Geithner could sidestep the debt ceiling this afternoon by ordering the West Point Mint to coin a 1 oz. $ 1 trillion coin. Tsy can then present the jumbo coins at the NY Fed to buy back $1 trillion in Fed-held debt (the Fed has to accept it, a creditor can’t refuse legal tender paid in to settle a debt)
via pragcap.com
Though this seems completely nuts, it also appears to be completely legitimate. Or, more appropriately, I should say "legitimate".
