Philip Diehl, a former director of the United States Mint, believes a trillion-dollar currency could be mined “quickly” to address the growing debt ceiling problem.
Treasury Secretary Janet Yellen warned lawmakers last week that Congress has until October 18 to raise the country’s orwer limit.
Yellen suggested that failing to do so and allowing the United States to hit the debt limit was “disastrous”, adding that he “fully expects” [default] Will cause recession. ”
Republicans have indicated they will not vote to raise the debt limit.
President Biden has condemned Republicans for refusing to join Democrats in raising eden limits, calling them “hypocritical, dangerous and insulting.”
“They need to stop playing Russian roulette with the US economy,” Biden said at the White House. “Republicans just have to let us do the work. Just get out of the way. If you don’t want to help save the country, get out of the way so you don’t destroy it.
President Biden: “Republicans just have to let us do the work. Just get out of the way. If you don’t want to help save the country, get out of the way so you don’t destroy it. Https://t.co/s6W13OtZMy pic.twitter.com/jSZciC0vYj
– The hill (he thil) October 5, 2021
Related: The AOC says the সংখ্যা 3.5 trillion bill shouldn’t be about the number, it costs $ 0 after Democrats repeatedly argued
Debt ceiling crisis শুধু just a trillion dollar currency mint
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Dial told Axios that solutions could probably take weeks, a quick solution could be a trillion-dollar currency and “voila”, raising the limit.
Diehl explains that the only way to change the trillion-dollar coin is to change the price of the platinum agglue that has already been produced by the U.S. mint.
Axios notes that if Yellen has publicly opposed such an idea, “there is no reason why he should not have instructed the Mint director to take these steps a day or two in advance.”
Just in case.
“Viola, we would have bought the equivalent of a trillion-dollar increase in ourselves, without any effect on inflation,” Dehill complained.
Finally, do some reporting on how The Coin Minting will actually work. Apparently it could only take a few minutes! https://t.co/OyZ2kod2Di pic.twitter.com/4XnMjtPj3Z
– Matt Ford (Fordom) October 5, 2021
Related: Pelosi echoes Biden’s claim বিল 3.5 trillion bill actually costs ‘Zero’ dollars
Psyche says she is not on the White House board
White House Press Secretary Jane Sackie has stressed that the Biden administration does not see the এক 1 trillion coinage as an “effective” alternative.
He also rejected a proposal to call for the 14th Amendment, which would allow the president to ignore statutory debt limits and continue to do so unless lawmakers agree to a higher ceiling for the Treasury.
“We obviously looked at a lot of options and none of those options worked,” Psyche said. “Either because they will not be accepted by the Federal Reserve, by the direction of our Treasury Secretary, or simply by legal restrictions.”
At least two Democrats want to see the trillion-dollar currency as an alternative to the problem.
House Speaker Nancy Pelosi revealed that Rep. Jerry Nadler (D-NY) expressed the idea in a recent meeting with Democrats.
Pelosi debt limit: “Nadler wants a trillion dollar currency”
– Eric Wasson (@Elwason) September 28, 2021
Representative Rashida Talaib supported the idea Easy hashtag, “#MintTheCoin.”
Taleb (D-MI) similarly argued for the printing of magical money in 2020. But instead of just one, he wanted President Trump to mint Two Trillion dollar coins.
“Hey [President Trump]”Let’s relieve the American people of this crisis with a pre-loaded debit card,” he tweeted. “No extra debt – we’ll just do two mints [trillion dollar] Coins. “
Two unicorns in one shot. Imagine it.
– Rashida Talaib (ash Rashida Talaib) March 21, 2020
President Barack Obama thought of making such a coin during his administration.
Obama said, “The theory was that I had the ability to issue this 1 1 trillion huge coin through the mint, and on that basis we could try to pay the US Treasury.”
He added, “It was something primitive … it was out of the Stone Age.” “I took pictures of some coins rolling.”
Democrats love to send America back to the Stone Age, why would it be any different?
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