Former Mint Director Who Wrote ‘Trillion-Dollar Coin’ Law Explains Why the Coin Isn’t a Bad Idea
Source: www.gawker.com
It's not every day you get an email from a former director of the U.S. Mint (unless you're married to one, probably) but it's also not every day that you write about the very real possibility that the U.S. Treasury might mint a platinum coin worth one trillion dollars. Either way, it was an excellent surprise to hear from Philip Diehl, the former Mint director and Treasury chief of staff who drafted Sec. 5112 of title 31, United States Code with Rep. Mike Castle in other words, the guy who wrote the "trillion-dollar coin" law. His take? Not only does the law clearly allow for the coin to be minted, it also would have "no negative macroeconomic effects."
I'm the former Mint director and Treasury chief of staff who, with Rep. Mike Castle, wrote the platinum coin law (Sec. 5112 of title 31, United States Code) and oversaw minting of the original coin authorized by the law, so I'm in a unique position to address some confusion I've seen in the media about the $1 trillion platinum coin proposal.
In minting the $1 trillion platinum coin, the Treasury Secretary would be exercising authority which Congress has granted routinely for more than 220 years. The Secretary's authority is derived from an Act of Congress (in fact, a GOP Congress) under power expressly granted to Congress in the Constitution (Article 1, Section 8). What is unusual about the law is that it gives the Secretary discretion regarding all specifications of the coin, including denominations.
Read more: http://gawker.com/5974218/former-mint-director-who-wrote-trillion+dollar-coin-law-explains-why-the-coin-isnt-a-bad-idea
I think a bunch of republican politicians just spit-taked their lunch reading this.
NoOneMan
(4,795 posts)Using this, no one has to get anything solved.
thelordofhell
(4,569 posts)Took a while to get there.........it will take a while to get back.......there is no instant fix
djean111
(14,255 posts)the poor and the elderly. The people responsible are not only escaping unscathed, they are profiting.
And setting the poor, the middle class, seniors, and the younger generation against each other in order to profit.
That's how it looks to me. I notice that passing loopholes for the rich and corporations are a kind of quick fix.
orwell
(7,775 posts)...what's sauce for the goose...
JDPriestly
(57,936 posts)If you look at expenditures v. tax revenues (posted on DU the other day, sorry I don't have the link), the missing tax revenue is very clearly from corporations.
The corporations do not pay their fair share of taxes. It's that simple.
NoOneMan
(4,795 posts)JDPriestly
(57,936 posts)conservative Democratic president, I'm sure that in fact expenditures are pretty close to perfect.
What is there to negotiate? Which poor people should be given no alternative but to die first?
NoOneMan
(4,795 posts)Is it more reasonable to mint a coin or tax, tax, tax to support the spending?
Amonester
(11,541 posts)Wut's that?
A Law? They don't read no stinking Laws! They just love to make threats to destroy all 401Ks' values and more....
And they own the M$M!
onehandle
(51,122 posts)Historic NY
(37,452 posts)the coin now gets around Congress whereas the bills not so much.
docgee
(870 posts)bemildred
(90,061 posts)happyslug
(14,779 posts)For the Simple reason, if and when the GOP decides to make an issue of the coin, they have to deface Ronald Reagan. Thus I would go with Reagan on the Coin.
On the reverse, we need something just as Republican. Any ideas anyone? Jumbo the Elephant?
eggplant
(3,912 posts)Since it is supposed to be a commemorative coin, let's commemorate the 14th Amendment with it!
Amonester
(11,541 posts)Signatures needed by February 02, 2013 to reach goal of 25,000
18,342
https://petitions.whitehouse.gov/petition/direct-united-states-mint-make-single-platinum-trillion-dollar-coin/8hvJbLl6
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