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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
Someone from Cazenovia, NY signed.
Jan 12th, 2013
Steve M. from Belpre, OH signed.
Jan 12th, 2013
Someone from Liberty, MO signed.
Jan 12th, 2013
Lee G. from Amherst, NH signed.
Jan 12th, 2013
richard w. from Silsbee, TX writes:
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all minted coinage should be backed by money on hand.
Jan 12th, 2013
Someone from Honey Brook, PA signed.
Jan 12th, 2013
Marie S. from Boca Raton, FL signed.
Jan 12th, 2013
Ed F. from Rome, NY writes:
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You have got to be kidding me...really?
Jan 12th, 2013
Kenny g. from Kingsport, TN signed.
Jan 12th, 2013
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Jan 12th, 2013
Someone from Baton Rouge, LA signed.
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james w. from Lake Worth, FL signed.
Jan 12th, 2013
Tonya P. from Albuquerque, NM signed.
Jan 12th, 2013
Someone from Butte, MT signed.
Jan 12th, 2013
Fletcher M. from Longview, TX writes:
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We need a government that works or we need a voter rebellion to install a new one we can trust.
Jan 12th, 2013
Barbara O C. from Evanston, WY writes:
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Has sanity been thrown out?
Jan 11th, 2013
Someone from Key Largo, FL signed.
Jan 11th, 2013
Ed S. from Big Bend, WI signed.
Jan 11th, 2013
Richard C. from Norwalk, CT signed.
Jan 11th, 2013
Someone from Alexandria, VA signed.
Jan 11th, 2013
JJ W. from Orem, UT writes:
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Please, how lame is this? Is you find yourself in a holes, STOP DIGGING! Stop Spending!
Jan 11th, 2013
Someone from Grove City, OH writes:
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Our electrate President sure wants to keep spending. He, government and personally, should tone down his spending and Obama Health Care Plan. I DID NOT VOTE FOR HIM.
Jan 11th, 2013
KAREN E. from Midland, MI writes:
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GET REAL AND BE RESPONSIBLE - HOW ABOUT THAT FOR SENSIBLE ADVICE?
Jan 11th, 2013
Someone from Herndon, VA signed.
Jan 11th, 2013
Donald G. from Riverdale, GA signed.
Jan 11th, 2013
William F. from Milwaukee, WI writes:
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An outrage.Impeachable offence.
Jan 11th, 2013
Michael P. from Mount Airy, MD signed.
Jan 11th, 2013
Thomas D. from Springfield, VA writes:
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It is time that Congress gets serious about spending cuts and save us from Federal abuse of our children and grandchildren.
Jan 11th, 2013
Someone from Prospect, OH signed.
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Someone from Bel Air, MD signed.
Jan 11th, 2013
dale c. from Wilmington, OH signed.
Jan 11th, 2013
CHARLES D. from Lewisburg, WV writes:
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IT IS TIME FOR YOU ALL TO MAN UP AND THINK ABOUT WE THE PEOPLE
Jan 11th, 2013
Mark K. from Caret, VA signed.
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Ruth D. from Grand Haven, MI signed.
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