Did You Know...

**Written by Doug Powers

Minting trillion-dollar platinum coins and depositing one or more of them into the Federal Reserve is an idea that has been making the rounds among spend-a-holics looking for a way around the debt ceiling while at the same time giving U.S. currency a chic “Zimbabwean dollar circa 2008″ makeover.

Among those who have heard of the proposal, it’s not very popular:

Few Americans have heard about a proposal to mint a $1 trillion platinum coin in order to address the nation’s debt problems if an agreement to avert a debt ceiling crisis is not reached, but a new HuffPost/YouGov poll finds that they are skeptical of the idea.

Thirty-eight percent of Americans surveyed in the new poll said they disapprove of the platinum coin proposal, while only 19 percent said they approve. Forty-three percent said they aren’t sure about the option. The idea has gained attention recently after Rep. Jerrold Nadler suggested (N.Y.) it as a possibility to avoid a debt default if Congress does not raise the debt ceiling. Since then, the option has gained some prominent supporters, including New York Times columnist Paul Krugman
[...]
By a small 28 percent to 25 percent plurality, Democrats in the survey said they approve of the proposal, but a majority of Republicans and a plurality of independents say they disapprove of it.

Nadler’s backup plan would entail writing “$500 billion” on two cocktail napkins and putting them in Tim Geithner’s birthday card.

Why not mint a whole bunch of trillion-dollar-coins and pay off the entire debt? I’m sure that’s being discussed in DC cloak rooms and offices at the New York Times as we speak.

You know we’re in real trouble when in some circles throwing a bus token into the coffers and calling it a trillion dollars is considered a more palatable and realistic option than seeking in-patient treatment for a possibly fatal spending addiction (which, unsurprisingly, is not covered under Obamacare).

Update: The White House leaves the trillion dollar coin option on the table.

(h/t Zero Hedge)

**Written by Doug Powers

Twitter @ThePowersThatBe