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Author Topic:   United States Debt Default
Shield
Member (Idle past 2178 days)
Posts: 482
Joined: 01-29-2008


Message 186 of 211 (626693)
07-30-2011 10:46 PM


This seems relevant to your interests.
/. summary writes:


"With the US Senate voting to table the Boehner debt limit bill, the US is only a few days away from running out of cash to pay for all its obligations. Slate is reporting on a fascinating legal hack that could come in handy, described by blogger 'beowulf' back in January 2011. Seigniorage is the extra value added when a government mints a coin with a face value greater than the value of the precious metal contained in the coin. The statute governing the minting of coins contains a section (31 USC 5112(k) ) that authorizes the Secretary of the Treasury to mint and issue platinum coins in any denomination or quantity. To keep the government from running out of money, Timothy Geithner could order a $5 trillion platinum coin struck and deposited at the Federal Reserve. The money could then be used to fund Federal Government operations (blog post contains legal details)."


http://news.slashdot.org/...-Could-Resolve-Debt-Limit-Crisis

  
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