Some have suggested that the Congress mint a $1 Trillion dollar coin as a way of avoiding the debt ceiling. It would have Obama’s likeness on the coin.
You see, these coins will only have as much value as people are willing to put into it. And unless it really did have as much as $1 Trillion in platinum or gold, the desire to value this at $1 Trillion by foreign central banks is practically non-existent.
That would destroy the integrity of the dollar as we know it.
Picture and following excerpt from PakAlertPress:
If Barack Obama can “solve” the debt ceiling crisis by printing up some trillion dollar coins, then why does the federal government need our money? As another debt ceiling showdown approaches, many in the liberal media are suggesting that if Congress does not raise the debt ceiling that Obama should just have the U.S. Treasury create a trillion dollar platinum coin and use it to pay our bills. It sounds crazy, but many notable voices (including Paul Krugman of the New York Times) are supporting this idea. But if the federal government has had the power to create trillion dollar coins out of thin air all this time, then why do we have to pay taxes? Not only that, why do we have a national debt? If the federal government can just create money whenever it wants, then why does the federal government ever have to borrow it from others?