The best romances are the short ones. The dream of the White House minting a platinum coin worth $1 trillion to avoid a debt ceiling crisis is officially done.
"Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit," Anthony Coley, a Treasury Department spokesperson, told the Washington Post's Ezra Klein on Saturday. As Klein explains, the platinum dream's death blow in the quote is the inclusion of the Federal Reserve not accepting the coin. They would have to acknowledge the coin as legitimate currency for the platinum coin theory to work.
No idea what we're talking about? A quick refresher: led mostly by Business Insider's Joe Weisenthal and Bloomberg's Josh Barro, a crazy idea found in a blog's comments section a few years ago caught fire last week. That the Treasury Secretary could order the minting of a platinum coin worth $1 trillion dollars, walk over the Federal Reserve and throw it in the White House's bank account. This would avert any sort of debt ceiling negotiation, because the President would just threaten to mint the coin if Republicans tried to start a fight over the ceiling. There isn't too much of a financial backlash from the coin, at least compared to letting the government default on its loans and watching global markets burn (what's expected if the debt ceiling isn't raised).