Secretly, everybody loves the trillion dollar coin

Ryan J. Reilly has an interesting article up at Huffington Post. WASHINGTON — The Obama administration was serious enough about manufacturing a high-value platinum coin to avert a congressional fight over the debt ceiling that it had its top lawyers draw up a memo laying out the legal case for such a move, The Huffington […]

Former Mint Dir. Philip Diehl explains the Coin to Ezra Klein

(hoisted from comments) ———– Here’s the text of an email I just sent to Ezra Klein commenting on an interview with former Treasury chief of staff Mark Patterson that was published on his blog yesterday afternoon. Dear Ezra, Your interview with Mark Patterson was interesting, especially the part about the viability of the coin. Here […]

Learned helplessness and the debt ceiling

“When young, [circus elephants] are attached by heavy chains to large stakes driven deep into the ground. They pull and yank and strain and struggle, but the chain is too strong, the stake too rooted. One day they give up, having learned that they cannot pull free, and from that day forward they can be […]

Dealing with stagnant wages the Jason Statham way

There is not one but two specters haunting our economy. The first is the output gap, actual GDP is approx. $1 trillion smaller than potential GDP. The second is distribution of income (particularly, between wage share and capital share). As Henry Blodget explains it, “Again, right now in this country, we have the painful juxtaposition […]

Where the rubber meets the Hyperloop

Prince Alwaleed bin Talal, the billionaire Saudi Arabian investor, has warned that his country’s oil-dependent economy is increasingly vulnerable to competition from the US shale revolution, setting him at odds with his country’s oil ministry and Opec officials. In an open letter addressed to Ali Naimi, the Saudi oil minister, the prince called on the […]