Tag Archives: platinum coin seigniorage

Paul Goes Platinum!

Posted on January 4, 2013 by Devin Smith | 70 comments

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. Continue reading →

70 Comments

Posted in Joe Firestone

Tagged #60Tcoin, #PCS, #TDC, debt ceiling, debt-subject-to-the-limit, fiscal cliff, Fiscal Policy, Jerrold Nadler, krugman, Krystal Ball, Michael Sankowski, MMT, Modern Monetary Theory, platinum coin seigniorage, Robert Rice, Steve Kornacke, Trillion Dollar Coin, wigwam

The President’s Leverage: He Can Go Platinum

Posted on January 3, 2013 by Devin Smith | 40 comments

By Joe Firestone

Well, that’s over. The President had a chance to go “over the cliff,” bargain hard with the Republicans, get more of what he said he wanted at the price of perhaps some more days of crisis with extreme pressure building on the Republican caucus, and he blinked. I don’t much care that he blinked on tax rates for the top 2% and on inheritance taxes, because tax rate increases for purposes of deficit reduction simply aren’t needed for getting deficit spending needed to create jobs, as the rest of this post will show. Here’s what I care about: Continue reading →

40 Comments

Posted in Joe Firestone

Tagged $60 T coin, congress, debt ceiling, debt limit, deficit, deficit spending, MMT, Modern Monetary Theory, national debt, platinum coin seigniorage

Beyond the MSM: the New Wave of Brief Blog Posts on Platinum Coin Seigniorage

Posted on December 31, 2012 by Devin Smith | 8 comments

By Joe Firestone

Introduction

MSM bloggers and cable hosts weren’t alone in creating the new wave of posts and video segments on Platinum Coin Seigniorage (PCS) at the beginning of December. The blogosphere also produced brief posts from a number of bloggers, as well as a few more substantial ones. I’ll review the brief ones in this post, and the more substantial ones in future posts, but won’t include my own recent posts on PCS during December.

Continue reading →

8 Comments

Posted in Joe Firestone

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

Platinum Coin Seigniorage, Issuing Debt, Keystroking Deficit Spending, and Inflation

Posted on December 16, 2012 by Devin Smith | 17 comments

By Joe Firestone

The most frequent objections to proposals that we use Platinum Coin Seigniorage (PCS) to create reserves for debt repayment and deficit spending, frequently come back to inflation. Perhaps people can’t get over the association they learned in high school Social Studies, or perhaps in American History, or Economics 101, that when Governments create money and then just spend it without any compensating deflationary action, inflation or hyperinflation happens. Maybe they can’t forget those cartoons about people in Weimar Republic days pushing wheelbarrows full of money to the market to buy some bread. So, I’ve been promising for about a week now, to blog about the likely expected relationship between the different PCS options and inflation using the framework laid out by Scott Fullwiler!

Continue reading →

17 Comments

Posted in Joe Firestone

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

New MSM Trillion Dollar Coin Wave: Here’s The Big Story

Posted on December 14, 2012 by Devin Smith | 37 comments

By Joe Firestone

The one thing that jumps out at you when reading the mainstream posts of the past week-and-a-half bringing Platinum Coin Seigniorage (PCS) into the forefront of attention again, for the first time since last year’s debt ceiling crisis, is that every mainstream blogger or commentator is telling a story about minting a Trillion Dollar Coin (TDC), or a few trillion dollar coins as an option the President can either use or not to get around the debt ceiling. But no one is telling us the much bigger story of the enormously increased authority to cause the creation of fiat money, delegated to the Executive Branch by the Congress in the 1996 legislation enabling PCS. And no one is telling us what the possible implications of this change are for our political and economic systems. Continue reading →

37 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, MMT, Modern Monetary Theory, platinum coin seigniorage, Trillion Dollar Coin

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

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

By Joe Firestone

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

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

The Trillion Dollar Coin Is A Conservative Meme

Posted on December 9, 2012 by Devin Smith | 15 comments

By Joe Firestone

The Trillion Dollar Coin (TDC) is, first, an oversimplified meme, because there’s not one TDC solution, but lots of Platinum Coin Seigniorage (PCS) variations on that idea with differing implications for politics. Some just kick the can down the road, until the next debt ceiling crisis, or set up another trade between the Administration of something relatively valuable for something less valuable. Others would really change the political game. Continue reading →