The US government could learn a lot from this guy
News that a man tried to use a trillion dollar note to pay a restaurant bill should be taken very seriously in Washington DC.
Michael Williams, 53, tried to pay for a meal using a trillion dollar bill last week after his debit card was declined, according to The State.
Police were called to the scene in Sumter, South Carolina.
US politicians should be taking inspiration from the move, and when they do the same to get round a debt limit, it should be entirely legal.
Debt ceiling squabbles
One of the stranger and utterly useless features of the US political system is the debt ceiling – which puts a limit on the amount of government debt that can be accrued.
The rule seems to do very little to keep governments prudent, but means we keep returning to a situation where politicians hold the country hostage, refusing to up the limit until their demands are met, or the hostage takers give up.
Last October we saw functions of the federal government shut down for more than a fortnight.
The Williams solution
All this could be easily avoided – if the US government decided to use a legal loophole it could do what Williams attempted to and get away with it.
The Coinage Act would allow the secretary of the Treasury the ability to produce a coin of any value, as long as it's made out of platinum.
The Secretary 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.
Some claim that this is a silly solution, but all that matters is the legality – which stacks up just fine. And it's a silly solution for an awful rule.
Bloomberg's Matt Levine has a slightly more sensible offering – that the US should mint premium bonds instead of a platinum coin – and that option makes a lot of sense too.