18 January 2023

Congressman Nadler is taking this suggestion seriously

Apparently, this is a very real suggestion which would actually work. Rather than let the nihilistic crazies in charge of the House wreck the world economy and America's credit (and possibly even permanently tank the status of the USD as the world's reserve currency), the Administration could use an obscure but perfectly valid law to mint a single coin, with at least a small amount of platinum in it (that's actually in the law). The denomination could be $1 trillion, or any other amount deemed sufficient. This could then be deposited in the Federal Reserve and used to fund already authorized spending until sane adults are again able to address the issue. Whereupon, it is to be fervently hoped and expected, they will eliminate the debt ceiling once and for all. 

This is technically not debt, it's the equivalent of "printing money," but it's expected any inflationary effect would be far less than the devastation that might very well result from a first-ever default. Just coming uncomfortably close in 2011 is estimated to have cost taxpayers over $18 billion in increased interest payments, which is just wasted money from a public welfare point of view. 

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