(Platinum) Pennies From Heaven (UPDATED)

via The Moderate Voice 

• Sovereign governments such as the United States can print new money. However, there’s a statutory limit to the amount of paper currency that can be in circulation at any one time.
  
  Ironically, there’s no similar limit on the amount of coinage. A little-known statute gives the secretary of the Treasury the authority to issue platinum coins in any denomination. So some commentators have suggested that the Treasury create two $1 trillion coins, deposit them in its account in the Federal Reserve and write checks on the proceeds.
• Balkin also suggests selling of government assets to the Federal Reserve for $2 trillion for later buyback at $1 as well as a previously-discussed option to interpret Congress’ promises to spend as “debts” that cannot be “questioned” under the 14th Amendment.
• UPDATE: The statute here appears to be 31 U.S.C. § 5112(k), which reads:
  
  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.

I don't know if all that checks out, but what if it does?  It means all of this  hullabaloo has been for nothing.  The President already has enough power to do whatever he wishes, provided that this checks out.

What is the practical result of this outcome, should it occur?  It would increase the monetary base by a significant amount.  I would think it to be inflationary.