix any problems. Also Im not wealthy but I do have a retirement and a home I would prefer if those things retained a value and again the unfortunate fact is this is our current system. 
  So by all means change the system Im simply pointing out this changes nothing.