Documents recently released from the US Government confirm that there were high-level discussions about whether or not the Treasury Department should and could create a platinum coin worth a trillion dollars.
Since years, the idea of a similar coin has circulated among various circles as a means to provide additional funding to the US without borrowing more money. This would theoretically avoid potential defaults or perpetual debt ceiling drama.
Jason Leopold of Bloomberg reports that a series of Freedom of Information Act requests over the years has now yielded documents on government interest in minting “large denominations” coins.
The U.S. Justice Department has made available four documents, totaling 38 pages, that have had their contents heavily redacted. They reveal internal discussions about the coin from 2013, 2015 and in the years 2021, 2023, respectively.
Documents show that the Office of Legal Counsel has had multiple discussions over the years about legal authority for minting the coin.
The 2013 document, entitled “Authority for the Secretary of Treasury to issue a large denomination platinum coin”, contained preliminary research findings and conclusions.
The document, which summarizes oral advice provided to Treasury officials about debt ceiling strategies, has been made public. It is largely redacted and shows that the advice was given at the same time as the idea of a trillion-dollar coin resurfaced.
A cover sheet for a memo dated 2021, dated 16th May 2023, contained 26 pages of legal research about the debt ceiling, and noted “evolving’ thinking in the area. However, once again, most details were redacted. Leopold insists he’ll keep pressing for definitive answers.
This is a fascinating detail. In this context, what does “evolve” mean? Is the Office of the President confident that Treasury is legally entitled to mint platinum coin?
Do you think that the President can use the 14th Amendment to raise the debt limit if Congress does not act? Did the Office of Legal Counsel determine that neither proposition was legal? We don’t really know .”
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The post $1,000,000,000,000 platinum coin to avoid default discussed at the ‘Highest levels’ of US government: Report can be updated as new information becomes available.
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