Tongue in cheek, the idea of a Trillion Dollar Coin, with President Obama's sketch on the obverse, is being tossed around on the television channels.
As a souvenier, it would be good, but as a practical idea, it would be unworkable. If such a coin were minted, it would be uncashable, therefore I think the idea can rest just there. Can you imagine, it would need the protection of Fort Knox....
No, the Trillion Dollar that they need to have in place by the time the debt clock hits 16.15 Trillion Dollars, whenever that is, will have to be in denominations that are easily convertible into legal tender so that people can be handling the greenback in the size and shape they know. And with which they can buy houses, cars, buildings, company shares, debit cards, holidays, education, cinema tickets, pay for their meals, whatever and however people like to spend and enjoy themselves, and allow the U.S. to carry on trading with the world.
Can you imagine bi-partisan co-operation not being reached on this matter? I cannot imagine many Senators or Representatives being happy to miss their paycheck, or to see the whole financial system dry up.
Regardless of whatever happens, I believe President Obama holds the President's Prerogative on this, and he will exercise that, just to ensure the nation keeps ticking as normal and there is no hickup or delay on the path to economic Recovery, which the American nation has worked hard for and put on a sustainable basis. By my figures, I would say the U.S. economy could possibly create 300,000 to 500,000 jobs a month, on-going for a period of 14 months, with the raising of the debt ceiling and pumping in of $62.5 Billion each month. That would create heatmaps of happiness, everywhere, as trade is assured everywhere and continues to sustain jobs worldwide.
Who would want a recession when cordial agreements with trading partners will ensure continued worldwide economic Recovery?
For a happy jamboree scenario worldwide, I pray.