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Red Seeker @timeoutcorner
This takes the cake for gimmicky 'solutions' to US debt *headdesk* RT @mattyglesias: The case for large coin seignorage http://ygl.as/qbnhlM
Joseph M. Firestone @joefirestonephd
@timeoutcorner @mattyglesias CS not crazy idea. It's a legal instrument President O may have to use in 2 weeks to comply with his oath.
Red Seeker @timeoutcorner
@joefirestonephd I never said it was a crazy idea. I said it was stupid. It's gimmick wankery, not a solution. ^_^ @mattyglesias
Red Seeker @timeoutcorner
@joefirestonephd Seriously, a $2trn platinum coin? Do you really think the Chinese wouldn't Raff out Roud and reject them? @mattyglesias
Joseph M. Firestone @joefirestonephd
@timeoutcorner @mattyglesias The Chinese will never get to see 'em. They go into a Fed vault. TGA gets credits. No need to borrow!
Red Seeker @timeoutcorner
@joefirestonephd That's what is going on right now. We don't need to bother with platinum, we have JPMorgan! Why bother complicating things?
Joseph M. Firestone @joefirestonephd
@timeoutcorner @mattyglesias Debt ceiling is wankery! Prohibition against Fed buying Treasury debt is wankery! CS just restores balance!
Red Seeker @timeoutcorner
@joefirestonephd The debt ceiling always goes up, the Fed is already buying T-Bills & CS is smokescreen for paper money death @mattyglesias
Red Seeker @timeoutcorner
@joefirestonephd A hypothetical $2trn coin just shows how far gone the paper money experiment has gone. It's pure pixie dust. @mattyglesias
Joseph M. Firestone @joefirestonephd
@timeoutcorner @mattyglesias With CS the debt ceiling would not change. The debt would be paid, & paper money death is your fantasy!
Red Seeker @timeoutcorner
@joefirestonephd No, that comment was sarcastic. Perhaps irreverent, as well. ;)
Red Seeker @timeoutcorner
@joefirestonephd Sure, mint some $2trn platinum coins. Want change from that? US Dollar would burn up so fast I would lulz. @mattyglesias
Red Seeker @timeoutcorner
@joefirestonephd The idea of any debt-backed currency is that the debt will be paid in real terms. @mattyglesias
Red Seeker @timeoutcorner
@joefirestonephd By minting those coins, the debt is being repaid in nominal, not real, terms. @mattyglesias
Red Seeker @timeoutcorner
@joefirestonephd It is, in essence, quantitative easing on steroids. Currency is destroyed in real terms to defend nominal. @mattyglesias
Joseph M. Firestone @joefirestonephd
@timeoutcorner @mattyglesias Easy to label. Only poss. objction is inflation due to CS! Good luck in proving CS more inflationary than debt!
Red Seeker @timeoutcorner
@joefirestonephd In hard money, CS is a wonderful way for a gov't to make money. A 10% commission on raw metals = Profit! @mattyglesias
Red Seeker @timeoutcorner
@joefirestonephd I'm not arguing that CS is more inflationary. I'm pointing that we're screwed. CS just plays kick the can ;) @mattyglesias
Red Seeker @timeoutcorner
@joefirestonephd Sorry, THIS version of CS, ie in a paper money environment. @mattyglesias
Joseph M. Firestone @joefirestonephd
@timeoutcorner @mattyglesias lutz? Klutz! Look you're just slinging BS. You think there's something wrong with CS? Write a blog!
Red Seeker @timeoutcorner
@joefirestonephd This concept will accellerate the collapse of the paper money system. All paper currencies inflate to zero. @mattyglesias
Red Seeker @timeoutcorner
@joefirestonephd Now now, that's name-calling. Logical fallacy. Ten point for Gryffindor! :D @mattyglesias
Red Seeker @timeoutcorner
@joefirestonephd As for a blog, the idea is so atrociously moronic, I dismissed it w/ a tweet. You're elongating the matter. @mattyglesias
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