You’ve probably heard talk that a platinum coin worth $1 trillion might be minted as a hedge against the nation defaulting on its debt, but you may not how this arrangement would work.
Paul Krugman EXPLAINS:
As it happens, an obscure legal clause grantsthe secretary of the Treasury the right to mint and issue platinum coins in any quantity or denomination he chooses. Such coins were, of course, intended to be collectors’ items, struck to commemorate special occasions. But the law is the law — and it offers a simple if strange way out of the crisis.
Here’s how ...