Monthly Archives: December 2012

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

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

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 →

15 Comments

Posted in L. Randall Wray

Tagged framing, MMT, Modern Monetary Theory, money

New MSM Trillion Dollar Coin Wave Misses the Big Story: Hayes and Carney

Posted on December 12, 2012 by Devin Smith | 7 comments

By Joe Firestone

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. Continue reading →

7 Comments

Posted in Joe Firestone

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

New MSM Trillion Dollar Coin Wave Misses the Big Story: Pethokoukis and Wiesenthal

Posted on December 12, 2012 by Devin Smith | 6 comments

By Joe Firestone

In this post I said I would blog about the likely expected relationship between the different 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. As it turns out that will take a number of posts in itself. Continue reading →

6 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, James Pethokoukis, Joe Wiesenthal, MMT, Modern Monetary Theory, platinum coin seigniorage, Trillion Dollar Coin

NEP’s Stephanie Kelton appears on Capital Account

Posted on December 12, 2012 by Devin Smith | 28 comments

Stephanie appeared on Capital Account with Lauren Lyster on December 11. The topic was MMT’s goals for Full Employment and the government’s deficit.

28 Comments

Posted in Stephanie Kelton

Tagged deficit, MMT

An Alternative Meme For Money, Part 7: Framing Deficits

Posted on December 12, 2012 by Devin Smith | 60 comments

By L. Randall Wray

Deficits and Debt are probably the most terrifying topic that MMT addresses. We need to be careful. We are treading on moral (or religious) grounds. We know that one should not be a debtor (or, a creditor)—most religions tell us so. One who proclaims that deficits and debts are OK is automatically engaged in blasphemy of various sorts, not least of which is a crime against morality. Let’s try to frame the discussion. Continue reading →

60 Comments

Posted in L. Randall Wray

Tagged framing, MMT, Modern Monetary Theory, money

My Appearance Today on The Attitude

Posted on December 11, 2012 by Dan Kervick | 7 comments

I appeared today on The Attitude with Arnie Arnesen, broadcast by WNHN 94.7 in Concord, New Hampshire. The topic of our discussion was full employment, and the possibility of moving to a full employment economy by using a Job Guarantee program.

Deborah “Arnie” Arnesen is a former member of the New Hampshire House of Representatives, a former fellow of the Harvard Institute of Politics, and was the Democratic nominee in the New Hampshire 1992 gubernatorial race. She also ran for the U.S. Congress in 1996, and is a very well-known New Hampshire political figure and radio personality. You can listen to the podcast of the show at the link below:

“The Attitude” with Arnie Arnesen on WNHN 94.7 FM

7 Comments

Posted in Uncategorized

An Alternative Meme for Money, Part 6: Alternative Framing on Inflation

Posted on December 11, 2012 by Devin Smith | 57 comments

By L. Randall Wray

As we have discussed, sovereign government cannot run out of the keystrokes it uses to mark-up balance sheets as it spends. Does our argument rely on modern technology, that sends electrons or photons (I’m not sure which) pulsing through copper or fiber-optic lines? No, of course not.

Government always spent by notching hazelwood, imprinting clay, stamping coins, chalk on slate, or “running the printing press”. There has never been another alternative. These marks or electronic entries represent government IOUs. Continue reading →

57 Comments

Posted in L. Randall Wray

Tagged framing, MMT, Modern Monetary Theory, money

The Reality of Nightmares

Posted on December 10, 2012 by Devin Smith | 14 comments

By J. D. Alt

In his 12/8 Washington Post column, Ezra Klein says, “Projected deficits are driven by two factors: health-care-costs and old people.” He goes on to suggest, quite logically it seems, that in order to pay for all the health-care services elderly American’s are going to require, tax rates will to have to be raised so high they’ll begin “doing real damage to the economy”, or deficits will “grow to the point that they cause a fiscal crisis.” Continue reading →