Democrats and their affiliated media organizations are floating a new way to allow Washington, D.C. to spend without abandon without the arduous process of voting to expand the debt ceiling. The novel innovation is to print a coin worth $1 trillion and give it to the federal government.
A plan being floated by increasingly prominent media outlets would have the U.S. Department of Treasury simply create a coin worth $1 trillion, then have the U.S. Government essentially deposit this coin into the treasury, thus paying down a trillion dollars worth of debt and allowing the government to continue operating until another $1 trillion is needed. At which point, the government could ostensibly make another $1 trillion coin if taking a vote becomes inconvenient.
According to Axios, the scrappy new face of establishment web print journalism, the “trillion-dollar platinum coin,” should circumstances call, could be created “within hours of the Treasury Secretary’s decision to do so.” The article suggests that Janet Yellen, the former Federal Reserve official tapped by the Biden regime to run the Treasury, could “quietly instruct the Mint director to take those steps” even before she decides to mint $1 trillion out of thin air.
Quoting Philip Diehl, the former director of the United States Mint, Axios explains that by merely minting a new coin worth $1 trillion: “Voila, we’d have bought ourselves the equivalent of a trillion-dollar increase in the debt limit, without any impact on inflation.”
Diehl was the former director of the United States Mint between 1994 and 2000, during the Clinton administration.
The idea, which is ostensibly being considered by top officials in the Biden regime as responsible monetary policy if it is being promoted by publications like Axios, Business Insider, The New York Times, CNN, Bloomberg, AOL, Yahoo News, The Week, MarketWatch, Vox and more, including some articles that cast Joe Biden as the hero who solves the debt crisis. Predictably, the trillion dollar coin idea drew scorn on social media.
Experts state that a trillion-dollar coin will still be thin enough to be lost down a storm drain and light enough to be confused with other coins when in one’s pocket, leading to all sorts of humorous situations. https://t.co/qlT1lXUZN9
— The Columbia Bugle 🇺🇸 (@ColumbiaBugle) October 5, 2021
“Experts state that a trillion-dollar coin will still be thin enough to be lost down a storm drain and light enough to be confused with other coins when in one’s pocket, leading to all sorts of humorous situations,” joked The Columbia Bugle, a popular populist Twitter account. Influencer Logan Hall mocked, “haha trillion dollar coin printer go brrrrrrrrrrrr.”
Others questioned whether the Axios article was meant to be a joke, while some had the audacity to suggest that inflating the currency by $1 trillion using a platinum coin would cause inflation. “So now a loaf of bread will cost $80 bucks since the US dollar will be worthless currency,” wrote one man.
Ah yes, so now a loaf of bread will cost $80 bucks since the US dollar will be worthless currency. https://t.co/kJeoadacjR
— Joe Garcia (@JGJr9) October 5, 2021
Another compared it to the Weimar Republic, the socially liberal hyperinflation-plagued German state that formed in the wake of the second World War and ultimately gave way to Nazi Germany.
One perplexed man compared the situation to a children’s game. “This sounds like a child making up rules in Monopoly,” wrote one Twitter user. “Wtf are we doing here?!”
It seems as though Axios, with its reputation for high placed sources, struck an optimistic tone in its article published this morning, hinting that Yellen and the Biden administration could quietly begin the process of minting such a coin even while pretending it is not being considered. This is despite both Yellen striking down the idea and Jen Psaki ruling it out on behalf of the White House.