2010 America the Beautiful Five Ounce Silver Uncirculated Coin™ - Grand Canyon National Park Available on June 29

WASHINGTON - Collectors may begin placing their orders for the 2010 America the Beautiful Five Ounce Silver Uncirculated Coin - Grand Canyon National Park on June 29, at noon Eastern Time (ET).  Orders will be limited to one coin per household for the first week of sales.  At the end of one week, the United States Mint will re-evaluate this limit and either extend, adjust or remove it. 

The coin is currently priced at $279.95.  As with all United States Mint products containing precious metals, pricing is subject to change. 

Coins in the America the Beautiful Five Ounce Silver Uncirculated Coin Program are collector versions of those issued through the America the Beautiful Silver Bullion CoinTM Program.  The five-ounce, three-inch uncirculated and bullion coins bear the same likenesses that appear on the corresponding circulating quarter-dollar coin issued through the America the Beautiful Quarters® Program. 

Struck in .999 fine silver, these coins display the "P" mint mark, indicating production at the United States Mint at Philadelphia.  To protect its uncirculated finish, each coin is enclosed in a capsule and protective outer box, and is accompanied by a Certificate of Authenticity. 

The maximum mintage for each of the five 2010 America the Beautiful Five Ounce Silver Uncirculated Coins is 27,000 units.  Coins honoring Hot Springs, Yellowstone and Yosemite National Parks were issued earlier this year.  The final 2010-dated coin, honoring Mount Hood National Forest in Oregon, will be released July 28.

Customers may order the 2010 America the Beautiful Five Ounce Silver Uncirculated Coin - Grand Canyon National Park at the United States Mint's Web site, http://www.usmint.gov/catalog, or by calling 1-800-USA-MINT (872-6468).  Hearing- and speech-impaired customers with TTY equipment may order at 1-888-321-MINT (6468).  A shipping and handling fee of $4.95 will be added to all domestic orders. 

The United States Mint, created by Congress in 1792, is the Nation's sole manufacturer of legal tender coinage and is responsible for producing circulating coinage for the Nation to conduct its trade and commerce.  The United States Mint also produces proof, uncirculated and commemorative coins; Congressional Gold Medals; and silver, gold and platinum bullion coins.

Note:  To ensure that all members of the public have fair and equal access to United States Mint products, orders placed prior to the official on-sale date and time of June 29, 2011, noon ET shall not be deemed accepted by the United States Mint and will not be honored.  For more information, please review the United States Mint's Frequently Asked Questions, Answer ID #175.

Joint Statement of Secretary Geithner and Secretary Clinton On Iran Sanctions

WASHINGTON – The U.S. Departments of Treasury and State today released the following statement from Secretary Tim Geithner and Secretary Hillary Clinton on additional U.S. sanctions against Iran:

“Today, the United States imposed sanctions on Tidewater Middle East Company, an operator of Iranian ports owned by the Islamic Revolutionary Guard Corps (IRGC) that has links to Iranian proliferation activities. We also imposed sanctions against Iran Air, which was designated for providing material support and services to the IRGC and Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL), and also has facilitated proliferation-related activities.  Today’s sanctions also exposed an Iranian individual and entity for their ties to a company that provided support and weapons to Hizballah on behalf of the IRGC.

“The IRGC’s illicit activities and its increasing displacement of the legitimate Iranian private sector in major strategic industries, including in the commercial and energy sectors, are deeply troubling.  The IRGC also serves as the domestic “enforcer” for the Iranian regime, continues to play an important proliferation role by orchestrating the import and export of prohibited items to and from Iran, is involved in support of terrorism throughout the region, and is responsible for serious human rights abuses against peaceful Iranian protestors and other opposition participants.

“Preventing Iran from developing nuclear weapons is a top U.S. government priority and we remain deeply concerned about Iran’s nuclear intentions.  The United States is committed to a dual-track policy of applying pressure in pursuit of constructive engagement, and a negotiated solution. 

“On June 9, 2011, the P5+1 countries (China, France, Germany, the Russian Federation, the United Kingdom, and the United States) re-affirmed their concerns about Iran’s nuclear program and their commitment to a diplomatic solution in their statement to the International Atomic Energy Agency’s Board of Governors.  Many other governments have also expressed serious concerns about the behavior and policies of the Iranian leadership and have urged Iran to change course and seek a path of negotiation.  Yet, in the face of this unified international message, Iran has continued to violate its international obligations and disregard our attempts to start meaningful negotiations over its nuclear program. 

“For this reason, the United States is convinced that the international community must continue to increase and broaden the scope of pressures on Iran.  We welcome steps such as the European Union’s designation of more than 100 entities and individuals last month and the improved implementation of sanctions against Iran that we are seeing around the world.

“This month, the United States amplified our sanctions against Iran’s leadership through a comprehensive initiative aimed at Iran’s dangerous behavior--its continued proliferation activities, its human rights abuses, and its destabilizing activities in the region. 

“On June 9, we sanctioned the Iranian security forces for human rights abuses.  Earlier this week, we continued our efforts against the Islamic Republic of Iran Shipping Lines (IRISL), which the UN Security Council 1737 Sanctions Committee noted has been involved in several violations of UN Security Council resolutions on Iran. 

“The steps we have taken this week seek to limit Iran’s ability to use the global financial system to pursue illicit activities.  We have made important progress in isolating Iran, but we cannot waver.  Our efforts must be unrelenting to sharpen the choice for Iran’s leaders to abandon their dangerous course.

“The United States and our partners remain fully committed to a diplomatic solution with Iran.  However, until Iran is prepared to engage seriously with us on such a solution, we will continue to increase pressure against Iranian entities of concern.”

FOMC will release June 21-22 meeting minutes on July 12, 2011

The minutes of the Federal Open Market Committee (FOMC) meeting of June 21-22, 2011, will be released at 2 p.m. EDT on Tuesday, July 12, 2011, a day earlier than usual. The release date was rescheduled in light of the timing of the House Financial Services Committee hearing on July 13 to receive the Federal Reserve Board's Monetary Policy Report to the Congress.

The minutes of each regularly scheduled meeting of the FOMC are ordinarily made available three weeks after the day of the policy decision. A summary of economic projections made by the Federal Reserve Board members and Reserve Bank presidents for the June 21-22 meeting will be included as an addendum to the minutes.

Free Market Consequences of the Nanny State, part 2

By Zach Foster

Continued from Part 1

Legalization of narcotics would bring a true victory—or at least a Nixonian Peace With Honor—in the War on Drugs.  How so?  First and foremost, safety would rise dramatically in areas affected by drug-related violence.  With narcotics available at drug stores or dispensaries, they would no longer be a part of the underground market, robbing the drug lords of both their consumer base and their profits, and by extension destroying any need to fight law enforcement and other cartels.  Shootings and assassinations would decline sharply just the way alcohol-related gang violence plummeted after Prohibition was repealed.  This means that both cartel violence and local gang commerce and violence—all of them fueled by drug money—would decline sharply.  If not, they could at least branch out to become legitimate enterprises under government regulation, so people would at least not be getting killed in gun battles.[1]  If Wal-Mart and Target can exist in the same city without having routine gun battles, kidnappings, and executions, then two former cartels can compete peacefully in the free market under the law.

Better yet, drug use would actually be safer if state governments regulated production according to health laws.  This means that under state supervision, narcotics could be purely organic and NOT be mixed with cement, quicklime, sulfuric acid, and other deadly chemicals.  Yes, there would still be the possibility of drug overdoses occurring, but that is a matter of personal discretion.  Over 20,000 people die every year from alcohol causes (EXCLUDING drunk driving incidents), mainly alcohol poisoning.[2]  What has the nanny state done to protect these people?  Nothing, as it is impossible to protect determined people from harming themselves.  At least with state regulated non-toxic drugs, users wouldn’t be dropping like flies.

An economic incentive for the nanny state to get out of local drug matters (as if the safety and health aspects weren’t enough) is the potential tax revenue.[3]  This means that both the state and the federal government can tax this vice.  Right now marijuana prices vary, but are quite high in comparison to tobacco and alcohol.  Several decent quality joints would cost the same as at least a full carton (10 packs) of cigarettes, or two bottles of good quality Jack Daniels.  In the west coast, an ounce of decent marijuana costs anywhere between two and three hundred dollars.  On the west coast, an ounce costs well over four hundred.

The high pricing has nothing to do with the time or labor being put into growing and harvesting marijuana. If that was the case, then corn, apples, cotton, and tobacco would also cost three hundred dollars an ounce.  The reason narcotics—especially marijuana—are so expensive is supply and demand.  A huge amount of narcotics are harvested and manufactured every single day, both in the U.S. and south of the border.  In some cases, farmers have huge amounts of illegal crops.  In most cases, a lot of people have a few plants.  Because of federal laws, only so much can be harvested and sold before the Feds take notice, either to legal dispensaries or on the underground market.  It is known that every single day the U.S. Border Patrol and Immigrations and Customs Enforcement agencies catch tens of millions of dollars’ worth of narcotics being smuggled into the country.  The fact that so many narcotics are produced attests to the fact that there is a huge demand for them.  The fact that the supply is severely limited, both by law enforcement operations and producer cautiousness, explains why the price is so high.  Even with heavy taxation, narcotics on the free market will no longer cost hundreds of dollars, and prices will ultimately be lower.

Continued in Part 3: Helping People Kick the Habit

---

[1] Stamper, Norm. How Legalizing Drugs Will End the Violence. http://www.alternet.org/drugs/39565/

[2] Drinking: The Danger Zone. http://www.parent-teen.com/substances/poisoning2.html

[3] Miron, Jeffrey. The Budgetary Implications of Drug Prohibition. Harvard University. February 2010.http://www.economics.harvard.edu/faculty/miron/files/budget%202010%20Final.pdf

Ulysses S. Grant $1 Coin Cover Available June 29

WASHINGTON - The United States Mint announced today that it will begin accepting orders for the Ulysses S. Grant $1 Coin Cover on June 29, 2011, at noon Eastern Time (ET).

The limited-edition coin cover, priced at $19.95, includes two circulating quality 2011 Ulysses S. Grant Presidential $1 Coins from the first day of mintage at the United States Mint-March 7, 2011, for the United States Mint at Philadelphia, and March 2, 2011, for the United States Mint at Denver.  The coins are mounted on a handsome display card with a 44-cent postage stamp.  The postmark of "May 19, 2011" marks the day the Ulysses S. Grant Presidential $1 Coins were first released to the public.

Orders will be accepted at http://www.usmint.gov/catalog or at 1-800-USA-MINT (872-6468).  Hearing- and speech-impaired customers with TTY equipment may order by calling 1-888-321-MINT (6468).  A shipping and handling fee of $4.95 will be added to all domestic orders.

Customers may also purchase the American Presidency $1 Coin Cover Series automatically, as the covers are released, through the United States Mint Online Subscription Program.  To learn more about this convenient ordering method, visit http://www.usmint.gov/catalog.

The United States Mint, created by Congress in 1792, is the Nation's sole manufacturer of legal tender coinage and is responsible for producing circulating coinage for the Nation to conduct its trade and commerce.  The United States Mint also produces proof, uncirculated and commemorative coins; Congressional Gold Medals; and silver, gold and platinum bullion coins.

Note:  To ensure that all members of the public have fair and equal access to United States Mint products, orders placed prior to the official on-sale date and time of June 29, 2011, noon ET shall not be deemed accepted by the United States Mint and will not be honored.  For more information, please review the United States Mint's Frequently Asked Questions, Answer ID #175.

Treasury Announces Sale Of Six SBA 7(A) Securities

WASHINGTON – Today, the United States Department of the Treasury announced the sale of six Small Business Administration (SBA) 7(a) securities executed through a Bid Wanted in Competition (BWIC) for approximately $76.5 million, which represents overall gains and income of approximately $1.7 million for those SBA 7(a) securities.  The closing date for the six securities is expected to occur on or about June 24, 2011. 

SBA 7(a) securities are comprised of the portion of loans guaranteed by the Small Business Administration which finance a wide-range of small business needs, including working capital, machinery, equipment, furniture, and fixtures. 

Treasury originally invested in 31 SBA 7(a) securities with a value of approximately $368 million.  Those securities were comprised of 1,001 loans from 17 different industries, including retail, food services, manufacturing, scientific and technical services, healthcare, educational services, and others.  Treasury has now sold a total of 12 securities for approximately $151.5 million, representing overall income and gains of approximately $4.5 million.  After the closing, Treasury will continue to hold 19 SBA 7(a) securities. 

Treasury acquired its SBA 7(a) securities portfolio under the Troubled Asset Relief Program (TARP).  Treasury purchased the securities in order to help restart the flow of credit to small businesses.  Purchasing securities from participating “pool assemblers” enabled them to purchase additional small business loans from loan originators.  Since Treasury began purchasing SBA 7(a) securities, the SBA 7(a) market has recovered, as exhibited by new pool issuance volumes returning to pre-crisis levels. 

The disposition of these SBA 7(a) securities is part of Treasury’s ongoing efforts to wind down TARP.  The Obama Administration will continue its strong commitment to ensuring that small businesses have the capital they need to create jobs and strengthen economic growth through the implementation of the Small Business Jobs Act and a number of other critical programs.

EARNEST Partners, which has acted as Treasury’s Financial Agent for the SBA 7(a) securities portfolio, will continue to execute the securities disposition through broker-dealers on behalf of Treasury.  Prospective purchasers of SBA 7(a) securities held by Treasury should contact EARNEST Partners by e-mailing UCSBTeam@earnestpartners.com or by calling (404) 815-8772.

Citizens Coinage Advisory Committee Meets June 27

The Citizens Coinage Advisory Committee (CCAC) will hold a public meeting at 6:30 p.m. (MT) on Monday, June 27, 2011, at Slocum Commons on the Campus of Colorado College in Colorado Springs, Colorado, to advise the Secretary of the Treasury on themes and designs pertaining to United States coinage.

Agenda (subject to change):

* Review and discussion of the Candidate Designs for the Reverse of the 2012 Native American $1 Coin. Other general business.

* Discussion on coin design excellence and update of the visual definition of coin design excellence.

* Public Forum - An opportunity for the general public and those attending the ANA Summer Seminar to share their thoughts and ideas regarding American coin design. Any such comments are welcome: reactions to specific issues, general suggestions, ideas for future issues - or anything else about the images on our coins.

* Who:  Citizens Coinage Advisory Committee (CCAC)

   Pursuant to 31 U.S.C. 5135, the CCAC was established to:

* Advise the Secretary of the Treasury on any theme or design proposals relating to circulating coinage, bullion coinage, commemorative coins, Congressional gold medals, and national and other medals produced by the Secretary;

* Advise the Secretary of the Treasury with regard to the events, persons, or places that the Committee recommends to be commemorated; and

* Advise the Secretary of the Treasury with respect to the mintage level for any commemorative coin recommended.

When:      Monday, June 27, 2011, from 6:30 p.m. to 9:00 p.m.

Where:     Slocum Commons, on the Campus of Colorado College

                30 East Cache La Poudre Street

                Colorado Springs, CO 80903

           

The CCAC meeting is open to the public.   News media are welcome.