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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 18th, 2013
Jeri S. from Palmdale, CA signed.
Jan 18th, 2013
Joyce W. from Lees Summit, MO writes:
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I volunteer to teach Congress how to establish & live within a budget. My household has been practicing that forever -- as long as we've been supporting the government with our hard-earned tax dollars.
Jan 18th, 2013
Peggy T. from Leesburg, GA writes:
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Do any of our politicians care that the money they are spending belongs to hard-working Americans who need to KEEP IT??!! I'm sick of all politicians. STOP SPENDING MONEY!
Jan 18th, 2013
Melanie H. from Memphis, TN signed.
Jan 18th, 2013
Someone from Accord, NY signed.
Jan 17th, 2013
Shyrl H. from Arden, NC writes:
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Please ban the platinum coin. This would destroy the value of our dollar. Please get seriour about cutting spending.
Jan 17th, 2013
Steve K. from Olathe, KS signed.
Jan 17th, 2013
Someone from Iberia, MO writes:
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Enough jimcracks going on in our capitol!!
Jan 17th, 2013
GENE D. from Murray, KY signed.
Jan 17th, 2013
Barry B. from Mesquite, TX writes:
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Stupidity gone to seed!
Jan 17th, 2013
Someone from Rosenberg, TX signed.
Jan 16th, 2013
Gary E. from Stephens City, VA writes:
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Control Spending and the Nat'l Debt! We cannot operate a business when We spend more than We earn! Eliminate Pork and foolish spending!
Jan 16th, 2013
Linda L. from Pearsall, TX signed.
Jan 16th, 2013
Seldon H. from Granby, MO signed.
Jan 16th, 2013
Timothy K. from Philadelphia, PA signed.
Jan 15th, 2013
Ralph B. from Cotuit, MA signed.
Jan 15th, 2013
Someone from Phoenix, AZ signed.
Jan 15th, 2013
Bob M. from Indianapolis, IN writes:
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this idea sucks, sorry for being rude, this country is going down.
Jan 15th, 2013
marina v. from Kingwood, TX signed.
Jan 15th, 2013
Carol C. from Falls Church, VA writes:
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This is another absurd move of our Campaigner-in-Chief.
Jan 15th, 2013
Scott B. from Aurora, CO signed.
Jan 15th, 2013
barbara c. from Columbus, IN signed.
Jan 15th, 2013
Robert W. from Celina, OH writes:
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This would be an insult to those that are already on our coins!
Jan 15th, 2013
Mary M. from San Antonio, TX signed.
Jan 15th, 2013
Galen N. from Bethel, PA signed.
Jan 15th, 2013
Kim L. from Kingman, IN signed.
Jan 15th, 2013
Thomas J. from Oshkosh, WI writes:
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don't let this so called president pull this phoney scheem or any other scheems, we need real budget cuts! cuts that mean some thing & not a promies 10 years down the road, worse yet cuts that never come but the money is spent & the Goverment comes looking for more money. we need to get spending under controll' we need real leaders! Im changing over to concervitive Independent & will try to convert as maney as I can because the Republicans & Democrates are failing so bad.
Jan 14th, 2013
Someone from Churchville, VA signed.
Jan 14th, 2013
Someone from Candia, NH signed.
Jan 14th, 2013
Someone from Harrisonville, MO signed.
Jan 14th, 2013
Lloyd J. from Newkirk, OK signed.
Jan 14th, 2013
Virginia C. from New Bern, NC signed.
Jan 14th, 2013
Judy A. from Warren, PA signed.
Jan 14th, 2013
Someone from Morrison, IL signed.
Jan 14th, 2013
Fred K. from Chattanooga, TN signed.
Jan 14th, 2013
Kenneth H. from Burlington, NC signed.
Jan 14th, 2013
Beverley A V. from West Palm Beach, FL signed.
Jan 14th, 2013
tasha w. from Fort Worth, TX signed.
Jan 14th, 2013
Brenda M. from Cape Girardeau, MO signed.
Jan 14th, 2013
Someone from Birmingham, MI signed.