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(EMAILWIRE.COM, January 14, 2013 ) San Francisco, CA -- Barack Obama has the ability to alleviate some of America's debt by requesting a $1 trillion coi. A true, real-life, money-in-hand coin worth $1 trillion.
The President would simply have to call the U.S. Treasury and order the mint a piece of platinum with a large number of zeros behind it.
That alleviation as a solution to America's debt crisis is shockingly simple, and shockingly real. The President has even been urged by some financial experts to consider minting such a coin.
How is that legal? Technically, the coin would satisfy both of the concerns that exist when considering such a move: legality and inflation. The Treasury cannot simply print money as it chooses, but there is a loophole allowing it special concessions on platinum coins. The coin would not impact inflation more than other alternatives, which raises the debt ceiling.
Philip N. Diehl, a former Mint Boss and Tresury Chief who co-write the law which allows the peculiar solution said this of the matter: "There are no negative macroeconomic effects. This works just like additional tax revenue or borrowing under a higher debt limit. In fact, when the debt limit is raised, Treasury would sell more bonds, the $1 trillion dollars would be taken off the books, and the coin would be melted."
The reason the coin is even being considered as an option is that it helps Congress from being held hostage by the Republican side of the isle.
The last remaining option would be to do nothing at all, which could cause the U.S. To default on its debt payment and put American, and likely the global economy, into turmoil.
Because of this grim alternative, experts like Nobel Prize winner Paul Krugman, who won his prize in the field of economics, to make a strong push for the coin.
Krugman got support on the Hill, but it is not just simply the need for the President to call the Mint. Republican Greg Walden has already foreseen the option, and has put forth a bill to nix the coin minting option.
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Source: EmailWire.com
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