Mint the Trillion Dollar Coins!

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Turns out this is a completely legal way to shortcircuit Republicans who want to take the nation’s credit rating hostage:

Rep. Jerrold Nadler has an admittedly “out of the ordinary” solution to the coming fight over the debt ceiling.

“There is specific statutory authority that says that the Federal Reserve can mint any non-gold or -silver coin in any denomination, so all you do is you tell the Federal Reserve to make a platinum coin for one trillion dollars, and then you deposit it in the Treasury account, and you pay your bills,” Nadler said in a telephone interview this afternoon.

I asked whether he was serious.

“I’m being absolutely serious,” he said. “It sounds silly but it’s absolutely legal. And it would normally not be proper to consider such a thing, except when you’re faced with blackmail to destroy the country’s economy, you have to consider things.”

(Thanks: Reid Pillifant)

This entry was posted in Budget.

5 Responses to Mint the Trillion Dollar Coins!

  1. thereisnorule6 says:

    just think if you mistakenly drop one of those into a vending machine.

  2. charlie says:

    Has this Rep. lost his DAMN mind!!!!! And he was VOTED into the job!!!!! Unbelievable!!!!!

  3. Pingback: 5 Questions Still Unanswered by Fiscal Cliff Deal | Care2 Causes

  4. Miketivist says:

    How do they make change?