Skip to main content

View Diary: Good Luck Stopping Austerity With Incremental Platinum Coin Seigniorage! (46 comments)

Comment Preferences

  •  What's MMT? (4+ / 0-)
    Recommended by:
    Gooserock, Nada Lemming, katiec, cynndara

    The first appearance of an acronym should be spelled out.

    That aside, you have to go full tilt with the Coin, no incremental measures. Go incremental, and you can be sure some crisis, probably along the lines of hyperinflation, will be let loose immediately. And then it would be blamed on the Coin.

    Go for at least the 1TR Coin, and you can show in next year's budget how this reduced the debt, as that much compounded debt-service from selling bonds instead simply disappears from the balance sheet.

    This would give the one-short-sentence proof of its wisdom and efficacy.

    As to Social Norms: Hell, it was just 5 years ago that killing American citizens without warrant or trial was a cause of shock and outrage. Norms are hard to maintain in a time where a) everyone is well-trained by our various media and personal devices to have a short attention span, and b) where new ideas can get spread in days.

    Case in point: The Trillion Dollar Coin itself. It was just a year ago that the casual, generalist, reader might have first heard of it. Well, a bit more than casual. Now the most known economists, and politicians, are weighing in on it.

    "Norms" today don't have the same force of "Norms" of 1890; actually, not even 1980. Remember when it was the norm that if you got caught in a major corruption or sex scandal and you were a politician your career was over? Done.

    Now you can get a tv show and $50,000 for a twenty minute speech to "prestigious pillars of corruption society."

    Coin: all the way. Now.
     


    Markos! Not only are the Gates Not Crashed, they've fallen on us. Actual Representatives are what we urgently need, because we have almost none.

    by Jim P on Mon Jan 21, 2013 at 06:24:52 PM PST

    •  Modern Monetary Theory, Check This Diarist's (1+ / 0-)
      Recommended by:
      Jim P

      diary history. As to whether you can easily figure out what it is, your mileage may vary.

      We are called to speak for the weak, for the voiceless, for victims of our nation and for those it calls enemy.... --ML King "Beyond Vietnam"

      by Gooserock on Mon Jan 21, 2013 at 06:40:06 PM PST

      [ Parent ]

      •  I knew. Just as some people hate the (1+ / 0-)
        Recommended by:
        cynndara

        improper apostrophe in "its" I think a writer has an obligation to the reader when it comes to acronyms.

        You'd think with resources, currency, and debt dating back through all of recorded history, we'd be a bit past the "theory" stage in economics by now.


        Markos! Not only are the Gates Not Crashed, they've fallen on us. Actual Representatives are what we urgently need, because we have almost none.

        by Jim P on Mon Jan 21, 2013 at 06:53:39 PM PST

        [ Parent ]

    •  The $1 T coin (0+ / 0-)

      is incrementalism and won't work to deal with austerity.

      This:

      That aside, you have to go full tilt with the Coin, no incremental measures. Go incremental, and you can be sure some crisis, probably along the lines of hyperinflation, will be let loose immediately. And then it would be blamed on the Coin.
      Neither incrementalism nor the $60 T will cause demand-pull inflation. See here.
      •  Not saying the Coin will cause inflation. (1+ / 0-)
        Recommended by:
        cynndara

        You've already shown that it wouldn't if handled with minimum common sense. Because it cuts out the bond-players, it would certainly help the deficit everyone is just so so upset about.

        I was talking about a Intermediate Coin, and then the bankers doing what they could to discredit that coin as a way to put a stake in the heart of the idea.

        But before going full-out on the 60T, I think you'd have to demonstrate a one-year success with the 1T. Although that's a period of vulnerability.

        Have to quote this comment I made elsewhere:

         
        Started looking at "Triumphant Plutocracy" at the wonderful openlibrary.org.

        1921. Page 32:

        ... The banking business is a parasite business; the banker is a member of a parasite class; yet so completely does he dominate the present order of society that, instead of being punished by society and compelled to take a position and earn his living like the masses of the people, through the pursuit of some useful occupation, the banker is generously rewarded; laws are passed in his favor and he is encouraged and assisted in his efforts to pluck his fellow men.

        ...[description of the author's visit to Japan, who had adopted our banking system, and why they dropped it according to an official] four years had convinced them that the system was entirely unworkable because under it the bankers could cause an expansion of the currency whenever it was profitable for the bankers to expand, and a contraction of the currency whenever it was profitable for them to contract. The resulting panics benefited the creditor class and ruined the producing class; ...

        This is 90 years ago, someone wrote this.


        Markos! Not only are the Gates Not Crashed, they've fallen on us. Actual Representatives are what we urgently need, because we have almost none.

        by Jim P on Mon Jan 21, 2013 at 09:21:44 PM PST

        [ Parent ]

        •  Doesn't surprise me! (1+ / 0-)
          Recommended by:
          katiec

          There was a lot on anti-banker sentiment all through the period from the 187s - 1930s, when FDR took them down quite a few pegs.

          "But before going full-out on the 60T, I think you'd have to demonstrate a one-year success with the 1T. Although that's a period of vulnerability."

          I just don't believe in demonstrations that give the opposition a chance to mobilize their base. My objective is to get this to Obama, so that if gets into trouble, it will be in the back of his mind, along with the realization that he's got to go full bore if he's going to be successful.

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site