Philip Diehl, former director of the United States Mint, believes a trillion-dollar coin could be minted “quickly” in order to provide a solution to the looming debt ceiling problem.
Treasury Secretary Janet Yellen warned lawmakers last week that Congress has until October 18 to increase the country’s borrowing limit.
Yellen advised that failing to do so and allowing the U.S. to hit the debt ceiling “would be catastrophic,” adding that she “fully expect(s) [default] would cause a recession.”
Republicans said they won’t vote to increase the debt ceiling.
President Biden blasted Republicans for refusing to join with Democrats in raising the debt limit calling it, “hypocritical, dangerous and disgraceful.”
“They need to stop playing Russian roulette with the U.S. economy,” Biden said at the White House. “Republicans just have to let us do our job. You can just get out of their way. If you don’t want to help save the country, get out of the way so you don’t destroy it.”
President Biden: “Republicans just have to let us do our job. You can just get out of their way. If don’t want to help save the country, get out of the way so you don’t destroy it.” https://t.co/s6W13OtZMy pic.twitter.com/jSZciC0vYj
— The Hill (@thehill) October 5, 2021
RELATED: AOC Says $3.5 Trillion Bill Shouldn’t Be About Numbers, After Democrats Repeatedly Argue It Costs $0
Debt Ceiling Crisis – Just Mint a Trillion-Dollar Coin
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Diehl told Axios that with solutions possibly taking weeks to iron out, a quicker resolution may be to mint a trillion-dollar coin and “voila,” raise the debt ceiling.
It’s that simple. Voila.
Diehl says that to mint the trillion-dollar currency, the denomination would need to be changed only on a Platinum Eagle already manufactured by the U.S. mint.
Axios notes that even if Yellen is publicly professing opposition to such an idea, “there is no reason for her not to quietly instruct the Mint director to take those steps a day or two in advance.”
In case you need it.
“Voila, we’d have bought ourselves the equivalent of a trillion-dollar increase in the debt limit, without any impact on inflation,” alleged Diehl.
Finally, some reports on how The Coin is actually made. The process took just minutes. https://t.co/OyZ2kod2Di pic.twitter.com/4XnMjtPj3Z
— Matt Ford (@fordm) October 5, 2021
RELATED: Pelosi Echoes Biden Claim $3.5 Trillion Bill Actually Costs ‘Zero’ Dollars
Psaki says White House is not On Board
White House Press Secretary Jen Psaki insists the Biden administration does not view minting a trillion-dollar coin as a “viable” option.
She also shot down a suggestion to invoke the 14th Amendment which allows the President to ignore the statutory debt limit and continue to borrow if lawmakers can’t agree to give the Treasury Department a higher ceiling.
“We obviously look at a range of options and none of those options were viable,” Psaki said. “Either because they wouldn’t be accepted by the Federal Reserve, by the guidance of our Treasury secretary, or just by legal restrictions.”
Minimum two Democrats want to see the trillion-dollar currency as an option for solving the crisis.
Nancy Pelosi, House Speaker, revealed that Jerry Nadler (D.NY), raised the topic in recent meetings with Democrats.
PELOSI on debt limit : “Nadler wants a trillion dollar coin “
— Erik Wasson (@elwasson) September 28, 2021
Rep. Rashida Talib expressed support for this idea in a statement. simple hashtag, “#MintTheCoin.”
Tlaib (D-MI), also advocated for printing magical money by 2020. However, rather than printing just one coin, she demanded that President Trump print all of them. Two trillion-dollar coins.
“Hey [President Trump], let’s provide relief from this crisis for people by giving pre-loaded debit cards to every person in America,” she tweeted. “No additional debt — we’ll just mint two [trillion dollar] coins.”
You get two unicorns at once. This is what you can imagine.
Hey @realDonaldTrump, let’s provide relief from this crisis for people by giving pre-loaded debit cards to every person in America. No additional debt—we’ll just mint two coins.#ABCAct #MintTheCoinhttps://t.co/v0gtfjBw7L
— Rashida Tlaib (@RashidaTlaib) March 21, 2020
President Barack Obama was rumored to have considered such a minting during his time in office.
“There was this theory that I had the authority to issue through the mint this massive $1 trillion coin and on that basis we could try to pay off US Treasurys,” Obama said.
“It was some primitive … it was out of the Stone Age,” he added. “I pictured rolling in some coin.”
Democrats would love to send America back into the Stone Age.
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