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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 11th, 2013
Wesley M. from Acworth, GA signed.
Jan 11th, 2013
Someone from Donnellson, IA signed.
Jan 11th, 2013
Betty P. from Pearl, MS writes:
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This is a SAD state of affairs!! And with the butt of the joke on it. SAAAD indeed!!!
Jan 11th, 2013
Someone from East Northport, NY signed.
Jan 11th, 2013
Stanley D. from Marlinton, WV writes:
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Get serious and start cutting spending !
Jan 11th, 2013
joyce s. from Glasgow, MO signed.
Jan 11th, 2013
joyce s. from Glasgow, MO signed.
Jan 11th, 2013
joyce s. from Glasgow, MO signed.
Jan 11th, 2013
Kenneth B. from Absarokee, MT signed.
Jan 11th, 2013
Someone from Bessemer, AL signed.
Jan 11th, 2013
Mr & Mrs Steven D. from Lebanon, TN signed.
Jan 11th, 2013
Richare L. from Monroe, GA writes:
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Cut spending and balance the budget!
Jan 11th, 2013
Ruby C. from Kansas City, MO signed.
Jan 11th, 2013
Daniel N. from Columbus, GA writes:
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This madness must stop. Allowing one brance to use tricks and miss using departments and programs to advance more debt must stop. Please bring this to the public and stop this spending. Get senate to pass a budget or have them explain why.
Jan 11th, 2013
MaryJo M. from Broadway, NC writes:
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CONGRESS YOU HOD THE PURSE STRINGS AND REFUSE TO PAY OBAMACARE FOR ONE..NO TAXES FOR ANOTHER AND STILL MORE IMPORTANTLY CUT SPENDING! ! ! ! !!
Jan 11th, 2013
Richard & Gloria W. from Talbott, TN writes:
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This is so rediculous and should not take any thought!
Jan 11th, 2013
Someone from Haslet, TX signed.
Jan 11th, 2013
Frances B. from Rochester, NH signed.
Jan 11th, 2013
Karen P. from Waterford, OH signed.
Jan 11th, 2013
Someone from Ilion, NY signed.
Jan 11th, 2013
janette/ c. from Houston, TX writes:
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enough of obama
Jan 11th, 2013
Michael F. from Leland, NC signed.
Jan 11th, 2013
Michael F. from Leland, NC signed.
Jan 11th, 2013
Someone from Hudson, FL writes:
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John Q. Public is sick of these "slick manuevers" so just qiut it!! Let's run this Country as though we had a brain in our head!
Jan 11th, 2013
C P. from Sierra Vista, AZ writes:
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Work to get a balanced budget reduce the wast.
Jan 11th, 2013
Stephen S. from Carrollton, TX signed.
Jan 11th, 2013
Valerie H. from Wewahitchka, FL writes:
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When will you do what is right for this country and the people that put you in Congress? In case you need reminding you work for ME and the rest of the PEOPLE, not the other way around. STOP supporting Obama and his power grabbing and Constitution destroying policies and agenda!!!
Jan 11th, 2013
Someone from Santee, CA signed.
Jan 11th, 2013
Someone from Tecumseh, OK signed.
Jan 11th, 2013
Barbara O. from Detroit, MI writes:
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Stop the insanity and cut the spending. Hocus-pocus will not help our economy. Have you not done enough damage to the future of America?
Jan 11th, 2013
Peggy C. from Turlock, CA signed.
Jan 11th, 2013
Colby C. from College Station, TX signed.
Jan 11th, 2013
Don B. from Concord, NC signed.
Jan 11th, 2013
Christine M. from Verona, VA writes:
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How about a real budget like the hard working American people have to be on. How about congress & the president trying to live on minimum wage. I bet then you would start doing what we sent you to Washington for.
Jan 11th, 2013
Someone from Austin, TX signed.
Jan 11th, 2013
Laura M. from De Graff, OH writes:
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You should stop spending. Cut out the waste in your own offices.
Jan 11th, 2013
William J. from Columbia, AL signed.
Jan 11th, 2013
Someone from Houston, TX signed.
Jan 11th, 2013
Milton L J. from Mobridge, SD signed.
Jan 11th, 2013
Someone from Cardington, OH writes:
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we have to cut our spending to ballance our books. It is time for the government to do the same!