Well, not really. But if you view the Trillion Dollar Coin (TDC) meme, as I do, as a short-hand for the more general idea of using Platinum Coin Seigniorage (PCS), then yes, it can change the whole political game for progressives if President Obama dares to use it.
Literal TDC proposals would solve the debt-ceiling, but they won't solve the larger problem of defeating the austerity politics that is so close to getting the cuts to social safety net and important discretionary government programs that austerians have long sought. PCS game-changer proposals are the ones calling for, or analyzing the impact of, PCS options aimed at paying off the national debt and covering anticipated federal deficit spending for some years.
PCS options of that kind change the game of fiscal politics by removing the issue of austerity from fiscal policy considerations. With this kind of PCS the national debt and the debt-to-GDP ratio go away as matters of concern. The focus of fiscal policy then becomes the impact of specific policies rather than some overall deficit or debt reducing target. The issue in fiscal policy then becomes public purpose. It becomes what specific impacts, including inflation, and full employment, are anticipated from passing specific legislation, and whether or not those impacts are in line with public purpose. But, when the national debt and the debt-to-GDP ration go away as matters of concern; then the issue of the deficit viewed as something that is draining a limited supply of financial resources goes away, also, because people will understand that using PCS to cover deficits ensures that the US Treasury can never run short of its own fiat currency.
I'm sorry to say that there are few posts of this kind, relatively speaking. I'll list and link to some of those posts later. But first I want to point to what some in the MSM blogosphere are saying right now. Read more about Wake Up Progressives: the Trillion Dollar Coin Can Be Game-Changing!
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!
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!
So the newest rumors about the fiscal cliff have been leaked to Ezra Klein and Paul Krugman, who comments on them on his blog today. He says:
Those cuts are a very bad thing, although there will supposedly be some protection for low-income seniors. But the cuts are not nearly as bad as raising the Medicare age, for two reasons: the structure of the program remains intact, and unlike the Medicare age thing, they wouldn’t be totally devastating for hundreds of thousands of people, just somewhat painful for a much larger group.
It's the old Washington two-step: Float an absolutely unacceptable idea. Then, when the outcry from your supporters has hit its peak, put forward a proposal that's merely horrible and call it a win. Now watch the Democrats swallow it and smile. Read more about Krugman considers catfood for breakfast
It's interesting to see how class warfare plays out in our society. Sometimes it seems there is a general call out to the apologists of our Establishment kleptocrats that more material is needed. The reason I say this is that I start seeing articles on different subjects but with the same general premise. Such at any rate is the case with these two op-eds by Fareed Zakaria and Paul Krugman. Read more about More Establishment Assholery
Paul Krugman can be a remarkable dumb fuck when he wants to be. You see as a classical economist, he has been trained to interpret markets in terms of supply and demand. Speculation when it occurs only happens at the margins. It is either transient or insignificant to larger forces.
This time around Krugman invokes global scarcity and global recovery to explain why commodity prices have been surging. He tells us we live in a finite world, sounding a lot like that other Times airhead Thom Friedman when he does. It all sounds so plausible, at least if you don't look at it too closely. If you do, it comes across as the dimwittery that it is. Read more about More Establishment Blather From Krugman
Foreclosuregate has focused attention yet again on the scams and frauds of the banks. And with it has come a revisiting of all the other scams and frauds the banks ran, and in most cases are still running, in the housing bubble and its aftermath, in CDOs and CDSs, in the greater world of derivatives, and in markets and the economy generally. But will it last? Will it lead to effective action? I don't think so. For there to be an effective response there needs to be a reasonably complete understanding of the problem. And I don't see that happening. Read more about Understanding Kleptocracy
Greenwald exposes krugman's hypocrisy for being an apologist for almost any damn thing the democratic establishment and his academic pals do. Remember krugman still supports his princeton pal, the guy who got him his job at princeton: ben bernanke. Like I've said for a long time, krugman is far from intellectually honest ...
Tomorrow's Krugman column today (at least on the west coast).
Will Barack Obama’s now famous “bitter” quote turn out to have been a big deal politically? Frankly, I have no idea.
Mr. Obama’s comments combined assertions about economics, sociology and voting behavior. In each case, his assertion was mostly if not entirely wrong.
Silly, Krugman, caring about facts. I can't believe he's managed to keep his job with the Times. Read more about Clinging To A Stereotype
Remember Krugman's prediction that there was more reason to be suspicious of the US Attorneys who weren't fired than of the ones who were? This one--who wasn't fired at all, oh my no--IMHO stinks worse than all the rest put together. Now somebody else is starting to think so too. Fortunately the Someone Else is a US Senator, so we approach the point where attention must be paid:
Read more about Feinstein Notes The Dog Who Didn't Bark in the Night