, in legislation passed in 1996, for the US Mint to create platinum bullion or proof platinum coins with arbitrary fiat face value having no relationship to the value of the platinum used in these coins. These coins are legal tender. more »
(Author's Note; Many thanks to lambert strether, beowulf, and Yves Smith for their reviews of this post)
Well, the debt limit crisis is upon us. Treasury Secretary Geithner says the US Government will not be able to meet all its obligations on August 3, unless the debt ceiling is increased by Congress. The Secretary says he is out of moves to extend this date. I don't think that's true. more »
correntewire.com — The headline progressives are in full retreat. They have found out the hard way that their bleeding heart pleadings -- 'yes, the financial markets might destroy us, but how can we cut this or that worthy cause' -- don't cut it. They have fallen into the out of paradigm world that takes it as gospel that the U.S. is at imminent risk of becoming . .
In a debate at FiredogLake about Modern Monetary Theory (MMT) perspectives on the so-called deficit/debt crisis and the idea that there is no long-run deficit problem, powwow, a perspicacious commenter and occasional blogger at MyFD more »
correntewire.com — Headline progressives, due to their lack of understanding of MMT, are losing the battles for entitlements and social programs and the austerity war, at a time when, in fact, the progressive agenda has never been more affordable. With Modern Monetary Theory (MMT), and perhaps only with MMT, can the good fight be won.
Yesterday, The United States actually ran over the debt ceiling of $14.294 Trillion by $50 Billion or so, which means that the Treasury has issued $52 Billion more in debt instruments than is allowed by Congress's debt ceiling, which, in turn, means that the cu more »
I don't really mean to single out Gallup here. Well, I guess I do; but they're certainly not the only guilty party in the polling industry of doing what I'm about to rail against. Let's begin by stipulating that public polls cannot escape ideological and selection biases in how they frame questions and alternative closed end response choices. more »
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