Ah, platinum, the metal of kings. It's prized by jewelers because it doesn't tarnish, and it's a key material in catalytic converters, used to reduce auto emissions. Now, theoretically, it's also a way to provide relief from the nation's debt ceiling crisis.
That's been the talk on Twitter and the Internet in the past week or so. Rep. Jerome Nadler, D-N.Y., suggested the Treasury mint a $1 trillion platinum coin and deposit it at a handy Federal Reserve Bank, probably the Federal Reserve Bank of New York. And voila! The $1 trillion addition to the Treasury's bank account would give the government breathing room to avoid the debt ceiling fight.
There's even a petition you can sign demanding that President Barack Obama mint the coin. It's an interesting, if loopy, idea. There are lots of questions. Many people think it's illegal, while others say the legal questions are balderdash. Most important, dare we say it, the idea is simply impractical. Here's why.
