The Trillion Dollar Coin

I'm sorry, but is there a universe in which this sounds like a good idea?  Excerpts:

...the law inadvertently gave the Treasury secretary the power to mint, say, a $1 trillion coin, or even a $5 trillion coin, or even a $1 quadrillion coin.

Rather than selling it, he might deposit it at the Federal Reserve. Presto! The shiny new asset would erase a trillion dollars in debt liabilities. Then, the Treasury could carry out its spending — including disbursing Social Security checks and Medicare payments — without hitting the ceiling, a cap on total debt issuance that currently stands at about $16.4 trillion.

When Congress raised the ceiling again, the administration could then take the platinum coin and destroy it. With a token the size of a penny, the White House could head off another round of Congressional brinkmanship and another run at a fiscal cliff...

The National Republican Congressional Committee, which mocked up a fake trillion-dollar coin with President Obama’s face on it, noted the absurdity of the idea by saying that the amount of platinum it would take to mint a trillion-dollar coin would sink the Titanic.

(A technical point, but a relevant one: such a coin would not need to contain a trillion dollars’ worth of platinum.)...

This is one of those times when having a fiat currency seems like a really, really bad idea.  The whole suggestion sounds awfully like this, only without the whole hoax aspect.