News for hackers. Stuff that matters.

A comment on Trillion-dollar platinum coin could be minted at the last minute. Parent comment

Re:Trillion-dollar platinum coin could be minted at the last... by syshum on Tuesday October 05, 2021 @03:24PM (#28764373)
>> Congress can print money at will.

No Congress can not, the Federal Reserve can, which is not under the authority of congress at all really.

Congress can spend money, and Congress can Mint Coins (i.e this story) but it can not create federal reserve notes

If it spends more money than it take in from taxes it must issue Treasury bills that is has to sell to someone, Today almost no one wants to buy US Debt because congress is irresponsible like a child with a AMEX Black card.

So the only entity willing to buy US debt is the Federal Reserve who does so by money printing aka inflation of US Currency aka a tax on responsible people in society

[ Parent | on HN ]
Re:Trillion-dollar platinum coin could be minted at the last... by horsawlarway on Tuesday October 05, 2021 @03:48PM (#28764674)
https://constitution.congress.gov/browse/essay/artI-S8-C5-1/...

They damn well can. There's nothing stopping congress from dissolving the federal reserve tomorrow if they'd like, other than the general dysfunction of congress that's spurred this whole discussion.

[ Parent | on HN ]