Platinum Coins Debt Ceiling Solution In The Air Again
Platinum Coins Debt Ceiling Solution In The Air Again
Platinum Coins Debt Ceiling
The political “Brinksmanship” asside this whole debt ceiling thing could be solved quite elegantly with 2 coins, and made of Platinum and worth, oh, $1-T each.
An analyst at Guggenheim Partners recently revived the possibility of “coin seignorage,” an idea that, ahem, gained currency during y 2011′s debt ceiling debacle.
Chris Krueger mentioned the idea as 4th in a list of ways that the US could solve the debt ceiling problem, which is threatening to come up again as part of F-Cliff negotiations.
The idea is simple; while there are legal limits to the amount of paper currency that can be in circulation and the amount of Gold and Silver than can be turned into coins, he US Treasury can issue coins made of Platinum in any denomination.
The coins would be created by the US Mint and deposited at the Federal Reserve, allowing the government to meet its debt requirements and avoid the debt ceiling.
Mr. Krueger is skeptical that this would happen. “The effects on the currency market and inflation are unclear. You would also likely trigger a wave of lawsuits,” he notes.
One economist told the Washington Post that in terms of responses to the debt ceiling, “A government shutdown is much more straightforward.”
James Pethokoukis at the conservative American Enterprise Institute points out that the move might have a negative impact on inflation.
Others, believe it would have little effect on the value of the USD since it is money that would not be directly injected into the economy.
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Business Development Director – Private Client Group,
Sales@Heffcap.com
Singapore
3 Raffles Place #07-01
Bharat Building Singapore 048617
Tel: +65 6329 6408
Fax: +65 6329 9699
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