Please create an account to participate in the Slashdot moderation system

 



Forgot your password?
typodupeerror
Trust the World's Fastest VPN with Your Internet Security & Freedom - A Lifetime Subscription of PureVPN at 88% off. Also, Slashdot's Facebook page has a chat bot now. Message it for stories and more. ×
Government

Seigniorage Hack Could Resolve Debt Limit Crisis 696

UltraOne writes "With the US Senate voting to table the Boehner debt limit bill, the US is only a few days away from running out of cash to pay for all its obligations. Slate is reporting on a fascinating legal hack that could come in handy, described by blogger 'beowulf' back in January 2011. Seigniorage is the extra value added when a government mints a coin with a face value greater than the value of the precious metal contained in the coin. The statute governing the minting of coins contains a section (31 USC 5112(k) ) that authorizes the Secretary of the Treasury to mint and issue platinum coins in any denomination or quantity. To keep the government from running out of money, Timothy Geithner could order a $5 trillion platinum coin struck and deposited at the Federal Reserve. The money could then be used to fund Federal Government operations (blog post contains legal details)."

Slashdot Top Deals

The Wright Bothers weren't the first to fly. They were just the first not to crash.

Working...