Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Morality Of Economic Behaviour Economics As Ethics

Authors: Vangelis Chiotis

1st Edition

1351168878, 9781351168878

More Books

Students also viewed these Economics questions

Question

What is cultural synergy?

Answered: 1 week ago

Question

Define belongingness, competence, and autonomy.

Answered: 1 week ago

Question

2. The purpose of the acquisition of the information.

Answered: 1 week ago

Question

1. What is the meaning of the information we are collecting?

Answered: 1 week ago