[Cross-posted under a different title at Naked Capitalism -- lambert]
(Author's Note; Many thanks to lambert strether, beowulf, and Yves Smith for their reviews of this post) Read more about Coin Seigniorage: A Legal Alternative and Maybe the President's Duty
I've written a lot about jumbo coin seigniorage as a way of getting around the debt ceiling problem over the past 7 months, and others here, Read more about Coin Seigniorage, the Debt Limit, and the President's Duty
Today, the MSM noticed that there's an issue of constitutionality related to the debt ceiling. Ryan Grim and Samuel Haass report that some Democratic Senators, including Chris Coons and Patty Murray, have begun to discuss. Read more about The Debt Ceiling Is Not Unconstitutional, Right Now!
In a comment on another post of mine, Kelly Canfield, a blogger and commenter at FDL, asked me for the following.
What I would appreciate is a simple, 3,4 bullet point method as to why I should support, and more importantly, tell others that MMT is superior to the Keynes theories which I have pointed out and illustrated to others before this current situation.
I can easily explain that the private sector is not providing demand, and that the Fed sector should, and people would be better off with demand stimulus.
Explain to me how I EXPLAIN that MMT is superior to that basic premise, if it is?
Not sure I want to do that in three or 4 bullet points. But what I will do is to state what I think are some differences that are very significant for policy activism between a Keynesian approach employed by people like Paul Krugman, Brad DeLong, and Robert Reich and a Modern Monetary Theory (MMT) approach employed by people like Warren Mosler, L. Randall Wray, Bill Mitchell, Jamie Galbraith, Stephanie Kelton, Marshall Auerback, Scott Fullwiler, and Pavlina Tcherneva. So, here are some contrasts between the two approaches on seven important issues. Out of these contrasts, there should be much material for short explanations about why MMT is superior to Keynesian approaches. [Readers? -- lambert] Read more about Keynesian Deficit Doves vs. MMT Deficit Owls