The trillion dollar platinum coin
Life sometimes imitates art in the most pathetic and scary of ways. The treasury is considering minting a trillion dollar platinum coin to avoid a government default. Back in 1998, the Simpsons ran an episode where the government had printed a trillion dollar bill as part of the Marshall plan, but it was stolen by Montgomery Burns en route to Europe. I'm not sure which idea is dumber. The two main discussion points around minting the coin are being able to forestall a default by raising money that will tide things over until Congress raises the debt limit. The second point is that this can be done without adding to the national debt or causing inflation. Huh? The government borrows money to run everything, so essentially, issuing a coin for currency will just be borrowing more money to cover the cost of that. While it's technically true that it wouldn't contribute to inflation, it would certainly contribute to the debt, but since the country has been monetizing debt for a...