In response to the $1 trillion coin, some conservatives are making a strange argument.
In case you've never actually used money before, it works like this. You mint a coin or print a bill and you write the value on the coin or bill. For example, $20. Then, because we all agree it has value, it does. You don't have to actually make a $20 bill worth $20 of paper. Likewise, a quarter doesn't actually contain 25 cents worth of metal.
But then, that's in reality.
3 comments:
Actually, that isn’t quite as nutty as it sounds. The law says the Secretary of the Treasury can mint and issue platinum bullion coins of any denomination, but… the definition of a bullion coin is one that is valued by its weight in a specific precious metal. Under that definition, a trillion dollar coin would indeed have to contain a trillion dollars of platinum.
I just noticed, according to the info graphic in your post, blue whales apparently weigh 200,000 tons each. I think maybe the first line was supposed to be pounds, not tons.
You're right about the law using the word "bullion". I wonder why no one has raised this point?
Dictionary says bullion "typically" has metal content equal in value. I suppose the law hasn't necessarily been read to require it.
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