You are using an outdated browser. Please upgrade now to a modern browser in order to benefit of all our site's features: Chrome, FireFox, Opera, Safari or Internet Explorer. [Close]

The Official Blog of Fox News Channel

Judge Napolitano Weighs in on the Trillion Dollar Coin Proposal: 'It Would Be Economically Catastrophic'

With the United States more than $16 trillion in debt and fast approaching the debt ceiling once again, a petition on the White House website calls for the Treasury to mint a $1 trillion coin and use it to pay down the debt. Some Democrats have said Obama should consider the trillion-dollar coin option as a way to avert another debt ceiling fiasco with House Republicans, who have demanded significant spending cuts in exchange for agreeing to raise the debt limit.

Economist Paul Krugman wrote in the New York Times that the coin idea is silly, but no less silly than Republicans using the debt ceiling as a negotiating tool.

“(Obama) will, after all, be faced with a choice between two alternatives: one that’s silly but benign, the other that’s equally silly but both vile and disastrous. The decision should be obvious,” Krugman wrote.

Stuart Varney asked Judge Andrew Napolitano this morning what he thinks of the idea. The judge said while this would be lawful under the Constitution, it is an "absurd" idea overall and would solve nothing.

"It would be economically catastrophic. It would result in massive inflation, it would devalue everything that everybody already owns and it would be fruitless. If this were not so, then why doesn't the government give all of us coins and make all of us billionaires?" said Napolitano.

Watch the full discussion:

Leave a Comment0

Don't want to keep checking back here for the latest from Fox News? That's cool. We'll come to you ...

Connect with Fox News

Subscribe

Stay connected with the most-trusted name in cable news through exclusive videos, blogs, polls, contests and behind-the-scene details.

Get More Fox!

Greta Is Wired!

GretaWire.com is the official blog of Greta Van Susteren. Get Greta’s breaking news alerts, pictures, videos, polls, and behind-the-scenes exclusives. Plus, speak out on open threads, as well as the live chat page. Connect to the GretaWire community ... and to Greta herself!

Fox News Presents: 'My America with Elisabeth Hasselbeck'

Fox News Channel presents an exciting new feature series, My America with Elisabeth Hasselbeck. From the quirky to the inspirational, "My America" reveals who we are as a nation – driven, passionate and uniquely American. Watch the latest installment, an up-close look at the beloved Oscar Mayer Wienermobile!