To Mint, Or Not To Mint~Trillion Dollar Coin A No-Go

It looks like outgoing Treasury Sec'y. Timothy Geithner, wanted to go out with a bang, as he persuaded the President to spend most of last week posing for the trillion-dollar platinum coin that would never be minted. Geithner assured the President that the coin had “a way better than fifty percent chance” of being minted. Now I've never been a fan of Geithner's (I penned this, Geithner's Gotta Go, shortly after Obama appointed him), but his hair-brained idea left Obama "totally furious" when the coin deal was scrapped. A White House sources states "things got ugly," and if the coin deal surfaces again, he’s going to make Biden pose for it.” (I'm chuckling as I write this!)

 

Actually, it was Geithner's pitch to the President to whittle the deficit a tad, but the trillion-dollar platinum coin idea was hatched by a Georgia lawyer known online as "Beowolf," who was inspired (more like egged on) by a 2009 Wall St. Journal article, and the online discussion it generated. For more on the coin's beginnings, see the link below...

 

So, was this a hair-brained idea to reduce the deficit? I myself, am a bit surprised Obama agreed to it, but it was for a good cause, right?!!?

 

Read more: http://www.newyorker.com/online/blogs/borowitzreport/2013/01/obama-furious-he-wasted-week-posing-for-coin.html#ixzz2IVElJYdg

 

Meet the Genius Behind the Trillion-Dollar Coin

Is The Trillion-Dollar Platinum Coin Clever or Insane? - Forbes