Treasury: Forget About That $1T Platinum Coin
Treasury won't make it and Fed won't accept it
By Rob Quinn, Newser Staff
Posted Jan 14, 2013 12:17 AM CST
A statue of former Treasury Secretary Albert Gallatin stands outside the Treasury Building in Washington.    (AP Photo/Jacquelyn Martin, File)

(Newser) – The $1 trillion platinum coin being touted as a bizarre solution to the debt ceiling debate will only ever exist as an illustration of just how dysfunctional Washington has become. A Treasury official tells the Washington Post that the department has no intention of minting such a coin to get around the debt ceiling and even if it did, the Federal Reserve would refuse to accept it.

"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," the official says. For the trillion-dollar coin plan to have worked, the Fed would have to have accepted the coin for deposit.

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Showing 3 of 11 comments
1492
Jan 14, 2013 2:02 PM CST
In the movie Aviator, Howard Hughes (Leonardo DiCaprio) is sitting at the table with Katherine Hepburns family. It was here that Katherine's mother says "We don't talk about money here" and Leonardo, Howard Hughes Jumps at the instant in a loud voice and sez "That is because you have it!". They asked in bewilderment "What?" Leonard again shouts it, "That is because you have it!".... So my dear readers, the same can be applied to the GOP. They feel comfortable with a default. "That is because they Have It!". Only the low income people and middleclass will be hurt in case of a default. The $400,000 a year earners don't care. "Because they won't be affected". "Because they have it!"
HANKHILL
Jan 14, 2013 1:54 PM CST
damn i ordered two i want my money back now!
BrushMan
Jan 14, 2013 9:49 AM CST
Does the treasury work for the govt or the other way around?