A platinum solution to U.S. fiscal woes : $1 trillion coin
If you had to flip a coin on whether Congress will raise the debt ceiling, this is the ultimate one - a freshly beaten trillion platinum coin. A formal petition was started asking the White House to create such a currency to another high-stakes battle to avoid the tax debt ceiling increase.
The Minister of Finance has the authority to mint platinum coins in the denomination of his choice, but would probably run into stiff opposition from lawmakers who have tried to reduce the budget deficit. Creating the cash would also completely ignore the independence of monetary policy, something the Obama administration has been very careful to do in the past.
About 4,000 signatures have been collected for the coin petition, which was founded two days after lawmakers passed a bill to austerity measures of higher taxes and spending cuts to avert.
Showing the applicant's first name, the first letter of the surname, and in most cases, the city. With a view to a formal response from the White House to get 25,000 signatures must be collected by early February.
"While this may seem like an unnecessary extreme measure, it is no more absurd than playing political football with the U.S. - and global - economy at stake," the petition said.
The U.S. Treasury began shuffling funds to government bills after the country hit the $ 16.4 trillion legal limit on its debt 31 December. However, the Treasury's accounting maneuvers only last until approximately the end of February, which the Congress two months to the debt limit for the U.S. default on its debt increase.
If you had to flip a coin on whether Congress will raise the debt ceiling, this is the ultimate one - a freshly beaten trillion platinum coin. A formal petition was started asking the White House to create such a currency to another high-stakes battle to avoid the tax debt ceiling increase.
The Minister of Finance has the authority to mint platinum coins in the denomination of his choice, but would probably run into stiff opposition from lawmakers who have tried to reduce the budget deficit. Creating the cash would also completely ignore the independence of monetary policy, something the Obama administration has been very careful to do in the past.
About 4,000 signatures have been collected for the coin petition, which was founded two days after lawmakers passed a bill to austerity measures of higher taxes and spending cuts to avert.
Showing the applicant's first name, the first letter of the surname, and in most cases, the city. With a view to a formal response from the White House to get 25,000 signatures must be collected by early February."While this may seem like an unnecessary extreme measure, it is no more absurd than playing political football with the U.S. - and global - economy at stake," the petition said.
The U.S. Treasury began shuffling funds to government bills after the country hit the $ 16.4 trillion legal limit on its debt 31 December. However, the Treasury's accounting maneuvers only last until approximately the end of February, which the Congress two months to the debt limit for the U.S. default on its debt increase.
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