A Trillion $ for Barack on the Obverse Anyone?

No doubt, you’ve heard of the latest Obama administration ploy being bandied about, minting a trillion dollar coin to bypass Congressional control of spending and debt.   It turns out that former US Mint Directors, who are getting their 15 minutes of fame out of speculating about the platinum coin scheme, are in the private sector gold selling business these days.  No one profits more from devaluation of the dollar, whether it comes in the form of the Fed’s printing presses or the Mint’s coin stamping, than purveyors of precious metals.  The days of government officials (elected and appointed) doing anything other but cashing in on their crony connections are long gone.  

By the way, I’ve actually read the law governing the mintage of coins. The law specifies the denominations that may be minted, making no mention of a trillion dollar coin.  The particular part of the law that these Bozo, erstwhile Mint Directors cite to justify a trillion dollar commemorative coin, refers to proof coins and sets that can be sold at substantial premiums above face value.  IMHO, for the trillion dollar scheme to actually to be legal, the Mint would need to find a buyer willing to lay down a trillion dollars for the privilege of owning Barack’s likeness in platinum.  There may be a fool born every minute, but none begotten in the last century who has the wherewithal or the stupidity to get embroiled in this scheme.

Update 1/12/13 9:44 pm.  The Federal Reserve, the only potential purchaser of the trillion dollar coin, passed the buck (or a trillion of them) saying it would not view the coin as viable.  Translation, the Fed realized if it played along that would be the end of an indepedent Fed once the political winds shift.  So we are back to some semblance of a rule of law.