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Post by the Scribe on May 23, 2023 9:01:44 GMT
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Post by the Scribe on May 23, 2023 21:23:59 GMT
*NOTESwhat the debt limit is and isn’t via Marketplace
dcs.megaphone.fm/CAD9623685925.mp3?key=88ed775cdd18f77bb2cc572786fe3017&request_event_id=66914c9d-6074-4928-aaf5-3123341a2f09
Janet Yellen: "the world is concerned if it appears the US won’t pay its bills"
discussion about the nature of money and how money works
rohan grey willamette
rohangrey.net/files/coinage.pdf
You cannot borrow something that doesn’t already exist. the debt ceiling is not a ceiling on borrowing but is a ceiling on creating a certain kind of money
Gov debt is a special form of debt. the government creates money.
Treasury has a whole agency that creates money i.e the mint who prints coins and makes boullian coins, collector coins, guarding the gold at ft. knox.
Seigniorage is the difference in the cost of producing a coin and the value of the coin
The treasury secretary may mint or prescribe/borrow from time to time platinum coins of ANY value. They write ONE TRILLION on the coin and then ship it off to the federal reserve to avoid default with a high value coin with no limit on the denomination.
the coin does not have to be backed up with medal ie gold
the executive branch does not have the right to default on the debt
the gov does not run out of money, the gov creates money
the republicans are holding the debt limit hostage for policy gains
Paul Krugman we are defaulting to what FEELS true but what is not true. the trillion dollar coin IS TRUE
Sarah Bender George Washington univ and brookings
the politics and policies are intertwined ie. political problems and not policy questions
GOP LEVERAGE ms into spending cuts. the money is already out the door. but lawmakers see the politics in this game of chicken
debt limit raised 80 times since 1960
3 Alternative options:
sec'y of treasury can mint a trillion dollar coin OR
14TH AMENDMENT OR
issue premium bonds
this all comes down to what Janet Yellen and Jay Powell say
The debt limit that needs to be raised is a gimmick, minting a trillion dollar coin is a gimmick, how money works is a gimmick
The reality of how money works has been warped by the politics of how money works
THE 37 WORDS OF THE COINAGE ACT THAT SAYS THE SECY OF THE TREASURY CAN MINT PLATINUM COINS. CONGRESS CANNOT GIVE A MANDATE TO PRODUCE THIS COIN. THE THIRD WORD IN THIS LANGUAGE IS MAY, NOT SHALL... THE SECRETARY MAY MINT AND NOT SHALL MINT.
RUNNING OUT OF CASH IS NOT THE SAME AS RUNNING OUT OF MONEY
185 B GOES IN AND OUT OF FEDERAL ACCOUNTS EVERY DAY.
ONLY HAD DEBT LIMIT SINCE 1917, AND THE SECOND LIBERTY BOND ACT WHICH CONGRESS PASSED TO MAKE IT EASIER FOR THE TREASURY DEPT TO BORROW MONEY
This republiconservative stunt has already cost the US untold damage monetarily and otherwise worldwide.
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Post by the Scribe on May 25, 2023 8:03:48 GMT
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