Rep. Greg Walden to introduce bill fighting 'trillion dollar coins'
THE DALLES, Ore. – U.S. Rep. Greg Walden (R-Ore.) said Monday he plans to introduce a new bill to stop a proposal to mint trillion dollar platinum coins to pay the federal government’s bills.
“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,” Rep. Walden said in a news release.
A legal loophole allows the U.S. Treasury to mint platinum coins in whatever denomination it chooses - even $1 trillion. Minting such high-value coins to pay the government's bills would allow President Obama to sidestep a showdown with Republicans over the federal debt ceiling.
“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.”
Within the last week, some reports suggested that the U.S. Mint could create trillion dollar platinum coins and deposit them into the Federal Reserve to pay the federal government’s bills or avoid hitting the debt ceiling.
Rep. Jerrold Nadler, the ranking member of the Judiciary Committee’s Subcommittee on the Constitution, touted the proposal last week.
New York Times columnist and Princeton professor Paul Krugman also suggested the idea in an article.
Walden said his bill will disallow 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,” Walden said.
Walden, a Republican, represents Oregon’s Second District, which includes 20 counties in the southern, central and eastern regions of the state.
The Associated Press contributed to this story
"A legal loophole allows the U.S. Treasury to mint platinum coins in whatever denomination it chooses - even $1 trillion. Minting such high-value coins to pay the government's bills would allow President Obama to sidestep a showdown with Republicans over the federal debt ceiling." These guys have got to be on drugs. This sounds like a scheme the government would come up with. Tax cheat Tim Geithner is rubbing his hands together thinking about this.
Walden, absurd, out of touch, proving to all what many now know about his party....read Paul Krugman, please educate the unwashed here, Walden thinks govt. is like his household? yeah, this is why were in trouble, so pay your bills Walden! This guy is a total moron, now reminding us of other infamous Oregonians....break a leg Greg!
 @Social Glimpse Why is Walden out of touch? Seems to me the Democrats are out of touch if they thing minting a fake trillion dollar coin is going to solve anything.Â
It would take about 54 million pounds of platinum to back up a $1,000,000,000,000 coin. That would be one heavy coin, if you only minted one.
More fake money to support a broken monetary system. Â This is a clear indication of a looming fiscal collapse. Â No matter what spoon-fed garbage you listen to, it won't change the reality of the situation.
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Heck, even DHS is preparing for civil war. Â Local authorities have been stocking up on arms necessary to crush dissent. Â Gun legislation, the feds collectiong ALL biometric data on it's citizens, the new NSA data center, Â etc.
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We are being cataloged and filed into groups to identify which populaces pose the most signifigant threat to government security so the proper forces can be allocated to silence them.
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Can't protest either.... the Occupy Movement proved that to be ineffective. Â They even managed to get our own populace in which these people were speaking out for to turn their backs on them. Â Reguardless of reason. Â
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They got us hook, line, and sinker. Â Looking at each other instead of the 1% that controls 46+% of our nations wealth that is driving the decline of our nation. Â Oh but I guess the tinfoil hat is a bit thick on me today. Â Don't listen to me cause I'm some whackjob. Events will play out no matter what my take is on it. Â See for yourself over the next 3 years.....
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We will be hearing about MAJOR losses of life in unprecedented numbers. Â This is only the beginning. Mark my words...
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This is just great...dammit. Now they're going to have to redo all the coin vending machines!
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 @Mikey Sounds a little like the Zimbabwe currency. Zimbabwe has printed a $100,000,000,000,000.00 denomination, but has nothing to back it up.
obama, Â what a miserable excuse for a president. Â I suppose the deadbeats, illegals, gays and other losers need a hero. Â They show their stupidity in their selection.
 @boomer And you consider yourself a winner right..... RIGHT ?
 @boomer So, Boomer, where did it say anything other than what the minting of it would accomplish? Why blame Obama?
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"Oh, cuz he's the President! Everything's his fault! And if I bought a Pepsi with that coin, I would get way too much change, and if I carry that much change in my pockets, my pants would fall down!"
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Really? And who are your heroes? Sarah Palin and Michelle Bachmann?
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"Uh huh! Yeah! I love boobies!"
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I see. Thank you Boomer. Back to you, KATU!
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( :-P  Come on, Boomer...you can d better than that. )
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I read a comment somewhere today, don't know if it was on this story or not, that was a lightbulb moment. Â Seems logical that with the mess our government has become (and I'm placing blame on both political parties equally), the only solution, as well as prevention that it will all repeat itself, is term limits for all elected officials. Â I used to believe it was great to have someone in office year after year due to their experience, knowledge, etc. Â I no longer feel that way. Â Two years for House members, six years for Senate members, period. Â That way they wouldn't be beholding to lobbyists for donations for yet their next election bid. Â They would then go to Washington for the sole purpose of doing what their constituents elected them to do. Â This would also eliminate their cushy retirement packages that cost us all millions of dollars.
@Sundowner They would go to Washington for the sole purpose of doing what the interest groups and party machines that got them elected wanted them to do. A long tenure lets members blow off those interest to focus on what is good for the nation. Not that any of the current clowns care about what is good for the nation, but term limits remove the ability of those elected to ignore the money that got them elected.
I wonder how many of those Elected Officials have made millions from the American TaxPayers? There is alot of Members of Congress and the House that don't remember how many houses they have.
@JTesla  """""A long tenure lets members blow off those interest to focus on what is good for the nation"""""
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Our long term incumbents blow this notion right out of the water.......
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"""""""but term limits remove the ability of those elected to ignore the money that got them elected""""""
IMHO, that pressure NEVER goes away
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@Sundowner ....... have to agree with you on that :)
 @kramr With most incumbents, your first sentence could have stopped right after, "Our long term incumbents blow....."
 @RalphCramden @SundownerÂ
I agree, other than I would go two terms.... one term limit IMHO means (espeically in the house) barely getting past the learning curve of being there.
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I would also add some rules that legislators must live in the state they resperesent when they are not in DC. I would call it the Wyden rule.
@Sundowner  I have been saying that for years. Everyone like entrenched Congress people to bring money and power to their state but it is hurting the country as a whole. Term limits will help but corruption is hard to root out. There will still be contributions to "buy" representation for lobbyists.
You can get a good buy on Zimbabwa 10 trillion dollar bills, maybe they can by a few of those and solve the whole debt crisis   http://popular.ebay.com/collectibles/1-billion-dollar-bill.htm
On another note coin collectors will have to save up for this one.
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Zimbabwe did some similar stuff and here is the result.
http://piratenews-tv.blogspot.com/2009/01/50-bill-dollar-bill.html
Since Platinum is currently selling at $1,555.00 an ounce. Â The coin only needs to be 20,002 metric tonnes to be worth it's 1 trillion dollar value.
@kbradsh It doesn't even need to be one ounce. With that reasoning a $100 bill would need to be made of something 100X the value of a $1 bill. They aren't going for true worth here.
 @JTesla  @kbradshÂ
I think kbradsh was being sarcastic. I can appreciate that kind of humor.
 @Saltire  @JTeslaÂ
I can see it know.
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"Michelle, have you seen my gray pants. I had that trillion dollar coin in there and now I can't find it."
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"No Barak, I haven't see it. The maid was in and took all the clothes to the laundry."
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"Security, this is the president. I need to talk to the maid. What do you mean she quit and left the country."
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"Michelle, call Bernanke and tell him I need another trillion dollars."
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 @RalphCramden  @JTesla This would come to be known as "pocket change" for the Obama Administration.
 @RalphCramden  @JTesla It would take a crane the size of the USS Nimitz to lift it. :)
 @JTesla Â
It was very subtle and made for a really nice visual of some forklift hauling this into a building with hundreds of politicians trying to chip off some of that platinum so they could get a piece of the action.
@RalphCramden I need to get my sarcasm detector calibrated, I'm usually more on top of that.
Another point: This country is absolutely able to pay off its debts. We could double the national debt and still pay it off. It all comes down to who pays, how much, and who has the greatest controlling interest over Congress critters to minimize their damage. There is no "fiscal cliff" or crisis, other than one we've manufactured ourselves.
@browntown  Obviously you failed basic economics (my guess is that you are on public assistance having dropped out of junior high school). The size of the debt is not the only issue. Its the interest on the debt. If your yearly expenses are more than your yearly income, you will continue to go into more debt (not pay any off) and the interest on that debt will only increase (more debt equals more interest if interest rates dont go down). Interest rates are already at historic lows. What if they go up? If you are spending the bulk of your income paying interest on debt (previous years spending), how do you propose paying off todays debt (let alone double todays debt)? I refuse to pay anymore of the income that I work hard for to let you stay home and suck off the welfare teat.
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 @RalphCramden  @scared_citizen The cheapest cloak in the right-wing closet: you hurt my feelings, your points are invalid. Reality bites.
 @browntown  @scared_citizenÂ
browntown,
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You have a history of personal attacks so others respond to you with personal attacks.
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Civil conversations allow for argument and counter argument all done with respect for the other person. You have a reputation for name calling when you run out of argument.
@browntown   """"We could double the national debt and still pay it off."""""
I think you have brown for brains with that comment, however given B HO history of spending and the financial burden I expect BarryCare will become..... Sadly we will probably find out if we can pay off double the debt we have now.
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Don't worry about it. Diff. got you're point accross. Nice!!!!
Whoops!!! The technologically challenged strike again. Sorry about the double posting.
@RalphCramden @browntown Never argue with an idiot Ralph. He'll just drag you down to his level and beat you with experience. It matters now whether he is an educated idiot or a middle-school reject.
@RalphCramden @browntown Never argue with an idiot Ralph. He'll just drag you down to his level and beat you with experience. And it matters not if if he is an educated idiot, or a middle-school reject.
 @browntown  @RalphCramden Browntown, you have now graduated to troll level, IMHO.
@browntown    """""""Half your posts start with insults. "Libtard""""""
Thats not true, I use libtard very rarely and when I've used the word libtard it is reference to something in general. i.e.  not calling anyone on this forum that personally. Look in my entire history and you will NOT find a post were I called someone on this forum a libtard.
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"""""will no longer engage in your style of debate."""""
Thats laughable. look in my history.... I bet you there are fewer direct insults in my history than in your posts just on this thread.
However, I wll but I will make the same commitment to keep things civilÂ
 @kramr  @browntown Are you kidding? Half your posts start with insults. "Libtard" is an insult yet you go to that frequently. I comment on you tea people being easily misled rubes, and I'm "pilloried". Regardless, I took Cramden's advice and will no longer engage in your style of debate.
 @RalphCramden I agree with you there, Ralph.
@browntown ......notice you didn't answer my questions.
 @browntownÂ
Just don't respond to comments that are uncivil. Walk away. It is the sign of superior intelligence to not answer a fool with his folly.
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Take the high road.
 @RalphCramden Why do I need to be civil, when discussing things with uncivil people?
 @browntownÂ
Is that a civil discussion? Calling people names?
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If you don't have some reasonable counter argument then why revert to insults?
 @kramr The deal fell short because there essentially WAS NO DEAL for reduction -- passing the agreed Sequester ("fiscal cliff") was just kicking the can down the road until now basically, after the election, since it was obvious the right-wing would not allow any deal to be done.
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Their only goal was to lay a trap for Obama prior to election, but it really back-fired on them badly, and the nation's credit rating suffered for it. Â #TeaPartyDowngrade
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Obama was more than willing to make a grand bargain, something that would have made Reagan gush (and liberals very mad), no less, but you guys blew it, now you're going to pay the price.
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THAT intransigence and obstruction was the reason for the political instability cited as the underlying reason Congress could not get any sort of debt/deficit deal done. THAT is what you're talking about, but you don't realize it.
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I wouldn't result to insults if you guys had the slightest idea what you were speaking about...
@browntown  """""Wrong on all counts, Tea-bag. Read a book.""""
typical lefty post, short on thoughtful input..... long insults and wrong on the facts.
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from the link........
""""""The nation's credit rating was cut to AA+ after S&P said the compromise made by Congress and President Obama this week to cut spending and boost the debt ceiling "falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics."""""""
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which in english means Bronco Bamma and the left would NOT ALLOW enough/any sort of reduction in spending so our rating was downgraded.
http://usatoday30.usatoday.com/money/economy/2011-08-05-s-and-p-downgrades-credit_n.htm
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USA today..... not exactly a conservative publication
@browntown .......wow! And where did you study economics and public finance?? And then applied it where??
Walden and his fellow Teahadists need to wake up and realize these debts have already been authorized by Congress. Their refusal to acknowledge past debts and and pay them off responsibly through higher revenue and responsible cuts (defense) is what got us in this mess to begin with. Ideology over Country, that's the Republican motto.
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Get ready for another #TeaPartyDowngrade.
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@browntown  Actually, you have it completely backwards.....
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Our credit rating was downgraded because the lawmakers FAILED TO REIN IN SPENDING. So if the lawmakers had come up with a meaningful plan to at a minimum slow the growth spending our credit rating would NOT have been downgraded.Â
and who was fighting to reduce spending???? It sure as hell wasn't the D's or the establishment R's it was the tea party folks who were fighting the hardest to reduce spending.
 @kramr It was due to "political instability" with the Tea Party holding the national debt hostage for ideological reasons. It has nothing to do with this country's structural ability to pay back its debt responsibly. Loudly crying about past debts, and not wanting to pay them, OR ELSE, was the reason we were downgraded for the first time in this nation's history.
browntown you sure write good fiction.. Do you believe what you say? If so you need to check the facts and not twist things to make up a point that don't exist. The Tea Party was against Gov. Spending and holding the Gov. responsible for things they have done and are doing. TEA=Taxed Enough Allready. Most of the Tea Party is Grandma&Grandpa worried about thier Retirement and the Raising of Taxes and the cutting of Medical that was hitting them. To fix the Economy all the Pres. needs to do is CUT GOV. Spending and Cut Taxes. On the path that we are going down right now is Doom for our Country.. You can NOT spend you're way out of a Deficit...
@browntown @Wake up and smell the crap you are spreading. Republicans were using the only tool available to try to rein in spending and defense is not the only place to make "responsible cuts". Its your inability to see the whole picture that is the issue. You only want to take more of others peoples money while "us other people" want to make sure the money you are already taking is spent properly.