And finally… pretty penny
Slow progress on budget talks in the US has prompted discussion of a novel work-around for the government: using a 25-year-old law to mint a trillion-dollar platinum coin.
Under US law, the Treasury Department has the authority to mint and issue platinum bullion coins in any denominations the Secretary of the Treasury may choose.
In theory, the Treasury could deposit trillion-dollar coins at the Federal Reserve’s Treasury account instead of issuing new debt, bypassing the borrowing limit set by Congress.
Philip Diehl, a former director of the US Mint, discusses the idea with Rohan Grey, an assistant law professor at Willamette Law School, in Bloomberg’s Odd Lots podcast.