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Jan 16

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“We the People” Creates Opportunity for Change

From building the Death Star to deporting Piers Morgan, to disclosing the truth about aliens, lately the White House has been pelted by wild petitions.

Whitehouse.gov explains that, “the right to petition your government is guaranteed by the First Amendment to the U.S. Constitution. Throughout our history, Americans have used petitions to organize around issues they care about from ending slavery, to guaranteeing women’s right to vote, to the civil rights movement.” [1]

While historically such petitions have led to ground breaking results, they’ve also provided a few laughs. Of interest to an economic observer is a petition, recently submitted, to mint a $1 trillion platinum coin in order to “…avert the absurd-yet-imminent debt ceiling…” [1]

Through a regulatory loophole, the platinum coin would allow the government to expand the monetary supply, pay down its debts, and all without the need for Congress to vote on raising the debt ceiling.

“While there are laws in place to regulate how much paper, gold, silver or copper currency can be circulated by the government, there is nothing so clearly stated when it comes to platinum.” [2]

Although clever, this idea demonstrates the divide between the letter and spirit of the law. By Tuesday (1/15/13) at 4:07 PM, the petition had already garnered 9,979 signatures, and has 15,021 to go. If a goal of 25,000 signatures is reached by  February 02, 2013, the White House must respond.

 

 

[1] https://petitions.whitehouse.gov/petition/direct-united-states-mint-make-single-platinum-trillion-dollar-coin/8hvJbLl6

[2] http://abcnews.go.com/blogs/politics/2013/01/white-house-denies-call-for-trillion-dollar-coin-to-avoid-debt-ceiling/

About the author

Maksim Dvorkin

Maksim Dvorkin is a consultant at Fulcrum Inquiry, an accounting, finance and economic consulting firm specializing in complex litigation, forensic investigations and appraisal issues across a broad spectrum of industries.

Permanent link to this article: http://betweenthenumbers.net/2013/01/we-the-people-creates-opportunity-for-change/

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