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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
Someone from Newtown, PA signed.
Jan 10th, 2013
Tracy M. from Wagoner, OK signed.
Jan 10th, 2013
Elizabeth H. from Cincinnati, OH writes:
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We have to get control of our government. They with their spending for raises, etc. have to stop. We are tired of this.
Jan 10th, 2013
Donavan W. from Mableton, GA signed.
Jan 10th, 2013
Jerri W. from Findlay, OH signed.
Jan 10th, 2013
roy n. from Yalaha, FL writes:
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cut give away to get votes
Jan 10th, 2013
Jim K. from Baton Rouge, LA writes:
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Have people LOST their collective MINDS in D.C.!!!!
Jan 10th, 2013
Someone from Dresden, TN writes:
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The gov. has to do like the regular people. What you can not afford you start cutting. Or our country will fall into a hole that we will never be able to crawl out of. Then our country will end up in a depression.
Jan 10th, 2013
Someone from Niles, MI signed.
Jan 10th, 2013
Someone from Ringgold, VA signed.
Jan 10th, 2013
Tanya T. from Clearwater, FL signed.
Jan 10th, 2013
Karoline S. from Indianapolis, IN signed.
Jan 10th, 2013
Richard L. from Gladstone, MI signed.
Jan 10th, 2013
Deana B. from Gainesville, GA signed.
Jan 10th, 2013
Leah L. from Austin, TX signed.
Jan 10th, 2013
Someone from Farmington, NM writes:
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wake up America! we have a tyrant growing in the white house. and a gutless congress. YES IT CAN HAPPEN HERE, THAT IS WHY WE HAVE THE 2ND AMENDMENT! DUH!
Jan 10th, 2013
Jim L. from Greenwich, OH signed.
Jan 10th, 2013
Alison B. from Marysville, OH signed.
Jan 10th, 2013
Gregory S. from Austin, TX signed.
Jan 10th, 2013
Someone from Kamuela, HI writes:
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get him out of the white house
Jan 10th, 2013
Someone from Dallas, TX writes:
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I think it's about time to get serious about "Our America" We all have worked to make this a betterPlace.
Jan 10th, 2013
Glo M. from Salt Lake City, UT signed.
Jan 10th, 2013
Ronal S. from Centre, AL writes:
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It is about time for congress to balance their books and live like normal taxpayers without so much red ink!
Jan 10th, 2013
Marjory N. from Everett, WA signed.
Jan 10th, 2013
David T. from Dublin, VA signed.
Jan 10th, 2013
D H. from Canton, OH writes:
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The longer we put off controlling spending the more it will hurt when we are finally forced to do it.
Jan 10th, 2013
Leona E. from Pittsburgh, PA writes:
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What part of cut spending don't you people understand?
Jan 10th, 2013
Someone from Inverness, FL writes:
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Get to work & cut Spending !!!
Jan 10th, 2013
Bradley G. from Grain Valley, MO writes:
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This is ridiculous Stop Spending what we don't have to back up
Jan 10th, 2013
Kodi B. from Weatherford, OK signed.
Jan 10th, 2013
J Harold D. from Bowling Green, FL signed.
Jan 10th, 2013
Robert D. from Indianapolis, IN signed.
Jan 10th, 2013
Brian C. from Austin, TX signed.
Jan 10th, 2013
Alyssa F. from Weatherford, OK signed.
Jan 10th, 2013
Peter N. from Fond Du Lac, WI signed.
Jan 10th, 2013
Wayne Y. from Harrisonburg, VA signed.
Jan 10th, 2013
J N. from Hickory, NC writes:
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Shut Down ALL State & Federal bureaucracies NOW!!!!!Keep only standing Armed Forces!....Show them PEOPLE RULE!
Jan 10th, 2013
Someone from Searcy, AR writes:
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This is ridiculous. Time to get serious and CUT SPENDING! God help America.
Jan 10th, 2013
Dale&Rosemary G. from Cove, AR signed.
Jan 10th, 2013
Sam B. from Sarasota, FL signed.