Why would the U.S. mint a trillion-dollar coin?

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Author's Note: Why would the U.S. mint a trillion-dollar coin?

There's just something about financial crisis hitting close to home that perks up your ears to national and international financial news. I didn't pay too much attention to the mechanics of economics until the U.S. financial slump hit a few years ago. Then I became interested in a hurry, and not just about news from my own shores. Bailouts and short sales on the home front; bankrupt governments abroad. Gaining an understanding of it seemed overwhelming, yet essential to my survival as a business owner. Since that time, I've continued to follow economic news with interest (pun intended), including debt-ceiling debates and, most recently, the proposal of a trillion-dollar coin. On a related note, I may start watching HowStuffWorks videos, like this one, as a sort-of insurance policy.

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Sources

  • Carter, Zach. "Obama Administration Rejects Platinum Coin Debt-Ceiling Solution." Huffington Post. Jan. 12, 2013. (Jan. 16, 2013)
  • Economist. "The Economics of the Platinum Coin Option." Jan. 9, 2013. (Jan. 16, 2013) http://www.economist.com/blogs/freeexchange/2013/01/economics-platinum-coin-option
  • Economist. "The Platinum-Coin Option: Toss a Coin." Jan. 12, 2013. (Jan. 16, 2013) http://www.economist.com/news/finance-and-economics/21569413-crackpot-idea-circumvent-americas-debt-ceiling-gains-currency-toss-coin
  • Investopedia. "Equation of Exchange." (Jan. 16, 2013) http://www.investopedia.com/terms/e/equation_of_exchange.asp
  • Legal Information Institute. "31 USC 5112 -- Denominations, Specifications and Design of Coins."Cornell University Law School. (Jan. 16, 2013) http://www.law.cornell.edu/uscode/text/31/5112
  • Soltas, Evan. "Economics is Platinum: What the Trillion-Dollar Coin Teaches Us." Bloomberg. Jan. 14, 2013. (Jan. 16, 2013) http://www.bloomberg.com/news/2013-01-14/economics-is-platinum-what-the-trillion-dollar-coin-teaches-us.html
  • Tate, Ryan. "Meet the Genius Behind the Trillion-Dollar Coin and the Plot to Breach the Debt Ceiling." Wired. Jan. 10, 2013. (Jan. 16, 2013) http://www.wired.com/business/2013/01/trillion-dollar-coin-inventor/
  • The New York Times. "Federal Debt Ceiling (National Debt)." (Jan. 16, 2013) http://topics.nytimes.com/topics/reference/timestopics/subjects/n/national_debt_us/index.html
  • Weinger, Mackenzie. "Krugman, Stewart in Trillion-Dollar Coin Tiff." Politico. Jan. 15, 2013. (Jan. 16, 2013) http://www.politico.com/blogs/media/2013/01/krugman-stewart-in-trilliondollar-coin-tiff-154234.html