logo
g Text Version
Beauty & Self
Books & Music
Career
Computers
Education
Family
Food & Wine
Health & Fitness
Hobbies & Crafts
Home & Garden
Money
News & Politics
Relationships
Religion & Spirituality
Sports
Travel & Culture
TV & Movies

dailyclick
Bored? Games!
Nutrition
Postcards
Take a Quiz
Rate My Photo

new
European Travel
Action Movies
Bible Basics
Houseplants
Romance Movies
Creativity
Family Travel


dailyclick
All times in EST

Clairvoyance: 08:00 PM

Full Schedule
g
g Coin Collecting Site

BellaOnline's Coin Collecting Editor

g

Possible Debt Limit Solution?


The second government shutdown in 17 years leaves the U.S. Mint as one part of the government that is not being affected by the current shutdown that has closed those parts of the government that are not deemed to be essential to operate. Our troops will continue to get paid as well as the current members of Congress. Other Federal employees are not so fortunate.

A Treasury plan of operations indicates that the public enterprise fund operations can be used without congressional approval, even if it subject to some oversight as part of the traditional appropriation process. Surprisingly this could affect the debt ceiling controversy in an unusual way.

The possible solution could be called the “nuclear platinum option” in which the President directs the Secretary of the Treasury, who in turn can mandate that the Mint produce one or more trillion dollar coins, deposit it or them into the Federal Reserve, and then use the proceeds to reduce the current U.S. debt.

This would ease the debt ceiling crisis hopefully long enough that the
politicians can resolve their issues and get something accomplished. The idea for this unusual option first arose from the 2011 debt ceiling gridlock. At the time it was treated as a joke. Maybe now it may need to be utilized.
The idea for a trillion dollar platinum coin could pass muster without too many laughs.

The law that authorizes platinum U.S. coinage gives the Secretary of the Treasury permission to specify the size, composition and value of the platinum American Eagle coin. When this coinage act was passed, no ever dreamed this coin could actually offer a debt ceiling limit loophole.

Whether this option is actually constitutional will be for the Supreme court to deal with in the future. What matters is that one way or another Congress gave the Secretary of the Treasury the power to do this. How this came about was an added subsection (k) to section 5112 of Title 31 of the U.S. Code. The Act of Sept. 30 1996 is where the words “platinum bullion coins” were substituted for the word “bullion.”

Of course it wasn’t too long ago that some congressman was floating the idea of using a platinum coin to lower the trillions of dollars of U.S. debt. At the time it got plenty of laughs from the late night talk show chuckleheads and other comedians. Perhaps the platinum trillion dollar bullion coin’s time has arrived.
Add Possible+Debt+Limit+Solution%3F to Twitter Add Possible+Debt+Limit+Solution%3F to Facebook Add Possible+Debt+Limit+Solution%3F to MySpace Add Possible+Debt+Limit+Solution%3F to Del.icio.us Digg Possible+Debt+Limit+Solution%3F Add Possible+Debt+Limit+Solution%3F to Yahoo My Web Add Possible+Debt+Limit+Solution%3F to Google Bookmarks Add Possible+Debt+Limit+Solution%3F to Stumbleupon Add Possible+Debt+Limit+Solution%3F to Reddit




RSS | Related Articles | Editor's Picks Articles | Top Ten Articles | Previous Features | Site Map


For FREE email updates, subscribe to the Coin Collecting Newsletter


Past Issues


print
Printer Friendly
bookmark
Bookmark
tell friend
Tell a Friend
forum
Forum
email
Email Editor


Content copyright © 2014 by Gary Eggleston. All rights reserved.
This content was written by Gary Eggleston. If you wish to use this content in any manner, you need written permission. Contact Gary Eggleston for details.

g


g features
Ancient Coin Collecting

Collecting Gold Coins

Half Dimes Forerunners To The Nickel

Archives | Site Map

forum
Forum
email
Contact

Past Issues
memberscenter


vote
Poetry
Daily
Weekly
Monthly
Less than Monthly



BellaOnline on Facebook
g


| About BellaOnline | Privacy Policy | Advertising | Become an Editor |
Website copyright © 2014 Minerva WebWorks LLC. All rights reserved.


BellaOnline Editor