Can #MintTheCoin solve the US economic crisis?
In case you’ve been living under a rock this past year has been one of ‘strange and unprecedented’ times thanks to the ongoing COVID-19 crises that has taken over as a global pandemic. What initially started as a public health issue however quickly escalated in many parts of the world into an economic disaster that has seen national debts plummet drastically and rapidly as governments seek to fill the fiscal gaps left by the crises due to unemployment and various lockdown restrictions.
The United States of America has become the epicentre of the virus outbreak since it was initially discovered in Wuhan, China back in late 2019 before starting to spread worldwide in early 2020. The USA currently has around just over a third of all worldwide cases of coronavirus and has been responsible for nearly a fifth of the total number of deaths attributed to the virus.
As the economy has had to shut down in the various states of lockdown with knock on effects seeing unemployment soaring, there has been a surprising call for the national treasury to mint two $1Trillion Dollar coins.
The idea for the two coins however is not new to the current crises, but actually a resurgence of a # that to #MintTheCoin that first emerged in 2013. The hashtag, which has its own website, is thanks to what some are calling a loophole in the existing laws surrounding the printing of money that allow the US Treasury to assign any amount to a platinum coin.
The Federal Reserve would then buy the coins from the US Treasury and distribute $1,000 USD a month to US citizens via a preloaded credit card. The proposal is currently called the Automatic BOOST to Communities Act and is being presented by U.S. Representative for Michigan Rashida Tlaib.