Politics Tlaib proposes minting two $1 trillion platinum coins to finance monthly coronavirus debit cards

23:15  21 march  2020
23:15  21 march  2020 Source:   washingtonexaminer.com

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Rep. Rashida Tlaib has proposed sending everyone in the United States $1,000 per month to counter the economic fallout of the coronavirus pandemic.

The Michigan Democrat's plan would be financed by having the Federal Reserve create new money on behalf of the Treasury. To skirt the federal debt limit, the U.S. Mint would create two $1 trillion coins, and the Treasury would deposit them in its account at the Fed.

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Platinum coins are a form of currency. Platinum has an international currency symbol under ISO 4217 of XPT. The issues of legitimate platinum coins were initiated by Spain in Spanish-colonized America in the 18th century and continued by the Russian Empire in the 19th century.

Every coin can be seen as precious for a host of reasons: not just for its gold, silver or platinum composition, but for encapsulating a piece of history, an expression of culture, or a work of art. Beyond the surface—that's what gives collectible coins real value.

Tlaib, a member of the small group of left-wing freshman House Democrats known as "The Squad," described the plan as a "truly universal relief proposal."

Under Tlaib's proposal, everyone in the U.S., including illegal immigrants, would receive a $2,000 debit card immediately, either through the mail or by having a dedicated government corps seek them out. Families would receive that amount for each family member. The cards would then be refilled with $1,000 monthly until one year after the end of the crisis.

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The plan goes far beyond the measures proposed by Senate Republicans as part of a stimulus package. Their initial plan featured a one-time $1,200 check for adults earning below a certain income level. Tlaib's proposal is more in line with that of House Financial Services Committee Chairwoman Maxine Waters, a California Democrat.

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Financial regulators in the country have said they believe the impact on China's already slowing economy will be "short term". China's central bank has announced other economic measures in the face of a deepening coronavirus epidemic, including providing banks with 300 billion yuan to lend to

The broad shutdown of business to prevent the spread of the virus has prompted governments to embrace unprecedented emergency measures and massive relief programs. On Friday, for instance, the United Kingdom's chancellor of the exchequer said that the government would cover 80% of the wages of workers sidelined by the crisis.

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