History of the Proof Platinum Coin Seigniorage Concept, 2010-2013
Please leave new "sightings" of Proof Platinum Coin Seigniorage items -- whether old or new -- in comments below, or contact the blog!
And see here for an interpretation of the data, at least from the perspective of the blogosphere.
1. Click on column headers to sort. For example, click on Date to sort oldest first. Click again to resort.
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Here is a timeline of the same data, which makes visualization easierDisplaying 1 - 150 of 552 entries
|Beowulf: The Center of the Universe (comment)||05/23/10||
"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).
|Beowulf: The Center of the Universe (comment)||05/24/10||
"Authorize the US Mint to stamp $1 billion or even $1 trillion coins. Geithner could hand-deliver them to the Federal Reserve Building as needed. :o)" (original).
|Ramanan: Billy Blog (comment)||05/28/10||
"The simplest way to prevent an overdraft without breaking any law or constitution is for the Treasury to hand a coin of high denomination to the Fed. As Beowulf says, Tim Geithner can hand-deliver this coin" (original).
|Beowulf: Brad DeLong (comment)||07/06/10||
"(k) The Secretary may mint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary’s discretion, may prescribe from time to time. 31 USC 5112(k)" (original).
|Beowulf: New Deal 2.0 (comment)||11/04/10|
|Beowulf: FDL (comment)||11/09/10|
|Joe Firestone: FDL/Corrente||11/12/10|
|Beowulf: FDL (comment)||12/14/10||
"The Secretary of Treasury has been delegated pretty damn broad seigniorage power (“specifications, designs, varieties, quantities, denominations, and inscriptions”). Tsy could mint a trillion dollar platinum coin (cost of minting is not related to face value) and deposit it with the Fed" (original).
|Beowulf: Corrente (comment)||12/15/10|
|Beowulf/Joe Firestone: Corrente (correspondence)||12/15/10||
Beowulf and Joe Firestone collaborate and correspond (history).
|Joe Firestone: Corrente||01/05/11||
"President Obama will have, by then, demonstrated, that by using seigniorage he can take the deficit and debt issues completely off the table." (original).
|Joe Firestone: Corrente||01/12/11||
"The Fed could not refuse the coins or fail to credit their face value because they are legal tender. Since the Fed is technically in the private sector, acceptance by them of a deposit in the form of the jumbo coins, resulting in the markup of the Mint's Account by their face value, gets recorded technically as a sale of the coins to the private sector." (original).
|Joe Firestone: Corrente||01/19/11||
"The impact of coin seigniorage in eliminating deficits, the national debt, and bringing the debt-to-GDP ratio to zero isn't very important economically, since the size of these numbers doesn't create any solvency risk, or impair the Government's ability to sustain future fiscal activity. But that impact is very important politically and psychologically" (original).
|Warren Mosler: The Center of the Universe||01/20/11||
"Joe Firestone has a new post on Coin Seigniorage, where he gives credit to our own Beowolf’s comment on this website.
As far as I’ve been able to determine, it does work operationally. It seems the US Treasury is already legally empowered to simply mint it’s own platinum coin in any denomination it wants and effectively deposit it in its Fed account, rather than sell bonds to the public to fund its Fed account" (original).
|Joe Firestone: Corrente||01/30/11||
"Paul Ryan's Deficit Reduction Fairy Tales: Part One" (original).
|Joe Firestone: Corrente||02/01/11||
Many posts from Joe Firestone (source).
|Joe Firestone: Corrente||04/05/11||
"There is an effective response the President ought to make to the threat of a refusal to raise the debt limit, which would allow him to avoid the “forced” spending cut scenario" (original).
|Joe Firestone: Corrente||05/05/11||
"[C}oin seigniorage, can be used to extinguish the national debt, without either reclaiming currency from the private sector by taxing, or, technically, even running a Federal defici" (original).
|Joe Firestone: Corrente||05/13/11||
"The MSM these days are locked into neo-liberal perspectives which provide none except painful solutions to our current problems. The polling organizations should be better than this." (original).
|Joe Firestone: Corrente||05/15/11||
Open letter to Sen. Bernie Sanders (original).
|Joe Firestone: Corrente||05/15/11||
Open letter to Sen. Bernie Sanders (original).
|Joe Firestone: Corrente||05/18/11||
[The] national debt can eventually reduced to near zero with the constant use of coin seigniorage. (original).
|Joe Firestone: Corrente||06/10/11||
"Middle grounds often sound like a good idea theoretically. But in reality they can be incredibly costly because the cautious,compromising approach they require often means accepting the very outcomes one is trying to avoid" (original).
|Wigwam: Daily Kos||06/22/11|
|Joe Firestone: Corrente||06/29/11|
|Joe Firestone: Corrente||06/30/11||
"The President has no choice in this matter. Congress has appropriated money for particular purposes. It has also passed a debt ceiling, and passed a law providing the Administration authority to engage in jumbo coin seigniorage to get revenue necessary to spend appropriations in the presence of the debt limit." (original).
|Beowulf: DeLong (comment)||07/04/11||
" (k) The Secretary may mint and issue platinum bullion coin" (original)
Call for questions at Obama "tweetup" (source).
|Cullen Roche: Pragmatic Capitalist||07/07/11|
|Scott Fullwiler: Naked Capitalism||07/11/11|
|Joe Firestone: Corrente||07/11/11|
|Felix Salmon: Reuters||07/14/11|
|Dave Winer: Scripting News||07/15/11||
"I like it. Currency hacking" (original).
|Matthew Yglesias: Think Progress||07/15/11|
|Joe Firestone: Corrente||07/17/11||
Reply to Salmon and Yglesias (source).
|Tom Hickey: Mike Norman Economics||07/18/11|
|Jack Balkin: Balkinization||07/18/11|
|Joe Firestone: Naked Capitalism||07/18/11||
"Why Matt Yglesias and Felix Salmon are Wrong About A Legal Way to Circumvent the Debt Ceiling Impasse" (original).
|Scott Sumner: The Money Illusion||07/19/11|
|Warren Mosler: Pragmatic Capitalism||07/19/11||
"And yes, there are options that allow the executive branch to continue to deficit spend if it wanted to, ranging from issuing a multi trillion dollar platinum coin to spending under cover of the 14th amendment" (original).
|Joshua Holland: Alternet||07/20/11|
|Darrell Delamaide: MarketWatch||07/20/11|
|Lawrence Tribe: Dorf on Law (guest post)||07/21/11||
"Here is another option: the Treasury could mint coins to cover all the nation’s spending commitments. As Jack Balkin has pointed out, 31 U.S.C. § 5112(k) authorizes the Treasury to mint platinum coins in any denomination. Balkin suggests that the President could exercise this authority to mint a couple of trillion-dollar coins. By doing so, the President could put an end to the problem created when the Treasury’s revenues are insufficient to meet its spending commitments, without violating any existing federal law. If we accept Balkin’s interpretation of the relevant statutory provision, the central premise of Professor Buchanan’s argument—that default is guaranteed to occur under extant statutes come August 3—isn’t even true to begin with." (original).
|upyernoz: Rubber Hose||07/21/11|
|Joe Firestone: Corrente||07/21/11||
"[Coin seigniorage] is the only solution currently being suggested that requires no agreement in Congress and also no challenge to the debt ceiling law itselfIt is the only solution currently being suggested that requires no agreement in Congress and also no challenge to the debt ceiling law itself" (history; original).
|Mark Kleiman: The Reality-Based Community||07/23/11|
|Yves Smith: Real News Network||07/25/11|
|Joe Firestone: Corrente||07/25/11|
|Joe Firestone: Corrente||07/26/11|
|Matthew Yglesias: Think Progress||07/28/11|
|upyernoz: Rubber Hose||07/28/11|
|Master of Interesting Links: Mike Norman Economics||07/28/11|
|Tyler Cowen: Marginal Revolution||07/28/11|
|Cullen Roche: Pragmatic Capitalist||07/28/11||
"CNN is running a story on the various ways the White House could circumvent the debt ceiling issue. One of the options they mention is the platinum coin idea started by MMTers" (original).
|Jack Balkin: CNN||07/28/11||
"The "jumbo coin" and "exploding option" strategies work because modern central banks don't have to print bills or float debt to create new money; they just add money to their customers' checking accounts." (history; original).
|Capt. Fogg: The Reaction||07/28/11|
|Logan Penza: The Moderate Voice||07/28/11|
|Jonathan Chait: The New Republic||07/28/11|
So crazy it just might work ( original).
|Ed Harrison: Credit Writedowns||07/29/11|
|Matthew Yglesias: Think Progress||07/29/11|
|Erik Hayden: AtlanticWire||07/29/11|
|Paul Krugman: Conscience of a Liberal||07/29/11|
"One creative solution to the U.S. Government's debt-ceiling, which has bubbled up from the progressive MMT (Modern Monetary Theory) economic community, has been called the #trilliondollarcoin meme" (history; original).
|Joe Firestone: Corrente||07/29/11|
|Seneca Doane: Daily Kos||07/30/11|
|Beowulf: The Traders Crucible||07/31/11||
The US Mint has used coin seigniorage continuously since the Coinage Act of 1792 (in a legal sense, a single $1 trillion platinum coin is the same as trillion $1 coins but with far less expense and effort). (history; original).
|Laurence Lewis: Daily Kos||07/31/11|
|David Weigel: Slate||07/31/11|
|Scott Fullwiler: New Economic Perspectives||08/01/11|
|Ellen Brown: Web of Debt||10/16/11||
"'The government could solve its debt problem by just minting some large coins. That there’s no limit on how many coins they can make, and there’s no limit on the face value of the coin. So today, for example, you could stamp out 15 $1 trillion coins and you’d take care of the debt and you’d have a little money left over. And, a number of economists actually picked up on that, and there’s this whole dicussion out there now about how you could solve the problem with some $1 trillion coins which you would then put in the government’s bank account, basically. So you don’t actually ever spend the coins, but you can draw against them, and it’s a way to create money…'" (original; cited by).
|Beowulf: Monetary Realism||03/19/12||
"VJK argued that because platinum coins are defined as numismatic coins and not circulating coins (such as nickels, dimes, etc.) that means they can only be purchased by collectors (at metal price plus markup) and not the Fed (at face value). This isn’t quite accurate" (original).
|David Beckworth: Macro and Other Market Musings||04/18/12||
"So how could President Obama have his FDR moment? Like FDR, he should signal his intentions for higher level of nominal spending and follow through on it by having the Treasury Department take take the reigns of monetary policy from the Fed. President Obama could do this by announcing a NGDP level target that would be implemented by the Treasury Department creating large-denomination platinum coins that would be deposited at the Fed and used to fund checks to the public." (original).
|Beowulf: Monetary Realism||04/18/12||
"Every football fan knows that the prevent defense only prevents you from winning" (original).
|Beowulf: Monetary Realism||06/07/12||
"People are starting to write about the Trillion Dollar Coin again, which can only mean one thing… Tsy is fast approaching the debt ceiling" (original).
|"[A]bout two hours i...||06/14/12||
Fracking "[A]bout two hours into the raid … another of the heroes of this story, Deb Eck, Riverdale resident and balls-of-steel leader came out to plead with the activists to stand down, in other words, to end our resistance to the police efforts to evacuate us from the premises."
|Warren Mosler: The Center of the Universe||07/19/12||
"[T]here are options that allow the executive branch to continue to deficit spend if it wanted to, ranging from issuing a multi trillion dollar platinum coin to spending under cover of the 14th amendment" (original).
|Joe Firestone: Corrente||08/01/12||
"[T]here would be a spectacular uproar" (original).
|Vincent Cate: How Fiat Dies||10/19/12||
"Why not have the Treasury mint some $1 trillion coins? This would be very inflationary. Imagine that they instead produced $1 million coins and used them to pay off bonds. People would see the money supply increasing and understand that at some point the value of the money will be going down. So people would stop rolling over bonds" (original).
|Michael Sankowski: Monetary Realism||12/03/12||
Trillion Dollar Coin Goes Mainstream: Well, lefty mainstream at least. If Atrios says it, it’s pretty much accepted wisdom on the left in the United States. (original).
|David Dayen: FDL||12/03/12||
"If the President doesn’t go that route [14th Amendment], and he doesn’t direct his Treasury Secretary to mint a $1 trillion platinum coin, then you have a situation where House Republicans have the power to control events" (original).
|Joe Weisenthal: Business Insider||12/03/12||
"This is really thrilling" (original).
|Michael Sankowski: Monetary Realism||12/03/12||
Quick and Dirty Update on Platinum Easing Discussions (original).
"The platinum coin option is a new one on me" (original).
|Robert Oak: Economic Populist||12/03/12||
"If two $1 trillion coins are legal, is this where America is at?" (original).
|James Pethokoukis: AEI||12/05/12|
|Cullen Roche: Pragmatic Capitalist||12/05/12||
"[T]he US Treasury has the legal authority to instruct the US Mint to create a coin of any denomination and simply deliver it to be deposited in the US Treasury account at the Federal Reserve" (original).
|Chris Hayers: Rachel Maddow||12/05/12|
|Michael Sankowski: Monetary Realism||12/06/12||
Where is the Zerohedge Rant on the Trillion Dollar Coin? (original).
|John Carney: CNBC||12/06/12||
"There would really not be any additional inflationary pressures caused by a trillion coin" (original).
|Kevin Drum: Mother Jones||12/06/12|
|Matthew Yglesias: Slate||12/06/12|
|JKH: Monetary Realism||12/07/12||
"One option might be for Treasury to buy back Treasury debt now held by the Fed (assuming appropriate available supply from Fed inventory). That would drop utilization under the current debt ceiling by $ 1 trillion, allowing Treasury to “reload” on new Treasury issuance" (original).
|Cullen Roche: Pragmatic Capitalist||12/07/12||
"[T]he US Treasury could order the US Mint to create a platinum coin of any denomination, deposit it in the Fed’s account and the Fed could then retire some portion of the national debt in what is essentially an exchange of the bonds they hold for the coin. Then the government spends the money they were already told (by themselves) to spend and we don’t get held hostage by the very same government" (original).
|Goldy: The Stranger||12/07/12||
Time to Mint the Trillion-Dollar Coin, and Shove It Up Congress's Ass (original).
|The American Catholic||12/07/12||
"The idea of minting trillion-dollar platinum coins has been a lunatic nostrum of the wacked out left for about a year" (original).
|Matthew Yglesias: Slate||12/07/12|
|Beowulf: Monetary Realism||12/07/12||
"There was a congressional hearing last week on a bipartisan bill to replace paper dollars with dollar coins. Swell idea I’m sure, however if it passes (probably too late this year but its budgetary savings might get it slipped into a budget deal), Congress would do the scarcely imaginable, it make the Trillion Dollar Coin an even more powerful tool for the Secretary of the Treasury" (original).
|Harry Bradford: HuffPo||12/07/12|
|Brad Plumer: Washington Post||12/07/12|
|The Daily Paul||12/08/12||
This would be debt free money as I read it (original).
"What would the Treasury do with a trillion dollar coin, you ask? Why, deposit it in their account with the Fed, of course. The Fed would then credit the Treasury's account with 1 trillion dollars" (original).
|Joe Firestone: Corrente||12/09/12||
"The Trillion Dollar Coin proposal for solving the debt ceiling problem is again experiencing a blogosphere explosion this past week." (original).
|Joe Firestone: Corrente||12/09/12|
|Michael Sankowski: Monetary Realism||12/10/12||
"[T]he coin would have much the same impact as traditional quantitative easing. Issuing and using the coin would be just like QE I, QE II, and the ongoing QE III in impact on our system. It could be considered to be Platinum Coin Easing" (original).
|Matthew Zeitlin: Daily Beast||12/11/12||
"[T]he way Gagnon explains it, the platinum-coin option holds particular appeal because of how few distortionary effects it would have" (original).
|JKH: Monetary Realism||12/12/12||
Quick and Dirty Update on Platinum Easing Discussions (original).
"I really don't know why the administration doesn't take the "mint the trillion dollar platinum coin" option seriously. It is, as far as I can tell, perfectly legal" (original).
|Joe Firestone: NEP/Corrente||12/13/12||
"An emerging recommendation from some of these posts is for the President to use the TDC option as a threat in the background of his negotiations with the Republicans" (original).
|Joe Firestone: NEP/Corrente||12/13/12||
"if a $60 T coin option were used, then the debt subject to the limit would be paid off and the debt ceiling would never be an issue" ( original).
|Joe Firestone: NEP/Corrente||12/14/12||
"[T]heir examination of platinum coin seigniorage in the context of the debt ceiling crisis, and otherwise, is too narrow and superficial too serve us well" (original).
|Gary Rathbun: Toledo Free Press||12/16/12||
"Platinum is priced at around $1,600 an ounce, so if the Treasury minted a $1 trillion coin either the spot price would go through the ceiling or it would drop to being cheaper than tin." (original).
|Global Economic Intersection||12/17/12||
"The MMTers dare to utter the heretical view that money is not intended as a store of value, but instead that it is a tool to be used by government to facilitate the exchange of goods and services..." (original).
|Paul Krugman: Conscience of a Liberal||01/02/13||
"[T]he letter of the law would allow Treasury to stamp out a platinum coin, say it’s worth a trillion dollars, and deposit it at the Fed." (original).
|Michael Sankowski: Monetary Realism||01/02/13||
"Trillion Dollar Coin Explodes: Krugman, Congress is talking about it" (original).
"Rep. Jerrold Nadler, others still pushing for trillion-dollar coin to duck debt ceiling" (original).
|Joe Firestone: Corrente||01/03/13||
"[The Proof Platinum Coin] demonstrates very clearly that the Government cannot run out of money, and that the claim that it can is not a valid reason for rejecting spending that is in accordance with public purpose" (original).
|Michael Sankowski: Monetary Realism||01/03/13||
"Krugman does not know it yet, but he will figure out the coin is Platinum Coin Easing" (original).
"Economists love old grandpa coin act as fiscal-cliff solution, or something" (original).
"It's perfectly legal so just do it, or threaten to anyway" (original).
"These suggestions should horrify anyone who understands the importance of sound money" (original).
#MintTheCoin: Hash tag created by Stephanie Kelton.
|Josh Barro: Bloomberg||01/03/13||
"[T]hen he should offer to sign a bill revoking his authority to issue platinum coins -- so long as that bill also abolishes the debt ceiling" (original).
|Annie Lowrey: Slate||01/03/13|
|Joe Firestone: NEP/Corrente||01/03/13||
"[Carney and Hayes both] see PCS as essentially a band-aid we can put on the debt ceiling problem. They don't see it as something that could introduce a profound change in the background of fiscal policy" (original).
|Adi Robertson: The Verge||01/04/13||
"#MintTheCoin: Can social media and a trillion-dollar coin solve the US debt?" (original).
|Charles Riley: CNN Money||01/04/13||
"[N]one of this requires Congressional consent. Talk about an elegant solution" (original).
"Hamburg - Im Netz ist die Idee bereits ein Hit: 'Die Platin-Option' titelt die 'Huffington Post', 'eine interessante Lösung' schreibt Bloomberg-Blogger Josh Barro - und unter dem Stichwort #MintTheCoin diskutieren Tausende Twitter-Nutzer über das Konzept" (original).
|Mark Garrison: American Public Media (Marketplace)||01/04/13||
"Once a silly hypothetical and still overwhelmingly unlikely, the trillion dollar coin concept is no longer merely academic. Seething anger at broken politics is helping a nutty idea about a magic platinum coin gain mainstream currency" (original).
|Alex Altman: Time||01/04/13||
"A lot of people, cringing at the idea of another debt-limit standoff, are hunting for a work-around. Enter the trillion-dollar platinum coin solution." (original).
|Steve Benen: Rachel Maddow||01/04/13||
"This is admittedly hard to take seriously, but federal law does empower the Secretary of the Treasury to 'mint and issue platinum bullion coins and proof platinum coins.'" (original).
|New Statesman (UK)||01/04/13||
"In terms of the real economy – outside of strange intragovernmental transfers designed to get around bizarre anachronistic limits – nothing has changed." (original).
|Rush Limbaugh: The Rush Limbaugh Show||01/04/13||
"Liberals Eye Platinum Coin Strategy?" (original).
|Heidi Moore: Guardian||01/04/13||
"The #mintthecoin project is not meant, of course, to be completely serious." (original).
|Connor Simpson: The Atlantic||01/04/13||
Like Mayweather-Pacquiao, the fight never happens. Planned debt ceiling fight cancelled. That seems kind of easy, right? Why didn't Obama think of this before? Because no one's first resort to a debt ceiling fight is to create what is essentially a loonie on horse steroids, duh. (original).
|Harold Maas: The Week||01/04/13||
"4 reasons the government won't mint a trillion-dollar coin to prevent a debt-ceiling crisis" (original).
|Matthew Cooper: National Journal||01/04/13||
"The $1 Trillion Platinum Coin Is As Good an Idea As FDR's Court-Packing" (original).
|David Frum: Daily Beast||01/04/13||
"I'd enjoy seeing a trillion dollar coin minted purely for the deservedly righteous indignation such an overstep would create" (original).
|Reid Pillifant: Capital New York||01/04/13||
"'My understanding of how this all works suggests that this is a viable alternative,' said Philip Diehl ... who was head of the U.S. Mint from 1994-2000" (original).
|New York Sun||01/04/13||
Editorial: "The Platinum Coin Trick" (original).
|Dylan Matthews: Washington Post||01/04/13||
"[Rep. Michael] Castle’s interest [in P.L. 104-208] [/in]was in producing income from seignorage (that is, the profit collected by the government by minting coins or printing paper money that is worth more than it costs to produce) as a means of reducing the deficit" (original).
|Bonnie Kavoussi: HuffPo||01/04/13||
"White House Petition Pushes For Trillion-Dollar Platinum Coin" (original).
|Ryan Cooper: Washington Monthly||01/04/13||
"It’s striking especially that [Heidi] Moore doesn’t treat the people threatening to hold the US economy hostage to extract unrelated policy concessions with the same disdain she shows for the people trying to cook up a workaround. I agree, minting trillion dollar coins sounds silly. But hitting the debt ceiling would be deadly serious, and doing silly-sounding things is a small price to pay for avoiding pointless economic crisis" (original).