One $ trillion coin? How about minting 1,000 $1 billion coins, or 1 million $1,000 coins? That should sound less ridiculous, less easy for punk news pundits to dismiss. Only Congress has the Constitutional power to coin money and regulate its value. So Republicans would probably oppose this unless the coin(s) had natural value from scarcity. So consider diamonds (141.75 carats equal an ounce.) Or monetize Treasuries – make them legal tender. Deposit them in accounts needed for expenditures. Debit or credit accounts containing these assets, as necessary.
It’s high time the mainstream media stopped ignoring and started to inform Americans of other alternatives! Congress has the Constitutional power to coin any amount of money needed. It can even do this WITHOUT DEBT. Look up “United States Notes,” (greenbacks!) If Obama had any backbone or was willing to risk his “political capital,” he’d put the Congress on the hot seat by raising the salience of this idea! We’ve had 4 years of severe DEFLATION for millions of households. Deleveraging debt is going too slow and we need CONTROLLED “reflation” targeted at unemployment and housing.
Only a vast program of federal aid to small and medium sized domestic businesses and entrepreneurs and inventors to subsidize new American hires can get unemployment and consumption out of our painfully too slow “recovery.” Start with grants to companies that will recruit unemployed breadwinners in homes with mortgages or rent overdue. Obama’s lack of leadership, Congress’s corruption by banks, media cowardice to propose such banker – opposed solutions, and the public’s ignorance and apathy mean we will suffer much longer.
But whose face? Back in the 1990s the Susan B Anthony dollar coin struggled for acceptance. At the time I proposed minting the MJ–the Michael Jordan. No doubt that suggestion is out of date. I leave that difficult decision and the what one could sell from a vending machine that is worth a trillion dollars to greater minds than my own.