Paul Krugman: Trillion-Dollar Coin Would Help Fight 'Government By Blackmail'

Well, the trillion-dollar-coin thing -- deal with the debt ceiling by exploiting a legal loophole to have the Treasury mint one or more large-denomination coins, deposit them at the Fed, and use the cash in the new account to pay bills -- has really taken off. Last month I spoke with a senior Fed official who had never heard of the idea; these days it's all over.

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