Susanne Posel
The US Congress is contemplating minting a $1 trillion platinum coin under the authorization of Timothy Geithner, US Secretary of Treasury. These platinum coins would be used to pay off the $16.4 trillion debt accrued by US government spending. The US Treasury would keep the coins in its account at the Federal Reserve Bank in Washington, DC. Legally, under Title 31 of the USC, Section 5112, the US Treasury would give the platinum coin any monetary worth, such as $1 trillion, and then deposit into the Federal Reserve Bank to be added against the National Debt. Subsection K reads: “The Secretary may mint and issue platinum bullion coins and proof platinum coins citeste si comenteaza …

The federal government borrowed 46 cents of every dollar it has spent so far in fiscal 2013, which began Oct. 1, according to the latest data the Congressional Budget Office released Friday. The government notched a $172 billion deficit in November, and is already nearly $300 billion in the hole through the first two months of fiscal year 2013, underscoring just how deep the government’s budget problems are as lawmakers try to negotiate a year-end deal to avoid a budgetary “fiscal cliff.” Higher spending on mandatory items such as Social Security, Medicare and interest on the debt led the way in boosting spending compared with the previous year, which also highlights the trouble spots citeste si comenteaza …