"Minting the coin would be nothing but an accounting fiction" Krugman

An update to the 1 trillion coin

http://www.washingtonpost.com/blogs...a-platinum-coin-to-sidestep-the-debt-ceiling/

"The Treasury Department will not mint a trillion-dollar platinum coin to get around the debt ceiling. If they did, the Federal Reserve would not accept it. That's the bottom line of the statement that Anthony Coley, a spokesman for the Treasury Department, gave me today. "Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit," he said."

Of course the Federal Reserve would not accept it. They are the only ones that can issue something of value that costs them nothing. Most other news channels are smoothing out the comment a little saying the below

"For the plan to work, the Federal Reserve would have to deposit it in the Treasury account and credit the account $1-trillion that could be used to pay the nation's bills. But if the Federal Reserve does not believe that the coin is worth $1-trillion and refuses to buy it, then the plan falls apart."