Understanding The Modern Monetary System...
Joe Firestone writes a piece over at Correntewire to report that strange doings are afoot at the Circle K House of Representatives. On May 9, 2013, The Republican House passed H.R. 807 the Full Faith and Credit Act. The Bill says in part: (a) In General- In the event that the debt of the United [...]
In the Mass Psychology thread, we were discussing a floating payroll tax and I suggested it be called a full employment tax system since the payroll taxes would only be paid at their standard rates at full employment; otherwise the further north of FE, the more FICA rates would be automatically reduced. Tom Hickey made [...]
The Zerohedge story on Paul Ryan budget has interesting chart from Ryan’s plan The easiest way to cut deficit spending is to cut debt service. This can be done by moving Mohammed to the mountain (Mosler’s suggestion to lock interest rates at 0% and issue nothing longer than 3-month T-bills). or by moving the mountain [...]
“The wartime economic boom spurred and benefited from several important social trends. Foremost among these trends was the expansion of employment, which paralleled the expansion of industrial production. In 1944, unemployment dipped to 1.2 percent of the civilian labor force, a record low in American economic history and as near to “full employment” as is [...]
That last thread was getting too confusing (January 23 comments were appearing both above and below January 16 comments), so I closed that comments page and opened this one.
12 USC § 246 – Powers of Secretary of the Treasury as affected by chapter Nothing in this chapter contained shall be construed as taking away any powers heretofore vested by law in the Secretary of the Treasury which relate to the supervision, management, and control of the Treasury Department and bureaus under such department, [...]
I wanted to come out of retirement (started studying military history and may blog on it some day) long enough to make a point about today’s Tsy announcement that neither Tsy nor the Fed was interested in the trillion dollar coin. Treasury: We won’t mint a platinum coin to sidestep the debt ceiling To throw [...]
The chair has four legs… Now, an animal has a one track mind, For instance, the animal is coming after you with the idea of tearing your head off… You put the chair up, and all of a sudden, he has four points of interest. He loses his original train of thought because this agitates [...]
“The path to salvation is narrow and as difficult to walk as a razor’s edge.” Katha-Upanishad, 500 BC John Carney, whose work ethic is admirable, has three (!!!) new CNBC columns out today about the trillion dollar coin and the debt ceiling (uno, dos, tres). John asserts that the trillion dollar coin would be unconstitutional [...]
Anger Over Fiscal-Cliff Deal Fires Up Tea Party Until last night, the conventional wisdom in Washington was that the Tea Party was on the wane… But after 85 House Republicans joined Boehner in raising taxes without spending reductions during the end game of Monday night’s fiscal-cliff negotiations, Tea Party leaders and conservative activists from around [...]
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