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Congressman To Introduce Legislation To Ban Trillion Dollar Coin

Trillion dollar coin illegal

Just when you thought the insanity over the nation’s 16 trillion dollar debt and our government’s total unwillingness to reduce deficit couldn’t get any worse, some lunatic decided minting a trillion dollar platinum coin would be the perfect way to allow the President to pay for all those bloated government programs without the approval of Congress. Now a concerned Congressman is introducing legislation in the House of Representatives to ban the minting of trillion dollar coins.

Oregon Rep. Greg Walden a Republican, is the man behind the bill and he is being savaged by Liberals as a paranoid madman who believes in conspiracy theories. In his comments to Business Insider, Rep. Walden calmly and clearly explained why he took the idea seriously:

“I’m not a lawyer, so let me start with that. But the gentleman ( Rep. Jerry Nadler) who is promoting it is the top Democrat on the Judiciary Subcommittee on the Constitution. I assume that he has studied the legal ability to do this. But clearly if he chairs the Constitution Subcommittee, he’s done his research. He’s a smart man. And so therefore, I’m taking it at face value that the authority is there to allow the minting of a trillion-dollar coin, and that shouldn’t be allowed.”

Apparently the US mint has the unrestricted authority to produce commemorative platinum United States coins of any denomination and critics of the unrestrained spending of the Obama Administration fear this new concept will give the President a convenient loophole to sidestep congress on the fiscal cliff.

Bloomberg’s Josh Barro came out in support of the idea with an article entitled Why We Must Go Off the Platinum Coin Cliff. He called the coin “the perfect solution.”

“Hitting the debt ceiling isn’t an option. It’s no way to run the country, and Republicans know that. So, a debt-ceiling increase shouldn’t count as a “concession,” and it’s nutty for Obama to have to give substantive policy ground to get one.’

‘Monetizing deficits through direct presidential control of the currency, in lieu of borrowing, is also no way to run a country. It’s silly, and it’s perfectly legal. Agreeing not to do so is therefore the ideal “concession” for Obama to offer in return for Republicans agreeing to end the threat of a debt-default crisis.’

Urging the President to basically propose insane ideas to blackmail the opposition into letting him have his way is a disgraceful idea and a terrible way to run a country. If it were not for the fact that writers like Barro put this stuff over in reputable publications like Bloomberg, we might wonder if we were actually reading an issue of Mad Magazine.

As this nonsense continues in Washington, and among the liberal media elite, regular, working Americans are starting to notice their shrinking pay checks and the new taxes listed on their pay stubs. Even Democrats who voted for Obama are starting to express their outrage and perhaps the politicians might begin to listen if they wish to keep their jobs.

Representative Walden may be overreacting, but he certainly summed up the feelings of most American’s with his comments:

“Some people are in denial about the need to reduce spending and balance the budget. This scheme to mint trillion dollar platinum coins is absurd and dangerous, and would be laughable if the proponents weren’t so serious about it as a solution. I’m introducing a bill to stop it in its tracks.”

“My wife and I have owned and operated a small business since 1986. When it came time to pay the bills, we couldn’t just mint a coin to create more money out of thin air. We sat down and figured out how to balance the books. That’s what Washington needs to do as well. My bill will take the coin scheme off the table by disallowing the Treasury to mint platinum coins as a way to pay down the debt. We must reduce spending and get our fiscal house in order.”

Can we all say “Amen” to paying down the debt and putting Americans back to work!

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Comments

6 Responses to “Congressman To Introduce Legislation To Ban Trillion Dollar Coin”

  1. Patrick Frye

    Paying off the debt by this method would just cause instant hyperinflation. The US credit rating would plummet, making it more difficult/expensive to borrow money.

  2. Joseph Pijanowski

    This magic coin idea is valid…..but it does not address the root of our debt. HR2990 (The NEED Act) is a related concept BUT it goes the whole way to address our DEBT. It pays off the national debt over time, creates over 7 million jobs and rebuilds our failing infrastructure without causing inflation! Our entire country does not understand that our national debt is completely unnecessary and it is a product of our FLAWED debt based money system. HR 2990 (related to the Chicago Plan) corrects this and it is proven as a valid solution in a white paper by Michael Kumhof and Jaromir Benes. Incidentally these two are from the research department of the International Monetary Fund. http://www.imf.org/external/pubs/ft/wp/2012/wp12202.pdf
    AND here is another white paper which comes to the same conclusion http://monetary.org/wp-content/uploads/2011/11/DesignOpenMacro.pdf.

  3. Anonymous

    Wake up people, this is a hoax and the news media is helping it along.

  4. Wolff Bachner

    Joseph wonderful comments. you will like the comment one reader posted on an article i read last week about The Chicago plan. I will share his comment and his name so he gets full credit for the gem of brilliance:

    d hollingsworth

    Even if the inflationists worst fears are realized with a debt-free govt. currency and the irresponsible behavior of politicians leads to an erosion of purchasing power. Even if the congress decides to use this new tool to buy votes, create pork, and maintain the culture of corruption. Even if all these things and more are inevitable under a commonwealth debt free currency, HOW CAN THAT NOT BE PREFERRABLE TO A PRIVATELY CONTROLLED, BANK ISSUED DEBT BASED MONETARY UNIT THAT WILL SURELY AND PERPETUALLY COLLAPSE THE ENTIRE ECONOMY UNDER THE WEIGHT OF UNREPAYABLE DEBT?? IS THERE A SINGLE WORKABLE ARGUMENT THAT SUPPORTS THE IDEA THAT ALLOWING BANKS TO ISSUE DEBT BASED MONEY WITHOUT LIMIT CAN DO ANYTHING BUT DESTROY OUR ECONOMY AND CREATE A "TOO BIG TO FAIL" RULING CLASS WHO, WITH THE STROKE OF A PEN, MAY LITERALLY BUY UP THE WORLD? Sorry for the caps, but seriously, what possible monetary system would NOT be better than what we have? Tally sticks and tulips would be better. We have allowed parasties to write themselves a blank check and are now terrified of taking it away from them. Can anything be more ridiculous than that?