Thursday, January 10, 2013

Beowulf credited with TPC — "Meet the Genius Behind the Trillion-Dollar Coin and the Plot to Breach the Debt Ceiling"

The article, “Miles for Nothing,” detailed how clever travelers were buying commemorative coins from the U.S. Mint via credit cards that award frequent flier miles. The Mint would ship the coins for free and the travelers would deposit them at the bank, pay off their cards, and accumulate free miles.
More than six months later, during a wonky online discussion about the debt ceiling, Beowulf thought of the article and, egged on by fellow monetary-system obsessives, came up with his own clever plan to exploit the powers of the U.S. Mint. His idea to issue a single trillion-dollar coin to the U.S. Treasury, thus letting it avoid borrowing and bypass the debt ceiling, is now much discussed among Washington elites, including at the White House, where a spokesman Wednesday wouldn’t rule out the scheme.
It’s been a remarkable journey. The path of the trillion-dollar coin, as Beowulf described it to Wired, began with a “silly question” in a “pointless … online bull session” in the comments section of financier Warren Mosler’s blog. Anonymous supporters helped spread the concept to the comments of other economics blogs and ultimately into posts on such sites. The idea soon attracted attention from more prominent liberal economists like James Galbraith and Paul Krugman, and then from writers like Matthew Yglesias and Ezra Klein. From there it was a short hop into the center mainstream. NBC’s Chuck Todd hammered a White House spokesman about the coin possibility on Wednesday.
Wired
Meet the Genius Behind the Trillion-Dollar Coin and the Plot to Breach the Debt Ceiling
Ryan Tate | Senior Writer
(h/t Warren Mosler at The Center of the Universe)

5 comments:

NeilW said...

And about time as well.

This whole thing came about due to the insights on the monetary system MMT highlights.

Anonymous said...

Well deserved. Congrats beowulf

Peter Drubetskoy said...

Yeah, finally, credit where credit is due. But, boy, the comments people leave on the piece - makes one cringe - there is still a lot of education MMT has to do in the open, although it is getting there...

geerussell said...

This might finally be the push we need to get all his comments collected and published as Poor Beowulf's Almanac. :)

Roger Erickson said...

"Poor Beowulf's Almanac"

Great idea! Be sure to feature a dumb but horrifying Grendlgold monster, laying waste to national liquidity.