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.
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Wednesday, August 3, 2016
Ellen Brown — Can Jill Carry Bernie’s Baton? A Look at the Green Candidate’s Radical Funding Solution
The constitution says that the government had the right to coin money. Everyone knows that to coin money means to print money, all money, notes and all, and that today would mean electronic money, but the Republicans twisted that to mean coins only. So we have to have a $trillion coin instead, but it is great to have outsmarted the Republicans.
A more practical approach than "trillion dollar" coins and an ethical alternative to positive yielding sovereign debt is negative to 0% yielding sovereign debt combined with even more negative interest at the central bank except for individual citizen accounts which should be exempt from negative interest to a limit of, say, $250,000 US per citizen.
Trillion dollar coins are not practical since they can't be used for sterilization purposes while negative yielding sovereign debt can be and tends to reduce the national debt too - not that such a reduction is good, mind you so it should be combined with equal fiat distributions to all citizens for no decrease in the supply of fiat.
Ellen was the first one to reference the use of a large denomination coin in her book Web of Debt - much before it was put out by MMT folk
ReplyDeleteEllen was the first one to reference the use of a large denomination coin in her book Web of Debt - much before it was put out by MMT folk
ReplyDeleteRight. beowulf (Carlos Mucha) picked it up from her and imported it into the MMT discussion through comments.
Interestingly, both Ellen and Carlos are lawyers rather than economists, and this is a legal ploy.
The constitution says that the government had the right to coin money. Everyone knows that to coin money means to print money, all money, notes and all, and that today would mean electronic money, but the Republicans twisted that to mean coins only. So we have to have a $trillion coin instead, but it is great to have outsmarted the Republicans.
ReplyDeleteStein has a good plan but I voted for her last time and it was a wasted vote. I suspect it would be the same thing this time.
ReplyDelete"it is great to have outsmarted the Republicans."
ReplyDeleteBeowulf is a Republican and so is Phillip Deihl who wrote the law....
"As Stein quotes Alice Walker, “The most common way people give up their power is by thinking they don’t have any.”
ReplyDeleteTextbook libertarianism 101...
A more practical approach than "trillion dollar" coins and an ethical alternative to positive yielding sovereign debt is negative to 0% yielding sovereign debt combined with even more negative interest at the central bank except for individual citizen accounts which should be exempt from negative interest to a limit of, say, $250,000 US per citizen.
ReplyDeleteTrillion dollar coins are not practical since they can't be used for sterilization purposes while negative yielding sovereign debt can be and tends to reduce the national debt too - not that such a reduction is good, mind you so it should be combined with equal fiat distributions to all citizens for no decrease in the supply of fiat.