Tag Archives: Mike Castle

Some Platinum Coin Objections from the Mainstream: Part V

Posted on November 20, 2015 by Joe Firestone | Comments Off

This is Part V, and the conclusion, of the series providing my reply to Philip Wallach’s reply to my evaluation of his views on the platinum coin proposal and other options for settling debt ceiling conflicts. In Part I I discussed some preliminary mis-characterizations of what I said and, more importantly, why the commonly recognized fiscal policy rule that, at least over a number of years, government revenues ought to match government spending is fiscally unsustainable and fiscally irresponsible in light of deductions from the Sectoral Financial Balances (SFB) model. Continue reading →

Comments Off on Some Platinum Coin Objections from the Mainstream: Part V

Posted in Joe Firestone

Tagged $100 Trillion coin, Brookings Institution, Conservatism, consols, debt ceiling crisis, debt limit, fiscal myths, Mike Castle, Philip A. Wallach, Philip N. Diehl, platinum coin seigniorage, Political legitimacy, Trillion Dollar Coin, weirdness

Some Platinum Coin Objections from the Mainstream: Part IV

Posted on November 14, 2015 by Joe Firestone | 5 comments

This is Part IV of my reply to Philip Wallach’s reply to my evaluation of his views on the platinum coin proposal and other options for settling debt ceiling conflicts. In Part I I discussed some preliminary mis-characterizations of what I said and, more importantly, why the commonly recognized fiscal policy rule that, at least over a number of years, government revenues ought to match government spending is fiscally unsustainable and fiscally irresponsible in light of deductions from the Sectoral Financial Balances (SFB) model.

In Part II I continued with a discussion of political legitimacy and usurpation issues and then covered some legal objections to using the $100 T platinum coin option related to the “intent” of the coin law. In Part III I discussed a legal objection based on Wallach’s view of the intent of the coin law, which quickly morphed into a political objection about the desirability of mutual respect and comity among the three branches of government, as well as the threat to political legitimacy arising from the judgment that the platinum coin option is really “weird.”

In this, Part IV, I’ll continue discussing the “weirdness” objection, and also cover Wallach’s views on Inflation and hyper-inflation, and Modern Money Theory. Continue reading →

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Posted in Joe Firestone

Tagged $100 Trillion coin, 14th Amendment, Brookings Institution, Conservatism, debt ceiling crisis, debt limit, fiscal myths, Mike Castle, Philip A. Wallach, Philip N. Diehl, platinum coin seigniorage, Political legitimacy, Trillion Dollar Coin, weirdness

Some Platinum Coin Objections from the Mainstream: Part III

Posted on November 13, 2015 by Joe Firestone | 13 comments

This is Part III of my lengthy reply to Philip Wallach’s reply to my evaluation of his views on the platinum coin proposal and other options for settling debt ceiling conflicts. In Part I I discussed some preliminary mis-characterizations of what I said and, more importantly, why the commonly recognized fiscal policy rule that, at least over a number of years, government revenues ought to match government spending is fiscally unsustainable and fiscally irresponsible in light of deductions from the Sectoral Financial Balances (SFB) model. In Part II I continued with a discussion of political legitimacy and usurpation issues and then covered some legal objections to using the $100 T platinum coin option related to the “intent” of the coin law.

In this installment I’ll continue with more discussion of political objections. Continue reading →

13 Comments

Posted in Joe Firestone

Tagged $100 Trillion coin, 14th Amendment, beowulf, Brookings Institution, Carlos Mucha, Conservatism, debt ceiling crisis, debt limit, fiscal myths, Mike Castle, Philip A. Wallach, Philip N. Diehl, platinum coin seigniorage, Trillion Dollar Coin

Some Platinum Coin Objections from the Mainstream: Part II

Posted on November 11, 2015 by Joe Firestone | 17 comments

I began a lengthy critical reply to Philip Wallach’s reply to my earlier analysis of his paper in Part I of this series. There I covered some preliminary mis-characterizations of what I said and, more importantly, why the commonly recognized fiscal policy rule that, at least over a number of years, government revenues ought to match government spending is fiscally unsustainable and fiscally irresponsible in light of deductions from the Sectoral Financial Balances (SFB) model. In this Part II, I’ll cover some conjectures about political legitimacy Wallach offers about the consequences of minting a $100 T, some legal legitimacy issues, and some additional political legitimacy issues. Continue reading →