Trillion Dollar Platinum Coin – Dumb Idea of the Day

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Ok, here’s the idea.
1. The U.S. Mint (i.e. Department of Treasury) produces a platinum coin with face value of $1 Trillion.
2. Department of Treasury deposits $1 Trillion coin at Federal Reserve Bank.
3. Federal Reserve Bank deposits $1 Trillion at U.S. Treasury
4. U.S. Treasury spends the money as directed by Congress.

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Some of our legislators are promoting this stupid idea to solve our debt problems.

Take a look:  Trillion Dollar Coin Solution – Fox Business video (2 minutes)

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This chart at Zero Hedge shows how the whole idea is a fiction, nothing more than printing money. – also the comment in the post is worth your time.

zhPlatinum Mined

I feel so much better that all of our problems are solved!

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One thought on “Trillion Dollar Platinum Coin – Dumb Idea of the Day

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