Daily Archive: Thursday, January 20, 2011

Joe Firestone post on sidestepping the debt ceiling issue with Coin Seigniorage

Joe Firestone has a new post on Coin Seigniorage, where he gives credit to our own Beowolf’s comment on this website. As far as I’ve been able to determine, it does work operationally. It seems the US Treasury is already legally empowered to simply mint it’s own platinum coin in any denomination ...Read More

macro currency update

So it looks to me like all the major currencies have somewhat strong fundamentals. That is, policy is working to make them ‘harder to get.’ EU and UK austerity policies are proactively cutting net govt spending from where it was. And the EU has figured out that the ECB can fund at ...Read More

Gross misrepresentations

My comments following Bill Gross’s comments: I don’t know if the U.S. has reached a desperate point, but it is employing instruments and vehicles and policies that smack of desperation. He fails to see the function of federal taxes is to regulate aggregate demand, and not to raise revenue per se. We ...Read More

China agrees to purchase billions in US goods

So President Obama declares victory because we get to build planes and send them to China. And why? To get our dollars back, of all things, as if there’s any public purpose to that. And so because we continue to believe we could be the next Greece, we continue to turn ourselves ...Read More