Jan. 17th, 2013

xiphias: (swordfish)
The problem I see with the "platinum coin gambit" (in short: the US Mint, part of the Executive Branch and therefore subject to the direct control of the President, has the right to mint commemorative platinum coins which are technically legal tender. They, theoretically, could print a platinum coin with a value of "ONE TRILLION DOLLARS" on it, and then the Executive Branch would suddenly have an extra trillion dollars with which to pay its debts, even if Congress doesn't raise the debt limit -- it's not clear that this is legal, but it's not clear that it isn't. . .) is that it blatantly rubs people's noses in the fact that we've got fiat currency.
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