News Column

Could a Trillion Dollar Coin Be the Solution?

Jan. 7, 2013

Tim Walker

Armchair economists have hit upon an unorthodox way to fix the US debt problem, writes Tim Walker. Thanks to a legal quirk, one of Tim Geithner's last acts in office could be to mint a single platinum coin with a face value of $1trillion (620bn) and deposit it in the Federal Reserve, putting an abrupt end to Congressional bickering by wiping out most of the deficit at a stroke.

The notion was dismissed by the New York Times columnist Paul Krugman as a "gimmick", but the #MintTheCoin Twitter hashtag translated into a White House petition, urging the Obama administration to mint and deposit the coin. At the time of writing the petition had just 1,626 signatures.

Source: (C) 2013 The Independent - London. via ProQuest Information and Learning Company; All Rights Reserved

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