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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
Francis B. from Goshen, OH signed.
Jan 11th, 2013
Jacqueline W. from Sandwich, MA signed.
Jan 11th, 2013
Someone from Fountaintown, IN signed.
Jan 11th, 2013
Bobby M. from Amarillo, TX writes:
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IN GOD WE TRUST,not obama.
Jan 11th, 2013
Martha L. from New Smyrna Beach, FL signed.
Jan 11th, 2013
ann b. from Burleson, TX writes:
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People running Gov. today scare the hell out of me.Cant believe we have changed that much.Oh yes they voted for change.
Jan 11th, 2013
Peter D. from Reynoldsburg, OH writes:
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We need to impeach Obama
Jan 11th, 2013
Someone from Borger, TX signed.
Jan 11th, 2013
Muriel E. from Munds Park, AZ signed.
Jan 11th, 2013
Vern B. from Columbia Falls, MT writes:
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{STOP Spinding it is not yours to spend we the peppel
Jan 11th, 2013
Joel and Nancy K. from Elizabethtown, PA signed.
Jan 11th, 2013
Don B. from Denver, CO signed.
Jan 11th, 2013
Dion S. from Montague, MI signed.
Jan 11th, 2013
Someone from Waterville, ME writes:
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Don't let liberals debase out currency with this trick.
Jan 11th, 2013
Sally A. from Tulsa, OK writes:
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When I have had financial problems, I cut back on my spending. Congress needs to do that NOW.
Jan 11th, 2013
Steven I. from West Palm Beach, FL signed.
Jan 11th, 2013
Timothy H. from Saint Albans, VT writes:
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This nation is the Titanic. The iceberg is clearly insight, there is no one with the will to do anything about our financial mess. Full Steam ahead.
Jan 11th, 2013
Someone from Elizabeth, NJ writes:
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To those who voted for the president, don't complain when severe inflation hits you so bad that your entire pay check will disappear in one grocery shop visit.
Jan 11th, 2013
andrew s. from Wilmington, NC writes:
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this administration from top to bottom is a joke and it should be banned.
Jan 11th, 2013
Someone from Missouri City, TX signed.
Jan 11th, 2013
Someone from Lambertville, NJ signed.
Jan 11th, 2013
Someone from Bethlehem, PA signed.
Jan 11th, 2013
Jim M. from Enola, PA writes:
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Congress is already less popular than a cockroach. Doing something this stupid only reinforces that contempt.
Jan 11th, 2013
Someone from Granite City, IL signed.
Jan 11th, 2013
Jill M. from Louisville, KY signed.
Jan 11th, 2013
Kim S. from Minneapolis, MN writes:
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We are already acting like a Banana Republic, don't remove all doubt by minting this ridiculous coin!
Jan 11th, 2013
Henrik W. from New Lenox, IL writes:
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Please stop the coin. Creating such a coin might destabilize the Country and start the inflation craziness. Thank you for your understanding.
Jan 11th, 2013
Lloyd D. from Sarasota, FL signed.
Jan 11th, 2013
David H. from Walnut Ridge, AR signed.
Jan 11th, 2013
Someone from Mililani, HI signed.
Jan 11th, 2013
Lonas C. from Maryville, TN signed.
Jan 11th, 2013
Herman K. from Taylors, SC writes:
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This isn't the first time we've asked them to be serious.
Jan 11th, 2013
GEORGE B. from Dundee, IL signed.
Jan 11th, 2013
paul t. from Apple Valley, CA writes:
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is it now the word impeach. how much more
Jan 11th, 2013
Jane G. from Kalamazoo, MI signed.
Jan 11th, 2013
Norma M. from Rochester, IN signed.
Jan 11th, 2013
Someone from Jackson Heights, NY writes:
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Is this a joke? What college professor came up with this idea?
Jan 11th, 2013
DENNIS H. from Nunn, CO signed.
Jan 11th, 2013
Donald H. from North Tazewell, VA signed.
Jan 11th, 2013
marcella w. from Moreno Valley, CA writes:
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so you can spend more. grow up i have to stay in my budget. STOP GIVING IN STOP THE SPENDING FIRST.