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StopTheCoin.com: Stop the Trillion Dollar Coin!

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UPDATE: 1/12/2013 We did it! We stopped the coin! "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," said Treasury spokesman Anthony Coley.

It sounds like a joke. It should be a joke. But it is real: Liberal pundits and Democratic members of Congress are urging President Obama to mint trillion-dollar platinum coins to fund continued government spending above the federal debt ceiling.

Joe Firestone, the blogger who first proposed the idea, is now calling for a $60 TRILLION platinum coin to be minted.  That would mean completely eliminating all bond-market discipline on federal spending and effectively eliminating the debt ceiling without the approval of Congress.

Former CBO Director Douglas Holtz-Eakin has explained: "Financial markets viewing this clumsy subterfuge would quickly come to the correct conclusion: a country so unable to manage its finances that it resorts to issuing the [coin] is essentially the same as a country so unable to manage its finances that it breaches the debt ceiling. Confidence in the U.S. would plummet, leading to a spike in interest rates and unthinkable economic pain."

The coin trick is also probably illegal. Edmund Moy, a former director of the U.S. Mint who served under Bush and Obama, has argued that by statute the platinum coin would be worth only its precious metal weight, not its face value. "It may be legal to mint a platinum bullion coin with a $1 trillion face value," Moy wrote, "but it's not legal to pass it off as actually worth $1 trillion if there isn't $1 trillion of platinum in it."

But it is unclear who might have standing to legally challenge the scheme, and it has somehow seemed to have passed the laugh test and entered the realm of political feasibility. Fortunately, Congressman Greg Walden of Oregon has introduced a bill to close the loophole and BAN the platinum coin trick.

Please sign on below to tell your Member of Congress and Senators: "Ban the platinum coin trick now and get serious about cutting spending."

Public Comments
Jan 10th, 2013
Lou B. from Oklahoma City, OK signed.
Jan 10th, 2013
Someone from Grassy Creek, NC signed.
Jan 10th, 2013
eleanor F. from Basking Ridge, NJ signed.
Jan 10th, 2013
Paul W. from Kingman, AZ signed.
Jan 10th, 2013
Doug S. from Pocahontas, AR signed.
Jan 10th, 2013
Deb t. from Atlanta, GA signed.
Jan 10th, 2013
Susan S. from Belmont, NY signed.
Jan 10th, 2013
Someone from Farmersville, OH signed.
Jan 10th, 2013
Dymphna F. from Brooklyn, NY signed.
Jan 10th, 2013
Carolyn E. from Bonne Terre, MO signed.
Jan 10th, 2013
Carrie Z. from Metropolis, IL signed.
Jan 10th, 2013
Emil B. from Kerrville, TX signed.
Jan 10th, 2013
Donna G. from Tucson, AZ signed.
Jan 10th, 2013
Someone from Dutch John, UT writes:
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we should take care of our own first. stop spending the peoples' taxes on other countries. Ban the platinum coin trick now and get serious about cutting spending!
Jan 10th, 2013
joseph s. from Solsberry, IN writes:
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It is all a plot to destroy our dollar!Thus submitting our soventry to the U.N,
Jan 10th, 2013
Shirley T. from Florence, KY writes:
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What else is Obama going to think of? He who would be king!
Jan 10th, 2013
Doris S. from Irving, TX writes:
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Stop giving military and financial aid to all the nations in the world, we cannot keep up the whole world.
Jan 10th, 2013
Lou D. from Norfolk, VA signed.
Jan 10th, 2013
Pauline N. from West New York, NJ writes:
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NO more gimicks. NO more spending. You should all be impeached.
Jan 10th, 2013
Someone from Marion Station, MD signed.
Jan 10th, 2013
Randall B. from Hernando, FL writes:
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This is insane. . .You people should be ashamed
Jan 10th, 2013
ed s. from Mikana, WI writes:
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How stupid do you have to be to buy into this? Dumber'n a box of rocks!
Jan 10th, 2013
David L. from Weston, CT signed.
Jan 10th, 2013
Linda H. from Chelsea, MI signed.
Jan 10th, 2013
Henry R. M. from Coolville, OH signed.
Jan 10th, 2013
Harriet E. from Redwood City, CA signed.
Jan 10th, 2013
Robert P. from Tillamook, OR signed.
Jan 10th, 2013
kathy m. from Stoughton, MA signed.
Jan 10th, 2013
Robert L. from Jackson, MI signed.
Jan 10th, 2013
Ralph S. from Rosedale, VA signed.
Jan 10th, 2013
Bruce B. from Marquette, MI writes:
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Why not just cut all wasteful spending??
Jan 10th, 2013
paul k. from Nassau, DE writes:
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Stop Obama's madness!
Jan 10th, 2013
stephen s. from Largo, FL writes:
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Im still trying to figure out how the people of our great nation could be so stupid to elect some one to run our country thats never had a job running anything let alone our country. I guess if you can lie and spred enough BS you can fool the masses huh.
Jan 10th, 2013
Theresa T. from Brookings, OR writes:
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I hope none of the House or Senate who may be thinking of approving such a thing have any desire to keep their jobs! Americans are wide awake and angry and we've had enough of Obama and his schemes.
Jan 10th, 2013
Theresa T. from Brookings, OR writes:
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I hope none of the House or Senate who may be thinking of approving such a thing don't have any desire to keep their jobs! Americans are wide awake and angry.
Jan 10th, 2013
Richard G. from Ogden, UT writes:
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It's time to get serious about oput of control spending and titen the reins on Obama
Jan 10th, 2013
Gilbert l. from Bellevue, KY signed.
Jan 10th, 2013
Nancy J. from Dallas, TX signed.
Jan 10th, 2013
Jamie T. from Dallas, TX signed.
Jan 10th, 2013
Someone from La Center, WA signed.