Watch For Laws With Clever Names

And cute acronyms.

To Make Sense of the Coins Act, Follow the Money – The American people might be surprised to learn that for the past 20 years a handful of lobbyists and lawmakers—mostly from states with mining and metal-processing interests—have been pushing a proposal to take away dollar bills, and force the public to use metal coins instead. The most recent attempt is the Currency Optimization, Innovation and National Savings (Coins) Act, sponsored by Sen. Tom Harkin (D., Iowa). This proposed law would prohibit the issuance of dollar bills after five years and replace them with dollar coins.

The proposed legislation reeks of some of the most common problems with state-owned monopolies. The advocacy group promoting the Coins Act has the same address as PMX Industries, a South Korean firm located in Cedar Rapids, Iowa, that supplies the U.S. Mint with the metal used to make dollar coins. Along with its CEO, Jin Roy Ryu, the company in 2011 donated a combined $500,000 to the Harkin Institute of Public Policy at Iowa State University (now at Drake University) named after the senator.

Related links:
Remember What I Said About Laws With Clever Names?
Dr. Boudreax Eviscerates Govt. Double-Standards
How About A Rule of Thumb For New Laws?

  • Harry

    My brother had an idea how to create permanent value in coins made of cheap metal: drill a hole in the center, and you get a flat washer.

    For me, a gold coin with an Indian on it beats a Benjamin Federal Reserve Note, but our rulers have bypassed the inconvenience of having to print Weimar paper by the creation of electronic food stamp cards, Quantitative Easing, etc., which may or may not require the stroke of a pen by a human hand. Nero, in Hell, is jealous.