How anyone can suggest the creation of a $1 trillion platinum coin purely to circumvent checks on government spending defeats all logic and its creation would presage a flight into gold and silver.
by Lawrence Williams:
LONDON (MINEWEB) -
Far be it for me to argue with a Nobel prizewinning economist, members of Congress and however many thousands have signed the White House petition to mint it, but this whole idea of a trillion dollar platinum coin is ludicrous.
It would have to constitute the most gigantic fraud ever perpetuated by a government and probably make the U.S. dollar and the U.S. economy the laughing stock of the world. If anything, it would trigger a huge investment surge into gold and silver as all faith in government-created money would evaporate!
Firstly – why platinum? It is based on a legal technicality allowing the U.S. to mint platinum coins of any face value. However, given that $1 trillion dollars worth of platinum at current prices represents around 8 or 9 times the amount of platinum ever mined throughout history, a trillion dollar face value coin would have to bring any kind of money creation into even more disrepute than it already is. ...