The exception to the general pattern focusing on the Trillion Dollar Coin (TDC) as the solution to the debt ceiling problem I outlined and critiqued in my last post, is in Joe Wiesenthal 's posts here and here. Wiesenthal alone criticizes, rather than ign Read more about The Small Ball Trillion Dollar Coin Seigniorage Exception
Wake Up Progressives: The Bad Guys Are Trying To Steal the Trillion Dollar Coin to Save the Financial Status Quo!
Among the many posts on the Trillion Dollar Coin (TDC) and Platinum Coin Seigniorage (PCS) we're seeing this week, is a category of posts favoring using PCS in a limited way to avoid the debt ceiling crisis, rather than using it in a much more robust way, that would change the procedures underlying Federal Read more about Wake Up Progressives: The Bad Guys Are Trying To Steal the Trillion Dollar Coin to Save the Financial Status Quo!
Enthusiasm for using Platinum Coin Seigniorage (PCS) to produce a Trillion Dollar Coin, or coins totaling a few trillion dollars continues to increase. Read more about Trillion Dollar Coin: Posts on Legality and Constitutionality
Another platinum coin surge in the Second Wave rippled through the mainstream media yesterday and this time hit the Congressional Progressive Caucus. Domenico Mantanaro of MSNBC kicked things off on one of the morning shows by mentioning the Trillion Dollar Coin (TDC) as a possible solution to the debt ceiling problem. Then, in the afternoon, on MSNBC's the cycle, Krystal Ball, and Steve Kornacke, in discussing the coming debt ceiling conflict talked rather matter-of-factly, I thought, about minting some TDCs to get around the debt ceiling. Read more about Paul Goes Platinum!
Well, that's over. The President had a chance to go “over the cliff,” bargain hard with the Republicans, get more of what he said he wanted at the price of perhaps some more days of crisis with extreme pressure building on the Republican caucus, and he blinked. I don't much care that he blinked on tax rates for the top 2% and on inheritance taxes, because tax rate increases for purposes of deficit reduction simply aren't needed for getting deficit spending needed to create jobs, as the rest of this post will show. Here's what I care about: Read more about The President's Leverage: He Can Go Platinum!
The word “deficit,” when applied to the Government financial accounting of a monetarily sovereign nation, that is, one that issues a non-convertible fiat currency, with a floating exchange rate, and no debts in a currency it doesn't issue, is a problem, because the label “deficit” when applied to such a Government doesn't mean what most people think it means. As Michel Hoexter points out: Read more about Government Financial Asset Addition = “Deficit”; Government Financial Asset Destruction = “Surplus”
Richard Eskow of the Center for the American Future, posted a very good one a couple of days ago. He used the old union meme “which side are you on” to beat up the President and Congress about Social Security being placed on the negotiating table. I thought his writing on it was striking. Here's some of it: Read more about Richard Eskow Asks: Which Side Are You On?
The most frequent objections to proposals that we use Platinum Coin Seigniorage (PCS) to create reserves for debt repayment and deficit spending, frequently come back to inflation. Perhaps people can't get over the association they learned in high school Social Studies, or perhaps in American History, or Economics 101, that when Governments create money and then just spend it without any compensating deflationary action, inflation or hyperinflation happens. Maybe they can't forget those cartoons about people in Weimar Republic days pushing wheelbarrows full of money to the market to buy some bread. So, I've been promising for about a week now, to blog about the likely expected relationship between the different PCS options and inflation using the framework laid out by Scott Fullwiler! Read more about Platinum Coin Seigniorage, Issuing Debt, Keystroking Deficit Spending, and Inflation
The one thing that jumps out at you when reading the mainstream posts of the past week-and-a-half bringing Platinum Coin Seigniorage (PCS) into the forefront of attention again, for the first time since last year's debt ceiling crisis, is that every mainstream blogger or commentator is telling a story about minting a Trillion Dollar Coin (TDC), or a few trillion dollar coins as an option the President can either use or not to get around the debt ceil Read more about New MSM Trillion Dollar Coin Wave: Here's The Big Story
In my last three posts, I've critiqued the new wave of mainstream posts and commentary on Platinum Coin Seigniorage (PCS) on my way to making the case that the MSM are missing "the big story" about PCS. Read more about New MSM Trillion Dollar Coin Wave Misses the Big Story: Bradford and Plumer
In my last two posts I've been reviewing the new wave of mainstream posts and commentary on Platinum Coin Seigniorage (PCS) by way of providing background for making the case that the MSM are missing “the big story” about PCS. Read more about New MSM Trillion Dollar Coin Wave Misses the Big Story: Drum and Yglesias
Did the MSM's new wave of commentaries on platinum coin seigniorage (PCS) miss the really big story about it? Of course, I think it did, and I'll continue my review of the MSM commentaries with the efforts of Chris Hayes at MSNBC, substituting as host on the Rachel Maddow show (12/05 at 9:20 PM); and John Carney at CNBC (12/06 at 11:54 AM). This is my second review post on this subject.
In this post I said I would blog about the likely expected relationship between the different Platinum Coin Seigniorage (PCS) options and inflation using the framework laid out by Scott Fullwiler! But, after reconsidering, I thought I'd hold off until later, and, instead, first provide a discussion of the "new wave" of MSM-based blog posts on the Trillion Dollar Coin (TDC) “solution” to the upcoming debt ceiling conflict. Read more about New MSM Trillion Dollar Coin Wave Misses the Big Story: Pethokoukis and Wiesenthal
The Trillion Dollar Coin (TDC) is, first, an oversimplified meme, because there's not one TDC solution, but lots of Platinum Coin Seigniorage (PCS) variations on that idea with differing implications for politics. Some just kick the can down the road, until the next debt ceiling crisis, or set up another trade between the Administration of something relatively valuable for something less valuable. Others would really change the political game. Read more about The Trillion Dollar Coin Is A Conservative Meme