“That’s right Audrey, and when they ran out of sod, they used mud (U.S. Federal Reserve edition).”
I’ve never quite believed that a U.S. “default” on its debts is even possible, much less likely, but with the debt ceiling debate well on its way to Here-ville, it’s beginning to become a topic.
So. As such, I’ve been enjoying reading about this:
There are limits on how much paper money the U.S. can circulate and rules that govern coinage on gold, silver, and copper. BUT, the Treasury has broad discretion on coins made from platinum. The theory goes that the U.S. Mint would create a handful of trillion dollar (or more) platinum coins. The President would then order the coins deposited at the Fed, who would then put the coin (s) in the Treasury who now can pay all their bills and a default is removed from the equation. The effects on the currency market and inflation are unclear, to say the least.
No kidding. Note to self: invest in wheelbarrows.
If I were a Congressional aide (or, far less plausibly, a Congressman), I might enjoy drafting a bill limiting the use of platinum, too, the way gold, silver, and copper are limited.
But then I suppose they’d just use wood, the way the early (but not sod-early) settlers used mud.
But that’s not the really fun part. The really fun part is: deciding whose face to put on the trillion-dollar coin?
Obama’s, duh. Who else’s?
At that point, the American people must decide whose face will adorn the trillion dollar trinket. The process to determine the “specs” of the coin, U.S. Mint Public Affairs Specialist Genevieve Billia warns, must be “determined by legislation,” creating the potential for another congressional impasse.
Also to note: The likeness sculpted into its side must belong to a dead person.
Ergo, it can’t be Obama’s. And isn’t that convenient?
If I were a Congressional aide (or, as fantasized above, a Congressman), I’d definitely enjoy drafting a bill changing that rule and putting Obama’s face on the Trillion-Dollar Coin.
Now I’m gonna be spending several hours this weekend figuring out how to photoshop that.