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Direct the US Mint to make a single platinum trillion dollar coin!

Presto Vivace (882157) writes | about a year and a half ago

Government 1

Presto Vivace writes "Direct the United States Mint to make a single platinum trillion dollar coin!

With the creation and Treasury deposit of a new platinum coin with a value of $1 trillion US Dollars, we would avert the absurd-yet-imminent debt ceiling faceoff in Congress in two quick and simple steps! While this may seem like an unnecessarily extreme measure, it is no more absurd than playing political football with the US — and global — economy at stake.

Sign the petition. This would end the theatrics once and for all. We could go back to discussing the actual problems of our country."
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Won't really help (1)

egcagrac0 (1410377) | about a year and a half ago | (#42472331)

The current $100 platinum coin [usmint.gov] contains about $1500 worth of platinum at current spot price. If we scale that up, we need $15 trillion worth of platinum, weighing about 310,000 metric tons. (According to some numbers I found [bgs.ac.uk] , that's about 1500 times more than the amount of platinum mined worldwide in 2007. (see page 22 of the PDF)

"Obviously", whoever is suggesting this is implying we need to make the coin's melt value lower than the face value - but at this scale, that's the equivalent of printing more zeroes, a strategy that worked well [wikipedia.org] for places like Zimbabwe.

Making one coin to bail us out of debt is an interesting idea, but I don't think it will work.

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