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History of the Proof Platinum Coin Seigniorage Concept, 2010-2013

Please leave new "sightings" of Proof Platinum Coin Seigniorage items -- whether old or new -- in comments below, or contact the blog!

And see here for an interpretation of the data, at least from the perspective of the blogosphere.

 

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Displaying 1 - 150 of 552 entries
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E.g., 2014-12-18
"provenance"
Author: Publicationsort descending Date Text
Ben Terris: Government Executive 01/11/13

"I found the handle to be strangely fitting. In Beowulf, the hero needs the help of a magical sword in order to be able to slay Grendel’s mother. What’s a trillion-dollar coin if not some sort of deus ex machina, a kind of magical weapon from nowhere? And what’s our national debt if not a terrifying monster?" (original).

Bonnie Kavoussi: HuffPo 01/04/13

"White House Petition Pushes For Trillion-Dollar Platinum Coin" (original).

David Beckworth: Macro and Other Market Musings 04/18/12

"So how could President Obama have his FDR moment? Like FDR, he should signal his intentions for higher level of nominal spending and follow through on it by having the Treasury Department take take the reigns of monetary policy from the Fed. President Obama could do this by announcing a NGDP level target that would be implemented by the Treasury Department creating large-denomination platinum coins that would be deposited at the Fed and used to fund checks to the public." (original).

David Graham: The Atlantic 01/10/13

"So really, it's pretty unfair to suggest that failure to raise the debt ceiling would make the United States a banana republic. Most banana republics have their affairs in much better order than that" (original).

Emily Swanson: HuffPo 01/08/13

"Thirty-eight percent of Americans surveyed in the new poll said they disapprove of the platinum coin proposal, while only 19 percent said they approve. Forty-three percent said they aren't sure about the option" (original).

Harry Bradford: HuffPo 12/07/12

"Forget political brinksmanship..." (history; original).

James Pethokoukis: AEI 12/05/12

"“How could Washington avoid a debt ceiling default? Mint a few trillion dollar platinum coins. Seriously.” (history; original).

Jennifer Bendery: HuffPo 01/09/13

"The White House routinely rules out the idea of President Barack Obama invoking the Constitution to raise the debt ceiling in the event that Congress fails to do so. But minting a $1 trillion coin to avoid a debt default? Maybe" (original).

Mark Gongloff: HuffPo 01/10/13

"[W]e are starting to come up with a whole bunch of alternatives for President Obama to consider Yglesias's IOUs, Ip's smaller coins, Kleinbard's scrip], if he needs a way to avoid the debt ceiling" (original).

Mark Kleiman: The Reality-Based Community 07/23/11

"Phony problem, phony solution," (history; original).

Mike Sandler: HuffPo 01/10/13

"Federal Reserve Notes are created through bank loans and accumulate compound interest that must be paid back over time to the lending banks. Those interest payments mean that everyone, including the Federal Government, pays rent on money created by the Federal Reserve System. Unlike the Federal Reserve Notes, the trillion dollar coin is debt-free and interest-free. The government has disempowered itself of the benefits of "seignorage," but the coin offers to reinstate that power" (original).

Peter Coy: Businessweek 01/11/13

"There are at least nine ways the U.S. can avoid crashing into the debt ceiling besides the one everybody’s talking about lately, namely minting a trillion-dollar platinum coin. Not necessarily nine better ways, to be sure. The coin gambit, rich in numismatic strangeness, deserves every bit of hype it’s getting" (original).

Sam Stein: Huffington Post 01/12/13

"'This now puts all the pressure back where we believe it belongs: on the Republicans,' a senior administration official told the Huffington Post. 'There are no magic coins. There is no way to get out of this. We feel fine about the politics of it. We think we are in a stronger position if Republicans realize there is no out'" (original).

Stephanie Kelton: US News 01/14/13

"The coin appears to remove the constraints on government finance by allowing the government to just "print" money. But like Dorothy with her ruby slippers, that power has existed all along.

"[A] government cannot become insolvent with respect to obligations in its own currency. A fiat money system, like the ones we have today, can produce such claims without limit," said Alan Greenspan in 1997.

If the coin reminds us of that power, it will have done its job." (original).

"[A]bout two hours i... 06/14/12

Fracking "[A]bout two hours into the raid … another of the heroes of this story, Deb Eck, Riverdale resident and balls-of-steel leader came out to plead with the activists to stand down, in other words, to end our resistance to the police efforts to evacuate us from the premises."

#mintthecoin 01/03/13

#MintTheCoin: Hash tag created by Stephanie Kelton.

Abram Brown: Forbes 01/10/13

"California used these warrants [Kleinbard's scrip] in July 2009, running a tab of $2.6 billion. Golden State residents who had received the scrips were able to redeem them at banks for face value. So, in the near future, you might wind up headed to your local Wells Fargo or Chase or Bank of America branch to exchange these scrips for stone-cold cash" (original).

Abram Brown: Forbes 01/13/13

"The coin thing sounded great, though, right? Well, it sounded a bit far-fetched…even more so when you consider that fiscal theorem originated in Los Angeles, not Washington D.C. It is, in fact, ripped right from the halcyon days of the late 1990s—when Butterfinger BB’s still existed, and The Simpsons was in its ninth season. In that stretch of episodes, there was one called The Trouble With Trillions, an amusing romp that alluded to Stark Trek and included Fidel Castro" (original).

Adi Robertson: The Verge 01/04/13

"#MintTheCoin: Can social media and a trillion-dollar coin solve the US debt?" (original).

AEI 12/03/12

"The platinum coin option is a new one on me" (original).

Alex Altman: Time 01/04/13

"A lot of people, cringing at the idea of another debt-limit standoff, are hunting for a work-around. Enter the trillion-dollar platinum coin solution." (original).

Alex Halperin: Salon 01/10/13

"[A] $1 trillion platinum coin doesn’t need to be made from $1 trillion worth of platinum" (original).

Alex Hern: New Statesman 01/16/13

"Regardless, the administration's position now is clear. The debt ceiling must be lifted, and they will offer no "concessions" to do so. With the platinum coin out of the equation – and with the so-called "constitutional option", where the President cites the 14th amendment's command that the validity of the public debt "shall not be questioned" and ignores the debt ceiling, ruled out by the White House last month – the Republicans can be under no illusions that if they fail to concede, America will definitely have a messy government shutdown, and will likely enter technical default on its public debt" (original).

Alexandra Jaffe: The Hill 01/11/13

"The National Republican Congressional Committee issued a number of attacks over the past week in the districts of Democrats they think are vulnerable, targeting them on Democrats' "spending problem" and using the coin proposal as evidence." (original).

Alexandra Petri: Washington Post 01/09/13

"It should have a giant portrait of Honey Boo Boo on it. The president should mint it, and then he should stand in front of this embarrassing large platinum coin and say, 'Seriously, America? Seriously, Congress? Surely this has gone far enough.'" (original).

Amy Davidson: The New Yorker 01/10/13

"In the past, Obama has been reluctant to think of simply invoking the Fourteenth and ignoring the debt ceiling. Maybe, with visions of a platinum Geithner, he’ll change his mind" (original).

Andy Borowitz: The New Yorker 01/13/13

"(The Borowitz Report)—President Barack Obama was “totally furious” he spent a week of his time posing for a trillion-dollar platinum coin that would never be minted, a White House source confirmed today"" (original).

Ann McFeatters: Crescent News 01/14/13

"The most interesting was the trillion dollar coin, which would have been minted out of pure platinum and stored by the Treasury Department as an asset. Presumably, we would all go to our safety deposit boxes and pull out our platinum jewelry and take off our wedding rings and send them to Washington. (Just sorting the real from the fake would be quite a feat.)

The resulting coin would be so gigantic it would need a cavernous new government facility, which every legislator would want in his/her state. It would never get built because that would take an act of Congress, and it's clear Congress doesn't know how to act.

Strangely, the White House did not immediately ridicule this idea" (ORIGINAL_URL">original).

Annie Lowrey: New York Times 01/12/13

"The Treasury Department said Saturday that it will not mint a trillion-dollar platinum coin to head off an imminent battle with Congress over raising the government’s borrowing limit. ... The idea of minting a trillion-dollar coin drew wide if puzzling attention recently after some bloggers and economic commentators had suggested it as an alternative to involving Congress. " (original).

Annie Lowrey: New York Times 01/09/13

"The decision is pending with the Obama administration, and the Treasury Department said it had no further comment. But when asked at the White House news conference if anyone in the administration was examining using the coin to get around the ceiling, Mr. Carney responded, 'Not that I know of'" (original).

Annie Lowrey: New York Times 01/13/13

"The idea of minting a trillion-dollar coin drew wide if puzzling attention recently after some bloggers and economic commentators had suggested it as an alternative to involving Congress. ... The Washington Post earlier published a report that the Obama administration had rejected the platinum-coin idea. " (original).

Annie Lowrey: Slate 01/03/13

"The chattering classes have started getting creative" (history; original).

Anthony Hall: UPI 01/14/13

"The trillion-dollar platinum coin is one of those out-of-left-field ideas that can be used to explain to a middle school math class the relationship between the money supply and national debt, except that a trillion coin has an odd and separate symbolic value in that it would not add to the money supply simply because nobody could make change for it. If it can't be used practically, it's like writing a check with a billion zeros on it. It only looks like it's worth a lot. In reality, it's worthless and we have to live in the real world, after all" (original).

ataxingmatter 01/13/13

"What about the "trillion dollar platinum coin" idea?  This is the law that grants the executive the right to mint platinum coins of any denomination.  Why not mint a few that add up to a trillion, and then pay it to the Fed and draw cash from the Fed based on that coin, to pay our bills?  That is perfectly legal--Congress did not limit the use of the coins in the legislation authorizing them.  If Congress can play brinksmanship games by threatening to put the US in default and destroy our economy unless the majority enacts the pet legislation of the minority to destroy the Social Security, Medicaid, and Medicare safety net programs, then the Executive should be willing to use every tool at his disposal to prevent that.  Of course, Treasury today said it wouldn't do that.  See Anne Lowrey, Treasury Won't Mint Coin to Defy Debt Ceiling, New York Times (Jan. 12, 2013).   Stupid of them to do so, since it is clearly within the law.  Obama cannot "wimp out" on this debt ceiling issue (to use Krugman's term):  if he lets the  zanies in the GOP use these tactics to force changes in the safety net programs, he will have destroyed the Democratic party and the recovery from the Grand Recession in one fell swoop" (original).

Atrios 01/03/13

"It's perfectly legal so just do it, or threaten to anyway" (original).

Atrios 12/12/12

"I really don't know why the administration doesn't take the "mint the trillion dollar platinum coin" option seriously. It is, as far as I can tell, perfectly legal" (original).

Atrios: Eschaton 01/11/13

" Creating money from nothing is what the Fed does all of the time. Reporters aren't mystified by that. The Fed has statutory authority to do that. So does the Treasury, though the Treasury can't just push a button and add a zero to the end of their bank balance like the Fed can. They have to mint a platinum coin" (original).

Atrios: Eschaton 01/11/13

"I don't buy the 14th amendment argument. I don't see how issuing IOUs isn't just violating the debt ceiling in another way. It's not clear that there's legal authority for prioritizing spending or not spending what Congress has said to spend. All that's left is the coin." (original).

Atrios: Eschaton 01/13/13

"I really hope this is just the Treasury and Fed giving each other cover (that's not awesome either) rather than the Fed deciding it has the authority to determine which bits of legal tender the Treasury can and can't deposit into its account." (original).

Beltway Confidential: Washington Examiner 01/08/13

"On MSNBC last night, former Congressman Barney Frank said that the idea of a Treasury Secretary minting a '$1 trillion platinum coin' would never work." (original).

Benjy Sarlin & Michael Lester: Talking Points Memo 01/08/13

[W}ho do you put on the platinum coin? ... Since bypassing Congress to mint the coin is an inherent middle finger to Congress, most of the suggestions so far are aimed at provoking the House GOP as much as possible. " (original).

Beowulf/Joe Firestone: Corrente (correspondence) 12/15/10

Beowulf and Joe Firestone collaborate and correspond (history).

Then on 12/15/2010 there was an exchange between beo and I about platinum coin seigniorage.

Following that beo wrote me, and we corresponded by e-mail from 12/15/10, roughly until the Christmas break, exchanging views about PPCS, with me urging beo to blog it, and telling him that I would blog in support of him soon after he did.

Beowulf: Brad DeLong (comment) 07/06/10

"(k) The Secretary may mint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary’s discretion, may prescribe from time to time. 31 USC 5112(k)" (original).

Beowulf: Corrente (comment) 12/15/10

Exhange between bewoulf and letsgetitdone (history; original).

Beowulf: DeLong (comment) 07/04/11

" (k) The Secretary may mint and issue platinum bullion coin" (original)

Beowulf: FDL 01/03/11

Beowulf's seminal post (history; original).

Beowulf: FDL (comment) 12/14/10

"The Secretary of Treasury has been delegated pretty damn broad seigniorage power (“specifications, designs, varieties, quantities, denominations, and inscriptions”). Tsy could mint a trillion dollar platinum coin (cost of minting is not related to face value) and deposit it with the Fed" (original).

Beowulf: FDL (comment) 11/09/10

Beowulf posts again (history; original).

Beowulf: Monetary Realism 01/12/13

"Treasury: We won’t mint a platinum coin to sidestep the debt ceiling. ... [T]o climb in the water to fight the shark is just irrational when you can stay in a boat and throw sticks of dynamite. ...However, its also possible that the New York Fed has a Manhattan Project or two up its sleeve. Time will tell. .. Tsy blaming the Fed for not issuing the TDC is weak, like blaming your dog for you not going out for a walk this evening" (original).

Beowulf: Monetary Realism 12/07/12

"There was a congressional hearing last week on a bipartisan bill to replace paper dollars with dollar coins. Swell idea I’m sure, however if it passes (probably too late this year but its budgetary savings might get it slipped into a budget deal), Congress would do the scarcely imaginable, it make the Trillion Dollar Coin an even more powerful tool for the Secretary of the Treasury" (original).

Beowulf: Monetary Realism 01/05/13

The law: “The Secretary of the Treasury… shall mint and issue coins described in section 5112....” (original).

Beowulf: Monetary Realism 06/07/12

"People are starting to write about the Trillion Dollar Coin again, which can only mean one thing… Tsy is fast approaching the debt ceiling" (original).

Beowulf: Monetary Realism 04/18/12

"Every football fan knows that the prevent defense only prevents you from winning" (original).

Beowulf: Monetary Realism 03/19/12

"VJK argued that because platinum coins are defined as numismatic coins and not circulating coins (such as nickels, dimes, etc.) that means they can only be purchased by collectors (at metal price plus markup) and not the Fed (at face value). This isn’t quite accurate" (original).

Beowulf: New Deal 2.0 (comment) 11/04/10

Commenter beowulf continues discussion at the Roosevelt Intitutute's New Deal 2.0 blog (history; original [broken].

Beowulf: New York Times 01/13/13

"[I]n 1996 something remarkable happened. Over the objections of a Democratic administration Republicans in Congress passed a statue, 31 USC 5112(k), permitting the issuance of platinum numismatic coins. The astonishing part was that Congress set no specific denomination, writing perhaps the biggest blank check in history.

Since the Federal Reserve buys coins at face value, this gave the Secretary of the Treasury the power to create debt-free money at will.

To create this debt free money, the Secretary of Treasury must instruct the mint to produce a platinum numismastic coin with, say, a $1 trillion denomination. This coin can then be deposited at the Federal Reserve, and the Fed will credit the account of the U.S. government for the face value of the coin. (original). Part of a Times "Room for Debate" series.

Beowulf: The Center of the Universe (comment) 05/23/10

"Congress passing a law to abolish the overdraft restriction would have the same operational effect as if it deleted 1551(b) from the US Code or, to use your aircraft carrier example, authorized the US Mint to stamp a $1 billion coin. Either way its an exercise of Uncle Sam’s seignoirage power" (original).

Beowulf: The Center of the Universe (comment) 05/24/10

"Authorize the US Mint to stamp $1 billion or even $1 trillion coins. Geithner could hand-deliver them to the Federal Reserve Building as needed. :o)" (original).

Beowulf: The Traders Crucible 07/31/11

The US Mint has used coin seigniorage continuously since the Coinage Act of 1792 (in a legal sense, a single $1 trillion platinum coin is the same as trillion $1 coins but with far less expense and effort). (history; original).

Bill Frezza: Real Clear Politics 01/14/13

It looks like the American people have been cheated out of a precious teachable moment. Demonstrating their ability to think two moves ahead, something their Republican opponents seem incapable of, the Democratic leadership has decided to stop dancing around the threat to issue a trillion-dollar coin. The Treasury Department, Saturday, finally issued a flat out denial. (original).

Billmon: Daily Kos 01/11/13

"Why would minting the coin be a political blunder of the first order? Two reasons:

  1. It would give the Republicans an easy out from the trap they have set for themselves by threatening to take the U.S. financial markets and economy hostage.
  2. It would change the subject from the threat of a financial meltdown to the methods the POTUS has taken to prevent that meltdown."

(original).

Blanchard Online 01/11/13

"'We want a dollar exchangeable into something tangible, real, scarce, and precious -- namely, gold bullion.' The $1 trillion platinum-coin solution to the debt ceiling is an 'urban legend,' Grant's Interest Rate Observer founder Jim Grant tells CNBC's Maria Bartiromo in a Jan. 10 interview in which he offers a devastating critique of Federal Reserve money printing, fiscal irresponsibility, the national debt, and the folly of abandoning the gold standard" (original).

bmaz: Emptywheel 01/12/13

"'Minting the Coin!' contemplates a naked power grab by the Executive Branch of historic proportions. It is a wholesale taking of the Congressional purse prerogative under the Constitution. But, hey, it's an 'emergency'. Of course. It always is when the Article II Executive Branch comes to feed in the name of efficacy" (original).

Boston Globe 01/12/13

"Regardless, resorting to the $1 trillion coin option would likely undermine market confidence, just as another debt standoff would. The gambit would just be the wildest, wackiest episode on a years-long bender of partisan dysfunction — fighting crazy with crazy. The mere possibility of the platinum coin should prompt the House GOP to stop playing games with the debt ceiling and both sides to cut a long-term budget deal" (original).

Brad DeLong 07/28/11

The President's Obligation to Take Care That the Laws Be Faithfully Executed Requires Him to Start Minting Large-Denomination Platinum Coins. (history; original).

Brad Plumer: Washington Post 12/07/12

"That sounds utterly insane" (history; original).

Brad Plumer: Washington Post 01/11/13

"So whether the platinum coin is a workable idea or not depends on what Congress does afterward. El-Erian thinks that “by highlighting the dysfunction of Congress and essentially embarrassing its members, the coin approach could provide the catalyst needed to shock our politicians into a more constructive behavior.” By contrast, J.P. Morgan’s Michael Feroli argues that the platinum coin could actually prolong the crisis — Congress will be more likely to lift the debt ceiling if it’s faced with the immediate prospect of a massive government shutdown than if it’s confronted with a shiny coin" (original).

Brad Plumer: Washington Post 01/09/13

"The NRCC is suggesting that you need $1 trillion worth of platinum to mint a $1 trillion platinum coin. For some bullion coins, that may be true—the coin is worth the value of the underlying metal. But there’s a clear exception for U.S. platinum coins. .... The Secretary of Treasury can order up a small platinum coin and give it any value he wants. ... That sounds outlandish, but it’s not all that different from how our system of fiat money already operates. (original).

Brett LoGiurato: Business Insider 01/10/13

"'It's taking a statute ... that has one very small, narrow purpose for which everybody agrees — minting commemorate coins — and reading it in a hyper-literal way,' [Edward Kleinbard, the former Chief of Staff of the U.S. Congress’s Joint Committee on Taxation] said this morning on a conference call." (original).

Brett LoGiurato: Business Insider 01/12/13

"... Democrats are somewhat dumbfounded by the administration's decision to rule out the trillion-dollar coin option. Earlier, a Senate Democratic aide told Business Insider that "it's certainly a strange negotiating strategy to go out of your way to decrease your leverage by taking options off the table. (original).

Brett LoGiurato: Business Insider 01/11/13

"One Democratic Senate aide recently said that minting the coin would look silly politically, and that the 14th amendment is a much more practical option" (original).

Brett LoGiurato: Business Insider 01/11/13

"The National Republican Senatorial Committee is asking every Senate Democrat up for re-election in 2014 where he or she stands on the option of minting a trillion-dollar coin as a means of working around the debt ceiling. The NRSC's statement comes a couple of days after the National Republican Congressional Committee slammed the option of minting a coin and joked that it would sink the Titanic" (original).

Brett LoGiurato: Business Insider 01/09/13

"NBC's Chuck Todd asked White House press secretary Jay Carney today about the platinum coin option to avoid the debt ceiling, and Carney did not completely rule it out." (original).

Brian Beutler: Talking Points Memo 01/11/13

"May 2010, Beowulf and his fellow monetary enthusiasts were spitballing with each other about what would happen if Congress at some point failed to increase the debt limit, and it hit him. Rather than default, or jerry-rig an overdrafting system with the Federal Reserve, why couldn’t the Treasury mint a “commemorative” coin with, say, a $1 trillion denomination? Not for purchase, of course but to deposit at the Fed, and thus provide Treasury the funds it would need to meet its payment obligations" (original).

Brian Beutler: Talking Points Memo 01/09/13

"If I had to, I’d still bet against the Obama administration minting a platinum coin to meet payment obligations, even if we breach the debt ceiling. But that’s just a feeble attempt at mind reading. By contrast, the fact that Jay Carney neither foreclosed on the seigniorage option nor questioned its legality today is actually meaningful. " (original).

Brian Beutler: Talking Points Memo 01/09/13

"At his daily press briefing Wednesday, press secretary Jay Carney responded to a question about whether the White House has the power to order the minting of a large-denomination platinum coin which, upon deposit at the Federal Reserve, could be used to meet federal obligations after borrowing authority has lapsed.

'On Plan B, there is no backup plan,' Carney said. “It is Congress’ responsibility to pay the bills of the United States. This is not about future spending. We will have that debate and continue to have the debate about the budgets that we design and the path forward in deficit reduction. And the president’s principles in this matter are very clear. You know, there is no alternative to Congress raising the debt ceiling. It is its responsibility. Congress has to pay the bills of the United States.'" (original).

Brian Beutler: Talking Points Memo 01/11/13

"Barro, Weisenthal and other proponents have fared well in the debate. The idea’s detractors, initially incredulous, soon began dismissing it as fanciful or perhaps illegal. Some now begrudgingly admit that the plain text of the law in question does appear to grant the executive branch the authority to mint the coin, but remain incredulous whenever the concept is broached — concerned, perhaps, that a debt limit workaround will erode their ability to force Obama to cut popular programs like Medicare and Social Security" (original).

Brian Browdie: American Banker 01/14/13

"The administration's decision to refrain from minting a coin puts the onus on both branches of government to forge a deal and sets up a battle like the one in 2011, when the president signed an extension of the debt limit over the House's objections" (original).

Bruce Bartlett: The New York Times 01/15/13

"But whether or not creating a $1 trillion coin to avoid defaulting on the debt was reasonable, in accounting terms it would have been no big deal — simply a larger scale of what the Treasury and the Fed do every day" (original).

Bruce Krasting: Zero Hedge 01/13/13

"I think Bernanke got some calls from other Central Banks. They told him it would be a dangerous precedent for America to do this. If there are coins to be printed, it would be better if some other country (possibly Japan) do it first. After all, the dollar is still the #1 reserve currency. The foreign CBs have some say in this." (original).

By Dan Kois and Andrew Morgan: Slate 01/10/13

"We’re only making one of these coins, so let’s make it count! That’s why we’re opening the floor to you, Slate readers: Can you design a better platinum $1 trillion coin?" (original).

C. S. Wyatt: Almost Classical 01/12/13

"But, the game has to end someday. How will it end? Badly. Not even a magical $1 trillion coin will fool the markets. I happen to believe that any additional gaming of the system will spook the bond market and equities markets. Talk of endlessly printing money or minting magical coins will spook the market as badly as an abrupt halt to Fed bond purchases" (original).

Capt. Fogg: The Reaction 07/28/11

Billion-dollar coins and exploding options -- oh my! (history; original).

Cardiff Garcia: FT Alphaville 01/08/13

"[M]aking the Coin threat public has a non-trivial chance of becoming a disincentive to reaching a negotiated outcome, the exact opposite of its intended purpose" (original).

CBS Miami 01/09/13

"It would work like this: The Treasury Department has the ability to mint platinum coins in any denomination the Secretary of the Treasury chooses. The Treasury would mint one or two platinum coins worth $1-$2 trillion each and then deposit them with the Federal Reserve. With $1-$2 trillion in the bank, the Treasury Department could continue paying all bills associated with the national debt. Once the debt ceiling is finally raised, the coins would be destroyed and theoretically there would be no damage to the macroeconomy'" (original).

Charles Cooke: National Review Online 01/11/13

"However 'insane' you think it would be for Congress to refuse to raise the debt ceiling, it is Congress’s right to be that 'insane.'" (original).

Charles Riley: CNN Money 01/04/13

"[N]one of this requires Congressional consent. Talk about an elegant solution" (original).

Charley Blaine: MSN 01/14/13

"U.S. Mint handout photo of the one-ounce $100 platinum coin (© AP Photo/US Mint)The price of platinum (-PL) jumped 1.7% to nearly $1,660 an ounce -- a three-month high -- Monday despite the Treasury Department's announcement Saturday it would not mint a $1 trillion platinum coin to get around the nation's debt ceiling" (original).

chicagopriide.com 01/13/13

"The Simspons' trillion dollar "Truman Bill" was an absurd solution to an absurd fictional problem. The trillion dollar platinum coin, on the other hand, is an absurd solution to an equally absurd, very real problem. That's the point.


But if we're gonna mint the coin, we might as well put the right guy's face on it: Ronald Reagan." (original).

Chris Hayers: Rachel Maddow 12/05/12

"The super-awesome trillion dollar coin idea that I kind of love" (history; original).

Chris Hayes: MSNBC 01/12/13

"Just as a $100 bill isn’t made of $100 worth of cotton, a new trillion dollar coin wouldn’t be made of a trillion dollars of platinum. Just a single, small bit of platinum will do. That’s all: it’s really just an invention. Economist John Kenneth Galbraith once said: “The process by which banks create money is so simple that the mind is repelled.” And the same can be said of how our government creates money. The simple truth is it creates money simply out of thin air. Someone at the Federal Reserve punches in a number on a spreedsheet and–voila!–more money. At moments of profound crisis it was precisely this kind of monetary magic that helped the U.S. avoid catastrophe–Abraham Lincoln printed greenbacks to fund the union and his opponents mocked him mercilessly for doing so — which this cartoon from the time, depicting a machine spewing bills, shows. And FDR ditched the gold standard to get us out of the Great Depression. Both those ideas were, at the time, probably about as ridiculous as a trillion dollar coin." (original).

Chris Hayes: MSNBC 01/12/13

Saturday’s guests (Jan. 12): The phenomenon of the trillion dollar coin, evaluating Tim Geithner’s legacy... (original).

Clive Crook: Bloomberg 01/11/13

"It’s no small thing for the Treasury to start printing money at its own initiative, and the mere promise that this would be temporary and reversed in due course lacks credibility. This is a technique that, once learned, would be difficult to unlearn" (original).

CNBC 01/12/13

"With another standoff with Congress over raising the debt ceiling looming as early as mid-February, a petition on the White House website asks the administration to create a single platinum coin worth $1 trillion to avoid a stalemate over lifting the borrowing cap. The petition has garnered more than 7,100 signatures.

An asset of that value would place the United States well within its $16.4 trillion borrowing limits, the argument goes.

Pressed to rule out the idea, White House Press Secretary Jay Carney on Wednesday passed the buck.

"I would refer you to Treasury for the specifics of this question," Carney told reporters. "I can tell you that the president does not believe that there is a backup plan or a Plan B or an off-ramp."

Carney would only say the president doesn't believe there are alternatives to raising the debt limit." (original).

Connor Simpson: The Atlantic 01/09/13

"Press Secretary Jay Carney is a hero among the (too?) many passionate media members in love with the fringe plan of minting a $1-trillion coin to avert a debt-ceiling hostage situation after he somehow refused to completely rule out the plan during a White House briefing Wednesday" (original).

Connor Simpson: The Atlantic 01/04/13

Like Mayweather-Pacquiao, the fight never happens. Planned debt ceiling fight cancelled. That seems kind of easy, right? Why didn't Obama think of this before? Because no one's first resort to a debt ceiling fight is to create what is essentially a loonie on horse steroids, duh. (original).

Connor Simpson: The Atlantic 01/12/13

"The best romances are the short ones. The dream of the White House minting a platinum coin worth $1 trillion to avoid a debt ceiling crisis is officially done. [I]t wasn't meant to be, boys. The idea was ridiculous and straight out of a movie. It couldn't happen, ever. It was a little too..." (original).

Cullen Roche: Pragmatic Capitalist 12/07/12

"[T]he US Treasury could order the US Mint to create a platinum coin of any denomination, deposit it in the Fed’s account and the Fed could then retire some portion of the national debt in what is essentially an exchange of the bonds they hold for the coin. Then the government spends the money they were already told (by themselves) to spend and we don’t get held hostage by the very same government" (original).

Cullen Roche: Pragmatic Capitalist 07/28/11

"CNN is running a story on the various ways the White House could circumvent the debt ceiling issue. One of the options they mention is the platinum coin idea started by MMTers" (original).

Cullen Roche: Pragmatic Capitalist 01/08/13

"Philip Diehl, former head of the US Mint and co-author of the platinum coin law comments on the recent confusion and discussions over the use of the platinum coin" (original).

Cullen Roche: Pragmatic Capitalist 12/05/12

"[T]he US Treasury has the legal authority to instruct the US Mint to create a coin of any denomination and simply deliver it to be deposited in the US Treasury account at the Federal Reserve" (original).

Cullen Roche: Pragmatic Capitalist 07/07/11

LET’S END THIS DEBT CEILING DEBATE WITH A $1 OZ. $1T COIN (history; original).

Daily Bhaskar (India) 01/06/13

"One-trillion-dollar coin: Desperate US looks for measures to avoid debt ceiling" (original).

Daily Telegraph (Cullen Roche) 01/07/13

"The US is "'seriously' considering creating a $1 trillion platinum coin to write down part of its debt to stop the world's largest economy defaulting as early as next month, according to financial analyst Cullen Roche" (original).

Dan Amira: New York Magazine 01/08/13

"[I]f we mint a trillion-dollar platinum coin, it could be stolen by an evil billionaire megalomaniac and then accidentally handed over to Fidel Castro" (original).

Dan Kervic: New Economic Perspectives 01/13/13

"The coin debate triggered something. The platinum coin is a big shiny, reminder that in some way, somehow, the monetary authority of the United States rests with the American people, even if the plutocratic architects of our financial system and the owners of our country have succeeded over time in burying that authority under many layers of convoluted technocracy and confusing delegations" (original).

Dan Kervic: New Economic Perspectives 01/13/13

" The coin debate triggered something. The platinum coin is a big shiny, reminder that in some way, somehow, the monetary authority of the United States rests with the American people, even if the plutocratic architects of our financial system and the owners of our country have succeeded over time in burying that authority under many layers of convoluted technocracy and confusing delegations" (original).

Daniel Foster: National Review 01/07/13

"In the year 2000, the Mint even authorized 150,000 units of a coin commemorating the thousand-year anniversary of Leif Ericson’s discovery of the New World; minted in Philadelphia, the coin was denominated at 1,000 Icelandic krónur." (original).

Daniel Politi: Slate 01/13/13

"Still, several Democrats had already rejected the idea of a coin on purely political grounds: For a nation so concerned with the deficit would there be a better symbol of out-of-control spending than a $1 trillion coin? Now the Treasury Department has said it won’t mint the coin to prevent a government default, effectively killing the idea for good" (original).

Danny Vinik: Across All Sports 01/10/13

I know the President has said he won’t negotiate over the debt ceiling, but he doesn’t have a choice here. The negotiations aren’t going to be fun. Republicans have the leverage and are going to use it. Some are crazy enough that they actually want us to default. However, Republican leadership understands how horrible that would be. They know they can’t let it happen. They also know that their image is a disaster and the public will largely blame them if we default. They have a number of incentives to negotiate and work towards a deal. (original).

Darrell Delamaide: MarketWatch 07/20/11

”Smoke and mirrors with the federal deficit" (history; original).

Dave Ross: MYNorthwest.com 01/14/13

" It would have been a monetary flu shot. Once the debt ceiling was raised, the coin would be liquidated, and everything would be back to normal" (original).

Dave Winer: Scripting News 07/15/11

"I like it. Currency hacking" (original).

DaveWade: Daily Political 01/18/13

"The trillion dollar coin idea made its way to the White House Wednesday. Press secretary Jay Carney said that there is neither Plan B nor a backup plan. It is Congress’ responsibility to pay the bills of the United States. With regards to the trillion dollar coin, he said that he has no coins in his pocket" (original).

David Daley: Salon 01/12/13

"'The President and the American people won’t tolerate Congressional Republicans holding the American economy hostage again simply so they can force disastrous cuts to Medicare and other programs the middle class depend on while protecting the wealthy,] [Press Secretary Jay] Carney said in a statement. 'Congress needs to do its job.'" (original).

David Dayen: FDL 12/03/12

"If the President doesn’t go that route [14th Amendment], and he doesn’t direct his Treasury Secretary to mint a $1 trillion platinum coin, then you have a situation where House Republicans have the power to control events" (original).

David Frum: Daily Beast 01/04/13

"I'd enjoy seeing a trillion dollar coin minted purely for the deservedly righteous indignation such an overstep would create" (original).

David John: US News 01/14/13

"The coin gambit reflects magical thinking and the worst type of Washington sophistry. Rather than dealing with a serious and growing problem, the coin idea is an attempt to find a cute gimmick that sidesteps it. The United States is rapidly spending itself into insolvency" (original).

David Nicklaus: St. Louis Post-Dispatch 01/12/13

"Congress has, after all, already decided how much to spend and how much to collect in taxes. To say we can’t borrow to make up the difference is to deny the fundamental laws of arithmetic" (original).

David Taintor: Talking Points Memo 01/11/13

"If the U.S. starts 'making shit up' and decides to mint a $1 trillion platinum coin to avoid another debt ceiling fight, Jon Stewart said Thursday, America should 'go big or go home.' Why not a $20 trillion coin? he said." (original).

David Taintor: Talking Points Memo 01/11/13

"Nobel Prize-winning economist and New York Times columnist Paul Krugman used his Friday column to make the case for minting a $1 trillion platinum coin if it's necessary to avoid another bruising debt ceiling fight" (original).

David Weigel: Slate 07/31/11

The Platinum Coin Hysteria of 2011 (history; original).

David Weigel: Slate 01/10/13

"The evolving case for the platinum coin is the only truly surprising news of 2013 so far. It's clear that Republicans have no idea how to respond to it -- look to the NRCC's hilariously wrong attack on the concept, which assumed that a $1 trillion coin would need to be minted with $1 trillion worth of platinum. (To understand why this is wrong, take a $1 bill out of your pocket, then take a $20, then ask why the second bill isn't 20 times larger)" (original).

David Weigel: Slate 01/10/13

"[John Piecuch, director of communications at Standard & Poor:] 'S&P has five pillars that analysts look at in terms of sovereign ratings. One of them is the fiscal score, which includes the debt to GDP trajectory; one is the political score. In terms of the political aspect, the current acrimony over these issues is already incorporated into the rating, at the AA+ level.'" (original).

David Weigel: Slate 01/11/13

"[On the NRCC lettter] Do Senate Democrats plan to vote for Rep. Greg Walden's "Stop the Coin Act," which will be introduced next week? That's the only way the current statute allowing the magical platinum end-run can be repealed. " (original).

David Weigel: Slate 01/08/13

["T]he great Platinum Coin war has divided the former directors of the U.S. Mint" (original).

David Weigel: Slate 01/04/13

"John Boehner Not Entirely Convinced by "Platinum Coin" Solution" (original).

David Weigel: Slate 01/08/13

"First they laugh at you, then they get mad at you, then they fight you. We're at the fighting stage of the Great Platinum Coin Crusade of 2013" (original).

DCblogger: Corrente 07/06/11

Call for questions at Obama "tweetup" (source).

Dean Baker: US News 01/14/13

"Childish admonitions about spending within our means are not a substitute for serious thinking about the economy. A joke $1 trillion platinum coin is an appropriate response to "leaders" who want to play games making up scare stories about deficits and debt" (original).

Der Spiegel 01/04/13

"Hamburg - Im Netz ist die Idee bereits ein Hit: 'Die Platin-Option' titelt die 'Huffington Post', 'eine interessante Lösung' schreibt Bloomberg-Blogger Josh Barro - und unter dem Stichwort #MintTheCoin diskutieren Tausende Twitter-Nutzer über das Konzept" (original).

Devin Smith: New Economic Perspectives 01/11/13

"#MintTheCoin T-shirts and Hoodies Now Available!" (original).

Devin Smith: New Economic Perspectives 01/13/13

"Did you feel it? The earth moved under our feet a little bit over the past week. I’m feeling quite grateful to beowolf and Joe Firestone and everyone else who laid the foundation for Mint The Coin, and to Stephanie Kelton (for creating) and Joe Weisenthal (for popularizing) the #MintTheCoin hashtag and circulating the White House petition" (original).

DIgby: Hullabaloo 01/12/13

"I'm not sure withdrawing the threat of the coin or the 14th Amendment remedies qualifies as an offer in that context. But since they've thrown away their only bargaining chips before they even started, it's fair to say that anything they agree to from now on should be seen as something they wanted, not something they needed" (original).

DIgby: Hullabaloo 01/12/13

"It's hard for me imagine the president or the Democrats having the nerve to do this, but it's possible they'll have no choice. The Republicans are so nuts they may demand things that the Democrats literally cannot deliver." (original).

Don Lee: Los Angeles Times 01/12/13

"'There are only two options to deal with the debt limit: Congress can pay its bills or it can fail to act and put the nation into default,' White House Press Secretary Jay Carney said" (original).

Donald March: CNN Money 01/09/13

"Analysts have considered a range of other options for avoiding default, including prioritizing payments, asserting the debt limit is unconstitutional, and temporarily selling the gold in Fort Knox. All raise severe practical, legal, and image problems. In this ugly group, the platinum coin looks relatively shiny. In particular, it would be much less provocative than Obama asserting that the debt limit is unconstitutional. That nuclear option would create a political crisis, while a platinum coin could be a constructive bargaining chip" (original).

Donald Marro: Tax Policy Center 01/08/13

"A trillion-dollar coin is eye-catching and ridiculous. That’s why it’s filled the punditry void left by the fiscal cliff. But a single coin makes no policy sense. No federal transactions occur in trillion-dollar increments" (original).

Donald Marron: Christian Science Monitor 01/12/13

"The administration has previously ruled out another oft-discussed debt-limit safety valve, overriding the limit based on the 14th amendment. So “Plan B” discussions will now move to two other alternatives that have been bandied about: prioritizing payments or, as Ed Kleinbard suggested the other day, issuing scrip like California did a couple years ago. Of course, issuing scrip *is* prioritizing payments, but with the added feature (or complication) of a written, transferable IOU" (original).

Dorothy Kosich: MineWeb 01/14/13

"The U.S. Treasury Department and the Federal Reserve both oppose the idea of minting a trillion-dollar platinum coin to overcome the U.S. debt ceiling" (original).

Dorothy Kosich: MineWeb 01/09/13

"The notion of creating a trillion-dollar platinum coin to help resolve the U.S. debt ceiling problem is gaining momentum in some very serious circles including Nobel Prize-winning economist Paul Krugman" (original).

Dorothy Kosich: MineWeb 01/10/13

"PPCS involves minting proof platinum coins with arbitrarily high face values, depositing them at the Fed, receiving electronic credits equal to the face value of the coins from the Fed, and then having Treasury sweep the profits in the Treasury General Account, where they could be used to redeem debt held by the Fed, debt held by Trust Funds and government agencies, and debt held by the non-government sector including domestic investors and foreign government and investment" (original).

Doug Mataconis: Outside the Beltway 01/12/13

"However, as I’ve noted before, I don’t think that the advocates of the Platinum Coin strategy ever had a realistic view of how Republicans, even moderate Republicans, would react to something as egregiously extra-legal as this. Instead of “solving” the debt ceiling crisis, minting a Platinum Coin would likely exacerbate it and, in the process, create a Constitutional crisis that would likely sour relations in Washington between the parties even more than they already are for the remainder of Obama’s Presidency." (original).

DRo: Daily Kos 01/07/13

"[Krugman] explains that Republicans are openly threatening to use the debt ceiling and its potential for catastrophe to blackmail the president into implementing policies they can’t pass through normal constitutional processes. So why not use the legal loophole of minting a platinum coin?" (original).

Dusty Rhoades: The Pilot 01/14/13

"[H]ow does one “deposit” a trillion dollar coin? Does the Treasury secretary just stick it in his front pocket and walk it down to the Federal Reserve? Does the Fed have tellers? Does he have to fill out a deposit slip? And hey, wouldn’t this be an open invitation to some supervillain to try to steal the coin?

Also, whose face goes on the TDPC?" (original).

Dylan Matthews: Washington Post 01/04/13

"[Rep. Michael] Castle’s interest [in P.L. 104-208] [/in]was in producing income from seignorage (that is, the profit collected by the government by minting coins or printing paper money that is worth more than it costs to produce) as a means of reducing the deficit" (original).

Econbrowser 12/08/12

"What would the Treasury do with a trillion dollar coin, you ask? Why, deposit it in their account with the Fed, of course. The Fed would then credit the Treasury's account with 1 trillion dollars" (original).

Ed Harrison: Credit Writedowns 07/29/11

"The coin seignorage idea has really caught on – not just in the blogosphere, but in the mainstream media as well." (history; original).

Ed Kilgore: Washington Monthly 01/09/13

"But opposition to 'printing money' has never been strictly about economics or the 'real world'—it has been, for eons, a moral issue to those who believe anything that makes life easier for debt and debtors must be morally ruinous to the individuals and the society that benefit. ... The interesting thing about the platinum coin proposal is that it flushes all those sentiments right out into the open where they can be addressed head on. " (original).

Edward May: CNBC 01/08/13

"The $1 trillion platinum coin is a desperate gimmick of questionable legality and doesn't even come close to solving our fiscal problems" (original).

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