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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 12th, 2013
Michele T. from Spanish Fork, UT signed.
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steve s. from Sparks, NV signed.
Jan 12th, 2013
Richard T. from Mission Viejo, CA writes:
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Disgraceful! (as always)
Jan 12th, 2013
Patricia K. from Plymouth Meeting, PA signed.
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Glenn W. from Springboro, OH signed.
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michael e. from Barnegat, NJ signed.
Jan 12th, 2013
Someone from Greenfield, MO signed.
Jan 12th, 2013
Allen & Kathleen J. from Glenview, IL writes:
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More insanity from the Dem's.
Jan 12th, 2013
william c. from Laughlin, NV signed.
Jan 12th, 2013
Harold B. from Amarillo, TX writes:
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God Help Us !
Jan 12th, 2013
cristeta c. from Laughlin, NV signed.
Jan 12th, 2013
Someone from Waterbury, CT signed.
Jan 12th, 2013
David C. from Ellenboro, NC writes:
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This is a mockery of fiscal responsibility. It is time indeed to get serious about cutting spending and taxes so that economic forces will be in favor of those who have the capital to invest and create new jobs. Thank you.
Jan 12th, 2013
John W. from Springfield, OH signed.
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Gladys M. from Honolulu, HI signed.
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Lani P. from New Alexandria, PA signed.
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Chris S. from Largo, FL signed.
Jan 12th, 2013
Someone from Downers Grove, IL signed.
Jan 12th, 2013
Christine G. from Greenbush, MI writes:
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Unbelievable! Our politicians have a SPENDING problem and refuse to make the difficult choices necessary to save the Republic.
Jan 12th, 2013
Someone from Stevens Point, WI writes:
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Cut the spending!
Jan 12th, 2013
Someone from Jackson Heights, NY signed.
Jan 12th, 2013
Beverly R. from Okeechobee, FL writes:
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obama is out to ruin our country any way he can.
Jan 12th, 2013
Ken W. from Hardyville, VA writes:
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Obama is a disgrace to the presidency.
Jan 12th, 2013
Marvin J. from Bon Secour, AL signed.
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Robert P. from Greenville, SC signed.
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Robert H. from Benton, IL signed.
Jan 12th, 2013
Peggy J. from Winter Park, FL signed.
Jan 12th, 2013
Dennis C. from Delaware, OH writes:
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Cut the spending already!!!
Jan 12th, 2013
M G. from Danville, VA signed.