Author Topic: Obama Admin Drafted Memos on Trillion-Dollar Coin During Debt Ceiling Showdown  (Read 286 times)

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Offline flowers

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Fans of economic policy may recall that during one of the many recent debt ceiling showdowns, the idea to mint a trillion-dollar platinum coin came to the fore. It turns out that the Obama administration took the idea seriously enough to have the Justice Department’s Office of Legal Counsel draft memos pertaining to its legality, a fact belied by the White House’s out-of-hand dismissal of the option in January.

In response to the Huffington Post’s Freedom of Information Act request, the OLC confirmed that memos about the legality of minting a high-value platinum coin had been written since Obama took office, but declared them “not appropriate for discretionary release.” HuffPost filed the FOIA request during this fall’s debt ceiling battle.

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The #MintTheCoin movement began in late 2012, when raising the debt ceiling was once again the subject of congressional brinksmanship. Basically, a legal loophole allows the Secretary of the Treasury, Tim Geithner at the time, to mint platinum coins for any amount. If the GOP had successfully

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