If you have "no place to go," come here!

Beowulf: The Center of the Universe (comment)

Incident topic: 
Incident time: 
Sunday, May 23, 2010
Incident address: 
United States
Location (map input): 

"Congress passing a law to abolish the overdraft restriction would have the same operational effect as if it deleted 1551(b) from the US Code or, to use your aircraft carrier example, authorized the US Mint to stamp a $1 billion coin. Either way its an exercise of Uncle Sam’s seignoirage power" (original).

NOTE Although the post is from 2010-05-14, the comment itself is dated 2010-05-23

NOTE Beowulf cites to this post by Randall Wray. However, Wray does not seem to mention the idea of a very large (or "platinum") coin.

No votes yet