Is TPC fast becoming the new meme? Regardless of the outcome, it is educating the public that government is able to fund itself with direct issuance, and why this would not necessarily be inflationary as opponents claim.
Joe Firestone gets a shout out, too. So far no recognition for Carlos ("beowulf") Mucha, who surfaced the idea that Joe picked up and ran with it.
It should also be pointed out that apparently TPC was initially proposed by Ellen Brown in Web of Debt (2007). Like Carlos, Ellen is also a lawyer. Credit where credit is due.
The history of TPC until July 29, 2011, is provided at The Johnsville News, Debt Watch / Coin Trick: the Trillion Dollar Coin
Platinum Coins Debt Ceiling Solution Again Gaining Momentum
Harry Bradford
5 comments:
Where's our Bob. Reading about Trillion dollar funny money must have caused a few blood vessels to burst.
Here is another post:
http://www.washingtonpost.com/blogs/wonkblog/wp/2012/12/07/could-two-platinum-coins-solve-the-debt-ceiling-crisis/?
This one with a totally wrong info as to who originated the ide ("It was originally raised during the 2011 debt-ceiling crisis by Jack Balkin, a law professor at Yale Law School.") I suggest you leave comments there fixing the misleading info. I already did.
Tom,
On the Ellen Brown issue, in her book, Ellen quoted a chair of the coinage subcommittee of the House as having said that a large denomination coin would take care of the debt ceiling and get around the restrictive laws. I believe that the wording of the platinum coin act was directly a result of that thought process. Carlos was the first one to point out the "loophole" in the platinum coin act.
" the wording of the platinum coin act was directly a result of that thought process. "
One could almost look at it as if the lovers of the metal platinum became envious of all of the love and attention that the metals copper/silver/gold had previously received throughout history... and decided to take action....
This metal coin gambit still misses the point that we humans possess absolute fiscal/legal authority to operate our monetary systems with or without the metals...
That said, we still need to push this issue wrt the platinum coin we humans seem to be learning from it...
rsp,
Matt,
The coin, is nothing but a debt token, and has nothing to do with the "value" of the base (I use the word deliberately as a pun) metal. And therefore no different than paper money or any other IOU!
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