News · moment 7 of 24
Mint the Trillion Dollar Coin
from #272 - Night of The Beating | The Tim Dillon Show · #272
4 min
News
Tim explains the origin and mechanics of the 'mint the coin' scheme to avoid a debt default, including its obscure blog-comment origin story, and jokes about Biden coming for Venmo money.
- Treasury Secretary Yellen says they won't mint a trillion-dollar platinum coin to avoid defaulting on government expenses.
- The platinum coin scheme explained: Congress delegated minting authority to Treasury, which could legally create one trillion-dollar coin to fund the government.
- Tim notes the idea originated from a 2010 blog comment by an Atlanta attorney known as Beowolf, which influential economists like Joe Weisenthal and Paul Krugman later promoted.
- The catch: the coin must be made of platinum, meaning a one-trillion-dollar coin would only net about ninety-nine billion dollars in actual metal value.
- Instead of minting the coin, Biden and Harris are going through Venmo and Zelle transactions to reclaim money they handed out to keep people from burning things down.
Kamala HarrisJoe BidenJanet YellenPeter SchiffCarlos MuchaPhilip DiehlJoe Weisenthal