Trillion-dollar platinum coin could be minted at the last minute - Axios

A trillion-dollar platinum coin could be minted "within hours of the Treasury Secretary's decision to do so," Philip Diehl, former director of the United States Mint, tells Axios.

Why it matters: Congressional solutions to the debt-ceiling problem could take weeks to implement, especially if the reconciliation process is used — and time is running out. In case of emergency, a trillion-dollar coin could be deployed to bridge any gap between the money running out and the debt ceiling being raised.

How it works: The U.S. Mint, which Diehl ran from 1994 to 2000, already produces a one-ounce Platinum Eagle and has no shortage of platinum blanks already in stock.

Producing a trillion-dollar Eagle would require only the denomination to be changed. "This could be quickly executed on the existing plaster mold of the Platinum Eagle," says Diehl. Then an automated process would transfer the new design to a plastic resin mold.

Even if Janet Yellen, the Treasury secretary, has no intention of minting such a coin, there is no reason for her not to quietly instruct the Mint director to take those steps a day or two in advance.

At that point, a coin could be struck in minutes at the West Point mint. Even if it then needed to be physically deposited at the New York Fed, that's only a short helicopter ride away.

"Voila, we'd have bought ourselves the equivalent of a trillion-dollar increase in the debt limit, without any impact on inflation," says Diehl.

    • inshallah2 [none/use name]
      ·
      3 years ago

      It's my understanding that "risible" likely contains criticism. And the critique might even be biting or cutting. The speaker might be angry or annoyed. "His salary is risible." It's very small and speaker is angry (etc) about it.

        • inshallah2 [none/use name]
          ·
          3 years ago

          My favorite dictionary says "Such as to provoke laughter". Laughable and risible are close to each other. I think risible strongly implies ridiculousness and/or criticism in way laughable does not. This is how I see it...

          Lyrics

          • Laughable lyrics might have been written to be funny

          • Risible lyrics are probably unintentionally funny.

          Hat

          • A funny hat might be part of a funny costume. Or not.

          • A fashion critic or a greatly annoyed fashionista could call a hat risible. They are the High Priests and High Priestess of fashion. A typical person might call the hat silly.