Share:

StopTheCoin.com: Stop the Trillion Dollar Coin!

Messages Sent So Far

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 10th, 2013
MARY K. from Akron, OH signed.
Jan 10th, 2013
Roberta K. from Mabank, TX signed.
Jan 10th, 2013
Linda W. from Aiken, SC signed.
Jan 10th, 2013
Mary Jane C. from Columbus, GA signed.
Jan 10th, 2013
Debbie B. from Sicklerville, NJ writes:
Quotation mark icon
We have a spending problem and it's time to deal with it. We need to keep our military strong. We need to be serious about limiting government regulations so that the private sector can create jobs so that people will not be so dependent on entitlements.
Jan 10th, 2013
Someone from Cedar Lake, IN signed.
Jan 10th, 2013
Mike B. from North Rose, NY writes:
Quotation mark icon
KEEP YOUR PARASITIC HANDS OUT OF MY POCKET!!!!!
Jan 10th, 2013
William C. from Layton, UT signed.
Jan 10th, 2013
Denise G. from Oak Creek, WI signed.
Jan 10th, 2013
CHRISTY D. from Dawsonville, GA signed.
Jan 10th, 2013
Keith L. from Warner Robins, GA signed.
Jan 10th, 2013
Vicky W. from Lexington, KY signed.
Jan 10th, 2013
Raymond J. from Torrington, CT signed.
Jan 10th, 2013
leah q. from Shawsville, VA writes:
Quotation mark icon
This is ludicrous!!! We are on our way to becoming another third world country...just as Obama wants.....stupid...
Jan 10th, 2013
Someone from Bluff City, TN signed.
Jan 10th, 2013
Richard S. from Girard, PA signed.
Jan 10th, 2013
Someone from Bismarck, ND writes:
Quotation mark icon
Why don't we just go back to the gold standard and have enough gold, platinum, silver and other precious metals stored in Fort Knox to support the value of our money?
Jan 10th, 2013
Terry W. from Bay City, MI signed.
Jan 10th, 2013
Someone from New Bern, NC signed.
Jan 10th, 2013
Someone from Conway, AR signed.
Jan 10th, 2013
Someone from Evergreen, CO signed.
Jan 10th, 2013
James B. from Massillon, OH writes:
Quotation mark icon
Stop taxing those who work to give to those who refuse to work!
Jan 10th, 2013
Holly L. from Jefferson City, TN writes:
Quotation mark icon
This is absolutely rediculous
Jan 10th, 2013
Cindy C. from Franklin, TN signed.
Jan 10th, 2013
Ann B. from Gotha, FL writes:
Quotation mark icon
We do not need to look at him anymore. He already thinks he is God
Jan 10th, 2013
Someone from Kissimmee, FL signed.
Jan 10th, 2013
GENE A. from Scottsdale, AZ writes:
Quotation mark icon
Wake up America
Jan 10th, 2013
Jeff H. from Ocala, FL writes:
Quotation mark icon
Stop the spending already
Jan 10th, 2013
Charles H. from New Orleans, LA signed.
Jan 10th, 2013
Someone from Sarasota, FL signed.
Jan 10th, 2013
Darren R. from Theodore, AL writes:
Quotation mark icon
When your standing at the edge of the cliff, go ahead and get the senate, the House, and D.C. to pitch there penny's. DWR
Jan 10th, 2013
Someone from Gainesville, FL signed.
Jan 10th, 2013
Someone from Sturgis, MI signed.
Jan 10th, 2013
Dick M. from Oskaloosa, KS signed.
Jan 10th, 2013
Dick M. from Canon City, CO signed.
Jan 10th, 2013
Beverly B. from Menomonie, WI signed.
Jan 10th, 2013
Someone from Live Oak, FL writes:
Quotation mark icon
Please for God's sake and the sake of every American, DON'T APPROVE THIS TRILLION DOLLAR COIN. THIS IS INSANITY!
Jan 10th, 2013
Peter W. from Belen, NM signed.
Jan 10th, 2013
Lou B. from Oklahoma City, OK signed.
Jan 10th, 2013
Someone from Grassy Creek, NC signed.