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#MintTheCoin Campaign Petitions White House To Create $1 Trillion Coin

trillion dollar bil

Want to avoid the fiscal cliff and end the political bickering on Capitol Hill? Turns out the answer could be a $1 trillion coin. The #MintTheCoin campaign is asking the White House to create a new platinum coin with a value of $1 trillion US Dollars in order to avoid another argument on the debt ceiling.

A petition, which already has close to 25,000 signatures, was created on the We The People website on January 3.

The petition reads:

“With the creation and Treasury deposit of a new platinum coin with a value of $1 trillion US Dollars, we would avert the absurd-yet-imminent debt ceiling faceoff in Congress in two quick and simple steps! While this may seem like an unnecessarily extreme measure, it is no more absurd than playing political football with the US — and global — economy at stake.”

According to the FireDogLake, the idea behind #MintTheCoin is simple. The United States has laws about how much paper money it can print and how much gold, silver, and copper coins it can produce. There are no regulations, however, on platinum coins.

Joe Weisenthal writes at the Business Insider:

“Although the Treasury can’t just create money out of thin air to pay its bills, there is a technicality in the law that says the Treasury has special discretion to create platinum coins of any denomination, and the thinking is that Tim Geithner could make the coin and walk it over to the Federal Reserve and deposit it in the Treasury’s bank account.”

Do you think a trillion dollar coin is the answer? Are you going to join the #MintTheCoin campaign?

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Comments

7 Responses to “#MintTheCoin Campaign Petitions White House To Create $1 Trillion Coin”

  1. Jim Plankey

    The coin would be worthless as there is nothing to back its value. "you can't make money out of thin air" yet bthis is what is proposed.

  2. Dan B. Jones

    Actually 16 Trillion dollar coins should be minted. Use them to pay off the notes owed to the banksters and foreign funds. Then we could save $500B a year in debt service to the sharks and end the terror that is the fractional reserve Fed system.

  3. Dan B. Jones

    And to say the coin is worthless is to misunderstand how money is created now. It is done as a data entry in a bank's account with an interest rate attached. Why do you think there is such trickle up in our economy?

  4. Wayne Cochran

    The only thing backing our currency now is good faith in the US govt. Why do you think the cost of everything appears to be increasing? It isn't limited resources or higher demand, it is the devaluation of our dollar due to the excessive printing of money, low interest rates, and dwindling faith in our government to pay its own obligations.