There are discussions on the internet of a scheme by which the United States government could continue to function without raising the debt ceiling. This scheme boils down to the use of a loophole that would allow for a trillion dollar coin to be minted.
I'm curious what the effects of such an act would be, but I'd like something grounded in history. Has any government minted this much money at once before? I'm not asking for a 1:1 match here given the large amount of currency we're dealing with, just a significant amount of money. For example, one trillion dollars is between 1/3 and 1/4 of US Federal Spending in 2011, so if a country has minted currency on a similar scale as 1/4th of the government's total spending, that's acceptable.