Daily Archives: December 13, 2012

New MSM Trillion Dollar Coin Wave Misses the Big Story: Bradford and Plumer

Posted on December 13, 2012 by Devin Smith | 4 comments

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. These include posts by Pethokoukis, Wiesenthal, Carney, Drum, Yglesias, Yglesias, and an MSNBC cable segment by Chris Hayes. All of these have looked at PCS in terms of the Trillion Dollar Coin (TDC) and its possible impact on the impending debt ceiling shakedown. None have viewed it from a broader point of view. Let’s now look at commentaries by Harry Bradford, and Brad Plumer. Continue reading →

4 Comments

Posted in Joe Firestone

Tagged #PCS, #TDC, $60 T coin, Bradford, debt ceiling, debt-subject-to-the-limit, fiscal cliff, Fiscal Policy, Fiscal Responsibility, Fiscal Sustainability, MMT, Modern Monetary Theory, platinum coin seigniorage, Plumer, Trillion Dollar Coin

New MSM Trillion Dollar Coin Wave Misses the Big Story: Drum and Yglesias

Posted on December 13, 2012 by Devin Smith | 29 comments

By Joe Firestone

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. Thus far I’ve reviewed recent posts by Pethokoukis, Wiesenthal, and Carney, and an MSNBC cable segment by Chris Hayes. All four have looked at PCS in terms of the Trillion Dollar Coin (TDC) and its possible impact on the impending debt ceiling shakedown. None have viewed it from a broader point of view. Let’s now look at the commentaries by Kevin Drum and two from Matthew Yglesias here and here. Continue reading →

29 Comments

Posted in Joe Firestone

Tagged #PCS, #TDC, $60 T coin, debt ceiling, debt-subject-to-the-limit, fiscal cliff, Fiscal Policy, Fiscal Responsibility, Fiscal Sustainability, Kevin Drum, Matthew Yglesias, MMT, Modern Monetary Theory, platinum coin seigniorage, Trillion Dollar Coin

Why did Obama and Cameron save a Criminal Enterprise like HSBC?

Posted on December 13, 2012 by Devin Smith | 4 comments

By William K. Black

Why is HSBC still in operation? On the same day (December 10, 2012) that the Obama administration leaked the story of the HSBC settlement a story ran in the New York Times that was full of self-praise by the Obama and Cameron (U.K.) governments for their “cooperative approach” to cracking down on systemically dangerous institutions (SDIs). SDIs are treated as “too big to fail” because they pose a global systemic risk when they fail. The HSBC settlement puts the lie to the Obama/Cameron crack-down on the SDIs for it revealed a disgrace – Obama and Cameron treat the SDIs as too big to prosecute. Indeed, HSBC demonstrates that the SDIs’ senior officers are treated by Obama and Cameron as too elite to prosecute. The propaganda meme of the NYT story – that the SDIs would never again be given special favors due to reforms being adopted by Obama and Cameron – lasted four hours before it was destroyed by the disgraceful reality of the Obama and Cameron governments’ refusal to prosecute HSBC and its officers for their tens of thousands of felonies.

Continue reading →

4 Comments

Posted in William K. Black

Tagged accounting control fraud, banksters, HSBC, too big to fail, too big to prosecute

An Alternative Meme for Money: Conclusion

Posted on December 13, 2012 by Devin Smith | 15 comments

By L. Randall Wray

The monetary system is a wonderful creation. It allows for individual choice while giving government access to resources needed to allow it work for us to achieve a just society.

The monetary system spurs entrepreneurial initiative. It finances, organizes, and distributes much of the nation’s output. It is one of the primary mechanisms used by government to accomplish the public purpose. Continue reading →