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Home Moneta Blog Meaningless debt enslaves us all

Meaningless debt enslaves us all

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Some weeks ago we began commenting about a hair brained scheme to pay off the US national debt using a single coin.

According to US statute 31 USC ยง 5112:

(k) The Secretary may mint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary's discretion, may prescribe from time to time.

As crazy as it seems, it appears it is possible, and could work, even The Economist, albeit mockingly, agrees.

As numismatists', the scheme really highlights how truly unique the simple coin is.

Will it happen? Doubt it, but the most imporatant thing is that it could be done.

And that would highlight just how ridiculous our paper based system is.

 

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