White House to Mint 2 Trillion Dollar Coins?

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From the desk of Ian Wyatt Editor, Daily Profit Friday July 29, 2011 To unsubscribe - click here

	White House to Mint 2 Trillion Dollar Coins?

	The buzz around Washington, D.C. today is the authority for President Obama to authorize the minting of two $1 Trillion coins, thus ending the debt talk stalemate. Yale University constitutional law professor Jack Balkin points out that while the U.S. Constitution imposes a limit on the amount of paper money that can be created, there's no such restriction on coinage. From professor Balkin: "Sovereign governments such as the United States can print new money. However, there's a statutory limit to the amount of paper currency that can be in circulation at any one time. Ironically, there's no similar limit on the amount of coinage. A little-known statute gives the secretary of the Treasury the authority to issue platinum coins in any denomination. So some commentators have suggested that the Treasury create two $1 trillion coins, deposit them in its account in the Federal Reserve and write checks on the proceeds." While this idea seems far-fetched and highly unlikely, it demonstrates a certain sense of helplessness as debt talks go nowhere while the August 2nd deadline looms. Investors and bondholders are getting nervous and ratings agencies appear even more likely to downgrade U.S. debt, regardless of whether the August 2nd deadline is met or whatever kind of deal comes from it. Americans are advised to prepare for higher interest rates and a slowing of credit and by extension, whatever measure of "growth" we've enjoyed. Stocks of U.S. companies are expected to react negatively, punish traders, investors, and 401(k) holders alike. Even if Congress and the President are able to find a compromise that raises the debt ceiling before the August 2nd deadline, spending cuts at the federal level will be a drag on economic growth and could send unemployment higher while tax hikes could slow spending and hiring. Investors are advised to take steps to protect their wealth now. The latest Wyatt Investment Research special investment report is designed to help investors protect and grow their wealth in spite of U.S. debt problems. Click here for the details on of how to get your FREE copy of the "U.S. Debt Protection Fund" special report...
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