Thursday, January 10, 2013

Coin Slot

An idea — serious or not — is being floated to get us out of debt: have the Treasury mint a $1 trillion platinum coin, put it in the vault, and hey presto, problem solved.

The idea has won the endorsement of Nobel Prize winning economist Paul Krugman, a former head of the U.S. Mint, and Harvard Law School Professor Laurence Tribe. “Should President Obama be willing to print a $1 trillion platinum coin if Republicans try to force America into default? Yes, absolutely,” Krugman wrote.

This has all the makings of a Wile E. Coyote scheme, which given the way things are going in Washington, it might just work.

4 barks and woofs on “Coin Slot

  1. And now there’s the idea of printing scrip – not unlike the Revolutionary War. Back to basics. Next we can try barter.

  2. The problem with the Suzy B’s and other dollar coins was the possibility that vendors – and especially vending machines – wouldn’t be able to tell the difference between them and quarters, causing people to lose money unnecessarily. I think the whinging with the $1T coin is the converse: vending machine companies – especially folks like Coca-Cola and Frito-Lay – are having nightmares about building a machine that could handle the new coin, and demanding huge concessions from Congress for the R&D.

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