It’s payback time. It sounds like a joke. A little-known loophole could permit the Treasury to mint a $1 trillion platinum coin (or coins)—which the president could then use to pay off part of the nation’s debt. (ABCNews)
Are they kidding?
Here’s the deal: Rather than repeat the debt ceiling nailbiter of 2011, some economists have proposed a solution that sounds like a Monty Python script: mint new money, pay off some of our $16.3 trillion debt so we don’t hit the bloody ceiling, and skip the whole show, whot?
As NYT columnist Paul Krugman points out, it sounds ludicrous, but it’s just a shortcut for what the government would do anyway if it raised the debt ceiling.
And speaking of fiscal responsibility…whether you love Mayor Mike or hate him, NYC’s outgoing billionaire has given $16 million through his philanthropy to set up Financial Empowerment Centers in five cities (including Philly and Denver), that offer free counseling to lower-income folks. Alas, Washington, D.C. isn’t on the list. (Philadelphia Biz Jnl)
One ring, er, bracelet to rule them all! Later this year, Dis-o-philes will be able to visit the Happiest Place on Earth without worrying about tickets, credit cards, or long lines, thanks to a new wireless rubber bracelet parkgoers can wear. Downside: The bracelet acts as a tracking device, so Mickey can always find you.