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The Indicator from Planet Money

What's the deal with the platinum coin?

The Indicator from Planet Money

NPR

Business

4.79.2K Ratings

🗓️ 26 January 2023

⏱️ 10 minutes

🧾️ Download transcript

Summary

Forget extraordinary measures. Today we're going full extra extraordinary. How a trillion-dollar platinum coin could get the country around the debt ceiling limit.

For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.

Transcript

Click on a timestamp to play from that location

0:00.0

NPR.

0:12.1

We are in the thick of another debt ceiling season.

0:15.0

The US legally can't borrow any more money and politicians are digging in for another round

0:20.6

of brinkmanship over whether to raise the debt limit.

0:23.2

Yeah, and we covered this on yesterday's episode.

0:26.0

And in the meantime, US Treasury Secretary Janet Yellen has implemented what she calls

0:30.6

extraordinary measures to make sure that the government can keep paying its bills.

0:35.6

But some folks in economic and legal circles are proposing measures that you might describe

0:40.9

as even more extraordinary than what's already in place.

0:44.8

And one of those proposals involves making a platinum coin with a face value of $1 trillion.

0:53.4

One coin to rule them all.

0:55.6

That's right.

0:56.7

This is an idea that first popped up over a decade ago and has attracted a lot of buzz

1:01.2

in the current news cycle.

1:02.8

It even has a hashtag, hashtag, mint the coin.

1:06.0

Which might lead you to think, surely this is some kind of economics inside joke.

1:11.0

But it is very much not a joke and don't call me Shirley.

1:14.6

This is the indicator from planet money.

1:16.1

I'm Whelen Wong.

1:17.1

And I'm Daryl Edwards.

1:18.1

Today on the show, we will explain the origins of this trillion dollar coin idea.

1:24.0

And we try to figure out is this trillion dollar coin just this wacky gimmick?

...

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