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The US Treasury has contemplated minting a $1 trillion coin to pay the nation's debt obligations. As described by statute c. 1996: The Secretary [of
The US Treasury has contemplated minting a $1 trillion coin to pay the nation's debt obligations. As described by statute c. 1996: "The Secretary [of the Treasury] may mint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary's discretion, may prescribe from time to time." a. What does the word "bullion" mean? b. The current price of platinum is $908 an ounce. Given your answer in (a), how many ounces of platinum would the US government need in order to mint a $1 trillion coin? c. There is only 32 million ounces of platinum available in the US. Most has not even been recovered and, that which has, is not actually owned by the federal government. Given your answers in (a) and (b), does the US have the ability to mint a bullion $1 trillion platinum coin? Explain in one or two sentences. d. Given your answer in (c), if the US Treasury is to mint such a coin what must they claim the definition of bullion to be
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