The finance whiz-kids over at Yahoo! Finance had a front page article about the looming debt ceiling and possible ways around it. In a video attached to the article, featuring well known MMT advocate Lauren Lyster (!!), a panel discussed these issues. They briefly mentioned the Trillion Dollar Coin before waving it away as ridiculous and unserious. There was no serious consideration of the pro-democratic implications of debt free currency issuance at all, just the usual eye rolling from corporate sympathizers. Apparently, the more "serious" plan would be for Treasury to sell some very high coupon bonds, since apparently only the par value of bonds counts against the debt ceiling (which makes it all the more stupid.) Yes, thats the solution- more usurous interest rate payments to the financial sector, so they can "let us" spend our own fiat currency. How does Yahoo find these brilliant scholars?!?
(link, if you dare: http://finance.yahoo.com/blogs/daily-ticker/bypass-debt-limit-145429352.html )
"Yes, thats the solution- more usurous interest rate payments to the financial sector, so they can "let us" spend our own fiat currency. How does Yahoo find these brilliant scholars?!?"
ReplyDeleteLove it!! Hahahaahahahaaa!