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Anorak | On the trillion dollar platinum coin

On the trillion dollar platinum coin

by | 7th, January 2013

ONE of the stories you might start hearing about soon enough is the American trillion dollar (yes, trillion, that’s one thousand billion) platinum coin. It;s actually possible that they might go ahead and mint one.

Bit difficult to get change for it but….yet still, here is your handy cut out and keep guide to what is going on.

Yes, the US government has a large debt. It is also running a large deficit: so that debt is getting bigger all the time. So far so damn like every other country at present. However, in the US they also have something called the “debt ceiling”. This is the maximum amount that congress has said that the Federal Government can borrow.

Now, they can raise this number whenever they want: as they have done multiple times in the past. But there’s always a certain amount of haggling when they do so. Various Senators  who might vote against it are promised new defense plants for their states, that sort of thing.

The Feds hit that debt limit last weekend. But Congress hasn’t yet passed the bill allowing more borrowing.

One more bit: the Mint, part of the Treasury, is allowed

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Posted: 7th, January 2013 | In: Key Posts, Money Comment | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink