$1,000,000,000,000 Platinum Coin To Prevent Default Discussed at ‘Highest Levels’ of US Government: New Report
Newly released documents from within the US government have revealed that high-level legal discussions have taken place regarding the creation of a trillion-dollar platinum coin by the Treasury Department. This concept has been under consideration for years as a potential solution to increase funds for the US without resorting to additional borrowing, thereby avoiding default risks and ongoing debt ceiling controversies.
After years of persistent requests made through the Freedom of Information Act (FOIA), concrete documents have finally emerged detailing the government’s interest in minting such a significant denomination coin. Four heavily-redacted documents, totaling 38 pages, were recently made public by the US Justice Department, shedding light on internal legal conversations spanning from 2013 to 2023.
The documents show that the Office of Legal Counsel (OLC) has partaken in multiple discussions regarding the legal authority to create the platinum coin, with different strategies for addressing the debt ceiling emerging over the years. A 2013 document titled “Authority of the Secretary of the Treasury to Issue a Large Denomination Platinum Coin” offered preliminary research and undisclosed conclusions.
Similarly, a 2015 document outlining oral advice given to Treasury officials on debt ceiling strategies has also been released, although it remains heavily redacted. This document coincides with the resurgence of media attention surrounding the trillion-dollar coin idea.
Moreover, a cover sheet dated May 16th, 2023, pertaining to a 2021 memo, includes 26 pages of research on the debt limit, highlighting “evolving” legal perspectives on the matter. However, most details within this document are redacted, leaving many unanswered questions. Journalist Jason Leopold, who obtained these documents, has vowed to continue pursuing more definitive answers.
Leopold emphasizes the importance of deciphering the term “evolve” within these documents. Does it imply that the Office of Legal Counsel believes the Treasury has the necessary legal authority to mint platinum coins? Does it suggest that the president could invoke the 14th Amendment in the event that Congress fails to address the debt ceiling? Or does it indicate that both proposals lack solid legal grounding? These outstanding queries remain unresolved.
The discussion surrounding the trillion-dollar platinum coin, while intriguing, leaves much room for speculation. As further information becomes available, the public eagerly awaits a clearer understanding of the US government’s stance on this potential solution to avoid default.