An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
The legal arguments are fascinating. The arguments against the coin seem a little contrived but then I better stay out of it. Beowulf, as usual, seems to have the most cogent argument for the coin I have seem - - short but right on.
However, it is a good lesson for average people about "how our modern monetary system actually works", that is creating funny money out of nothing in order to effectuate the surreptitious theft of purchasing power without the victims being aware of what's going on (and as a bonus, fatally distorting the price, investment and capital structure). I think average people will be appalled when (if) they finally understand the "system".
So, for the record, I'm all in favor of MMTers and others of the spendthrift/inflationist camp shouting this proposal to the heavens.
The original but long suppressed and forgotten Constitutional monetary regime which established the "dollar" as a coin containing 371.25 grains (troy) of fine silver was quite good.
9 comments:
Some people argue about issues regarding legalities. Some are good and some are too dismissive.
However most of the people try to make it look as if we are going to do something immoral.
@ Ramanan. You mean it's not immoral? Who knew?
The legal arguments are fascinating. The arguments against the coin seem a little contrived but then I better stay out of it. Beowulf, as usual, seems to have the most cogent argument for the coin I have seem - - short but right on.
But what is so immoral about it?
Sorry should have said:
But what is immoral about it.
However most of the people try to make it look as if we are going to do something immoral.
You are proposing something immoral, illegal, unconstitutional and even beyond the statutory scope of authority granted by Congress.
http://www.slate.com/articles/news_and_politics/view_from_chicago/2013/01/the_platinum_coin_poses_a_risk_of_impeachment_for_president_obama.single.html
However, it is a good lesson for average people about "how our modern monetary system actually works", that is creating funny money out of nothing in order to effectuate the surreptitious theft of purchasing power without the victims being aware of what's going on (and as a bonus, fatally distorting the price, investment and capital structure). I think average people will be appalled when (if) they finally understand the "system".
So, for the record, I'm all in favor of MMTers and others of the spendthrift/inflationist camp shouting this proposal to the heavens.
Bob,
When and where in history would you say is the closest monetary system to what you consider to be ideal?
Is there and time and place we can look to and say THAT is what we need to move toward?
The original but long suppressed and forgotten Constitutional monetary regime which established the "dollar" as a coin containing 371.25 grains (troy) of fine silver was quite good.
http://www.fame.org/HTM/Vieira_Edwin_What_is_a_Dollar_EV-002.HTM
The problem was allowing banks to issue fractional reserve notes which allowed loans in excess of actual savings.
http://mises.org/document/695/The-Panic-of-1819-Reactions-and-Policies
So far as you're aware, there has been no time/place where money was getting funny, so to speak?
*wasn't
Post a Comment