The GOP is threatening to, once again, hold the nation hostage using the debt ceiling. However, Paul Krugman has an idea: mint a one trillion dollar platinum coin. Krugman writes, ”Should President Obama be willing to print a $1 trillion platinum coin if Republicans try to force America into default? Yes, absolutely. He will, after all, be faced with a choice between two alternatives: one that’s silly but benign, the other that’s equally silly but both vile and disastrous. The decision should be obvious.”
The idea is actually starting to get some play in the national media. However, there is another option to minting a one trillion dollar platinum coin: mint LOTS of palladium coins. This convenient loophole is brought to you by a Mr. Dennis Rehberg.
Because of Dennis Rehberg, the Treasury Secretary has unlimited authority when it comes it minting palladium coins.
In 2010, Rehberg introduced The American Eagle Palladium Bullion Coin Act and the Act was signed into law by President Obama that same year. The American Eagle Palladium Bullion Coin Act authorizes the Treasury Secretary to mint $25 palladium coins “in quantities as the Secretary may determine to be appropriate to meet demand.”
Well, the demand sure is there, so the Treasury Secretary could authorize the minting of 40 billion $25 palladium coins.