“If the U.S. deficit is $17 trillion, then we will simply mint eighteen one trillion dollar coins. Once we have minted those coins, the U.S. deficit will be gone and we will have a trillion dollar surplus. Abracadabra, hocus pocus, and that will be that — we can then get back to spending more money we conjure up from thin air,” Timothy Franz Geithner, the U.S. Secretary of the Treasury told reporters at the Federal Reserve on Wednesday.
Some bankers are even suggesting minting one $25 trillion coin.
“It would only be as big as a penny but it would be worth a heck of a lot more. It would weigh approximately 43 grams and one thing’s for sure, you do not want to lose that thing behind the sofa or try to cash it,” another U.S. Treasury worker revealed.
don't want to lose it behind the couch! ha ha that was funny 🙂
This magic coin idea is valid…..but it does not address the root of our debt. HR2990 (The NEED Act) is a related concept BUT it goes the whole way to address our DEBT. It pays off the national debt over time, creates over 7 million jobs and rebuilds our failing infrastructure without causing inflation! Our entire country does not understand that our national debt is completely unnecessary and it is a product of our FLAWED debt based money system. HR 2990 (related to the Chicago Plan) corrects this and it is proven as a valid solution in a white paper by Michael Kumhof and Jaromir Benes. Incidentally these two are from the research department of the International Monetary Fund. http://www.imf.org/external/pubs/ft/wp/2012/wp12202.pdf
AND here is another white paper which comes to the same conclusion http://monetary.org/wp-content/uploads/2011/11/DesignOpenMacro.pdf