If you had to flip a coin over whether the US Congress will raise the country's debt ceiling, here's the ultimate one - a freshly minted trillion-dollar platinum coin.Because if it's economics - or the share market - it's all about gimmicks.
A formal petition has been started asking the White House to create such a coin in order to avoid another high-stakes fiscal battle to raise the debt ceiling.
The Treasury secretary has the authority to mint platinum coins in the denomination of his choosing. Meant for commemorative products, US law grants Treasury permission to "mint and issue platinum bullion coins and proof platinum coins", which would allow the Treasury to get around legal limits on printing money to pay the bills.
Depositing it would technically pay down US debt, buying time before the country reached the limit on it (the "debt ceiling") again.
It's an idea that's been discussed favourably (albeit cautiously) by everyone from Democrat Representative Jerry Nadler to economist Paul Krugman, who calls it a gimmick but says "there’s a pretty good case for using whatever gimmicks come to hand".
Can we pay our politicians here the say way (although in smaller denominations)? At least until the bunch of them start acting like leaders, not a collective of douche-bags.
US 1 trillion dollar coin debt solution gains currency