The AP has a ‘splainer about the mint creating a $1Trillion Amero Coin in case Republicans continue to try to destroy America:
WASHINGTON (AP) — Some politicians think they’ve found a silver bullet for the impasse over the debt limit, except the bullet is made of platinum: Mint a $1 trillion coin, token of all tokens, and use it to flood the treasury with cash and drive Republicans crazy…
…How is this possible when the treasury secretary can’t simply print money to pay public debts? It’s because a quirky law from more than 20 years ago seems to allow the administration to mint coins of any denomination without congressional approval as long as they’re platinum.
So in theory, Secretary of the Treasury Janet Yellen could have this coin minted and stroll over to the Treasury and deposit it and the drama of the debt ceiling being held hostage by amply be-chinned #MoscowMitch would be over?
Treasury Secretary Janet Yellen, the White House and some Democrats slapped down the idea Tuesday, just as past leaders have done when the going got tough and radical quick-fixes emerged… Said Yellen, “What’s necessary is for Congress to show that the world can count on America paying its debt.” A platinum coin, she told CNBC, “is really a gimmick.”
“The fact that (the coin) represents an accounting gimmick is a source of its strength, rather than a weakness,” [Rohan Grey, a Willamette University law professor and expert on fiscal policy] wrote in a 2020-21 study in the Kentucky Law Journal. “The idea of ‘fighting an accounting problem with an accounting solution’ is entirely coherent … the debt ceiling itself can be viewed as one big, poorly designed accounting gimmick.”
Anyway, who knows how this thing is going to end, but we do know that Republicans are the reason we are even having this conversation. If anyone rolls their eyes and say, “Oh Congress,” please disabuse them that this is both sides. Make your Facebook Rage Uncle say it: Republicans Hate America and are trying to destroy it any way that they can.