Could minting a trillion dollar coin help avert the debt crisis?
POSTED: Friday, January 11, 2013 - 10:00am
UPDATED: Friday, January 11, 2013 - 10:07am
NBC NATIONAL NEWS — There are some proposals out there to solve our national debt crisis with a coin.
Nenad Djondric knows coins. He owns A Penny for Your Thoughts Coin Shop in Jacksonville. So we took this proposal of creating a one trillion dollar platinum coin to help pay down the nation's more than 16 trillion dollar debt directly to the expert on precious metals.
"It's nonsense. It's just not possible to do," Djondric suggested.
This coin dealer explained why the actual minting process doesn't make sense. He said, "Platinum like anything else has a price. And if you want to mint a trillion dollar platinum coin, you would end up using around 20 and a half tons of platinum before anybody else would take it."
Then, we took this idea to an expert on the economy. Jacksonville University Economics Professor Dr. Rody Borg.
"In a case like this where you've got the economic equivalent of a war that you need to go fight and all of a sudden someone looks around and said, wait we can do that because of this giant coin somewhere that determines we can have and it has to be related to that value," he said.
The momentum of this proposal is building, in the form of a petition on the official White House website, with nearly 7,000 signatures. Members of Congress have publically expressed support.
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