Rep. Jerry Nadler (D-N.Y.) wants the government to mint a platinum coin worth…a cool $1 trillion..
Nadler, a Jewish Upper West Sider, thinks the minting of a ridiculously valuable coin could foil GOP attempts to hold Democrats hostage in debt ceiling negotiations. It would allow the government to pay its debts without going through Congress, which seems intent on dragging its feet on anything President Obama wants, especially after the bruising fiscal cliff drama.
“It sounds silly but it’s absolutely legal,” Nadler told the website Capital New York last week.
The idea’s gained some traction recent days. Economist Paul Krugman endorsed the trillion dollar coin on Monday, as have others.
So here comes the backlash.