HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » Latest Breaking News (Forum) » Former Mint Director Who ...
Introducing Discussionist: A new forum by the creators of DU

Tue Jan 8, 2013, 03:26 PM

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.

17 replies, 2565 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread

Response to RetroGamer1971 (Original post)

Tue Jan 8, 2013, 03:30 PM

1. Its "bad" in the sense that America can't solve its problems without "tricks"

 

Using this, no one has to get anything solved.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to NoOneMan (Reply #1)

Tue Jan 8, 2013, 03:39 PM

2. The problem is people want to solve a 30 year problem in less than 10 years

Took a while to get there.........it will take a while to get back.......there is no instant fix

Reply to this post

Back to top Alert abuse Link here Permalink


Response to thelordofhell (Reply #2)

Tue Jan 8, 2013, 03:54 PM

3. I would agree with you if the "fix" was not going to be on the backs of

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.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to NoOneMan (Reply #1)

Tue Jan 8, 2013, 04:18 PM

7. "Tricks" is a nice definition for RepubliCon Obama stonewalling...

...what's sauce for the goose...

Reply to this post

Back to top Alert abuse Link here Permalink


Response to NoOneMan (Reply #1)

Tue Jan 8, 2013, 11:26 PM

13. The problem is quite simple to resolve.

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.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to JDPriestly (Reply #13)

Tue Jan 8, 2013, 11:38 PM

14. So the amount and contents of expenditures is 100% perfect and not worth negotiation?

 

Reply to this post

Back to top Alert abuse Link here Permalink


Response to NoOneMan (Reply #14)

Wed Jan 9, 2013, 07:18 PM

16. After eight years of the Bush administration and two years of a Republican dominated House with a

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?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to JDPriestly (Reply #16)

Wed Jan 9, 2013, 07:22 PM

17. War spending, corporate subsidies...

 

Is it more reasonable to mint a coin or tax, tax, tax to support the spending?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to RetroGamer1971 (Original post)

Tue Jan 8, 2013, 03:57 PM

4. They don't read. They just make threats.

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!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to RetroGamer1971 (Original post)

Tue Jan 8, 2013, 04:07 PM

5. Mint The Coin! nt

Reply to this post

Back to top Alert abuse Link here Permalink


Response to RetroGamer1971 (Original post)

Tue Jan 8, 2013, 04:10 PM

6. Same theory in the large denomination bills...

the coin now gets around Congress whereas the bills not so much.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to RetroGamer1971 (Original post)

Tue Jan 8, 2013, 04:35 PM

8. They should put Dubya's image on it. nt

Reply to this post

Back to top Alert abuse Link here Permalink


Response to docgee (Reply #8)

Tue Jan 8, 2013, 05:10 PM

9. Raygun's head on the front, Shrub's chainsaw on the back. nt

Reply to this post

Back to top Alert abuse Link here Permalink


Response to bemildred (Reply #9)

Tue Jan 8, 2013, 05:23 PM

10. I would put Reagan's face on it.

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?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to docgee (Reply #8)

Tue Jan 8, 2013, 05:30 PM

11. No, Boehner and Cantor.

Since it is supposed to be a commemorative coin, let's commemorate the 14th Amendment with it!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to RetroGamer1971 (Original post)

Tue Jan 8, 2013, 07:19 PM

12. Shameless kick + Link to the WH petition here: Spread Around!

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

(HyperTextTransportProtocolSecured or https)

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Amonester (Reply #12)

Wed Jan 9, 2013, 05:15 PM

15. k&r nt

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread