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Mark Twain sort of anticipated the trillion-dollar platinum coin
2:34p ET Monday, August 12, 2024
Dear Friend of GATA and Gold:
Responding to the recent commentary about the idea to spectacularly increase the U.S. money supply via the minting and depositing at the Federal Reserve of one or two platinum coins of trillion-dollar denominations, a friend asks: What would a trillion-dollar platinum coin do to the price of U.S. platinum Eagles?
For whatever it's worth, your secretary/treasurer doesn't think that the U.S. government's resort to the platinum coin gimmick would have any more effect on the price of regular platinum coins than its general inflationary effect on all prices.
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But like every other institution, the U.S. Mint occasionally makes mistakes, and there's a laugh in the possibility that the mint might let a trillion-dollar coin escape into public circulation, with a lucky possessor someday walking into a bank to present it and ask for change.
Back in 1893 Mark Twain had fun with a short story based on the concept underlying the platinum coin, the utility of infinite credit:
https://en.wikipedia.org/wiki/The_Million_Pound_Bank_Note
It's more likely that the mint would make any trillion-dollar coin a lot larger than regular coins and the Federal Reserve would lock it in a special display case for exhibiting to schoolchildren so they might learn where money comes from and why their country's financial system is so ingenious, at least while the world is so easily snookered.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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