Our federal bureaucracy is more bloated and rotten than a thousand beached whales carcasses, but it thinks it can get itself out of the mess created by mass spending with, you know, more mass spending.
Before we go any further, this isn't a new idea. Obama discussed the idea in an interview a few years ago.
With that said, here's the deets on this insanity:
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.
I wish I could do this with my mortgage...
"Oh, sorry, I know I'm a few hundred thousand dollars in debt and I'm spending twice my income every month, but here's a $10,000 bill I printed at home! See you next year!"
The United States is just shy of $30 trillion in debt. That's a number your brain is physically incapable of understanding.
And our political leaders have every intention of increasing that number.
"Voila, we'd have bought ourselves the equivalent of a trillion-dollar increase in the debt limit, without any impact on inflation," says Diehl.
Yeah, no impact at all! It's just a magic coin that solves all ills!
Why not a $100 zillion coin while you're at it?
Money used to be tied to the market value of precious metals, but since we're now in an episode of "Whose Line Is It Anyway?", why not make up the points and the money as we go??
I'll leave you with a few thoughts from peeps on the internet: