Money Roundup: No Trillion Dollar Coin Edition

by Michael on Jan 12, 2013

Last week, Paul Krugman (and others) argued that the Obama administration should be prepared to take advantage of a legal loophole allowing them to mint a trillion dollar platinum coin, effectively short circuiting the debt ceiling debate.

But today, Ezra Klein is reporting that the Treasury won’t mint the coin and, even if they did, the Federal Reserve wouldn’t accept it.

According to Anthony Coley, spokesman for the Treasury Department:

“Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit.”

Meanwhile, I’m predicting that we’ll see #ceilicliffageddon trending on Twitter before all is said and done. After all, we’ll be dealing with both the debt ceiling and the spending side of the fiscal cliff in the next six weeks.

And now… Here are some articles that caught my eye this past week:

That’s it. I hope you’re having a great weekend.


Comments on this entry are closed.

Previous post:

Next post: