Yes, why settle for a $1 trillion coin when you can make a $60 trillion coin? When I mentioned this possibility, I was met with a bunch of commentary about how the president couldn’t buy bling for himself because he would only be paying the bills that Congress had instructed him to pay. So, how does that work for the national debt? Can we just mint a coin and pay it all off? We have, in some sense, congressional approval to pay off our debts, do we not?
I really hate to say it, but I believe Tom Maguire has exposed a real problem with the whole Platinum Coin gambit. I think a lot of people who don’t know anything about the nomenclature of commemorative coins have read a statute incorrectly. I include myself in that, because I really had no idea what a bullion coin was and how it differed from other collectable coins. According to the U.S. Mint:
A bullion coin is a coin that is valued by its weight in a specific precious metal. Unlike commemorative or numismatic coins valued by limited mintage, rarity, condition and age, bullion coins are purchased by investors seeking a simple and tangible means to own and invest in the gold, silver, and platinum markets.
In other words, a trillion dollar platinum bullion coin actually would have to weigh more than the Titanic. And it is only bullion coins that the Treasury Secretary is authorized to mint.
But, whatever, might as well make it $60 trillion.
And who cares about the language in the bill. Legal scholars who know nothing about coins have already weighed in.
I don’t even care anymore. I think it would be just as legal to shoot any member of Congress who won’t extend the debt ceiling. The law no longer has any relevance. It’s just a matter of exerting power. If the Republicans act stupidly enough, we’re justified in ignoring them and the law and just running this place how we see fit. Right?
I mean, that’s what they’re trying to do, and they only control the House.
