Posted 2 years ago on Jan. 4, 2013, 7:05 p.m. EST by bensdad
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Lots of people seem to have creative ideas for solving our federal government’s massive debt problem. This afternoon, CNN explored one of the more… umm… whimsical… ones.
“It sounds crazy but some economists, some legal scholars say it is legal and could be done,” CNN reporter Brian Todd explained this afternoon of a strange new proposal to pay off the federal debt by having the Treasury mint a $1 trillion platinum coin. It is legal! ANd depositing the coin in the fed gives the fed one trillion dollars to pay previously contracted for bills. But it will not enable anyone to SPEND more money - just pay the legal debts.
Congressman Jerrold Nadler (D-NY) is behind the plan, saying, “I’m being absolutely serious … It sounds silly but it’s absolutely legal.”
And its better than a worlwide depression.
Todd also spoke to an economist who claimed the coin would be better than a government shutdown or defaulting on the debt.
So, in other words, a trillion-dollar coin is a better option than two of the many dreaded options. Convinced?