Home > Main > Delong Gets on Board – for Coinz!!

Delong Gets on Board – for Coinz!!

August 4, 2011

Guess who is next in getting on the “Why not use the Trillion Dollar Coin anyway” bandwagon?

Brad Delong!  Welcome Prof. Delong!

“100,000 of them, worth $10 million each. Billionaires will want to hold some to be cool. Multi-millionaires will want to hold some so that people think that they are billionaires. Use the proceeds to buy back a lot of long-term debt: that’s $1 trillion of quantitative easing by the Treasury right there. And if the Fed sterilizes the duration component, that is a massive money stock increase.

Easy to undertake. Intus vires. Gets headlines. Effective. On a large enough scale to matter…”

Glad I posted that comment on his blog a few days ago.

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  1. wh10
    August 4, 2011 at 5:35 pm

    Woot woot! This is exciting. Nice job as usual, Mr. TC.

  2. Clonal Antibody
    • TC
      August 4, 2011 at 6:15 pm

      Thanks Clonal – somehow the link got forgotten in the haste.

      • Clonal Antibody
        August 4, 2011 at 8:36 pm

        I also put in a comment at DeLong’s site — it is awaiting moderation — but you should be able to see it with the link supplied

        • TC
          August 5, 2011 at 8:20 am

          He doesn’t seem to have it up yet, maybe he doesn’t like it.

        • August 8, 2011 at 9:19 pm

          CA, Let us have the comment here.

  3. August 4, 2011 at 6:08 pm

    Good Job! We need to keep stalking these neoliberal blogs until they realize we need out-of-the-box thinking.

  4. beowulf
    August 4, 2011 at 10:04 pm

    Of course, there’s no need to sell coins to the public (as DeLong suggests), Tsy could just deposit them with Fed.

  5. Peter D
    August 4, 2011 at 11:16 pm

    I also commented!
    http://delong.typepad.com/sdj/2011/08/i-must-say-i-do-think-it-is-time-to-start-minting-the-platinum-coins.html#comment-6a00e551f08003883401543444994e970c

    It is important to note the the coins don’t need to be sold to anyone. They can stay int he Fed’s vault. Once people realize the Fed and the Treasury should be combined anyway, they’d see that the Fed’s holding of the US Govt debt is an accounting fiction.
    By the way, why is it so hard to give credit where credit is due? It is MMTers – particularly the original author “beowulf” and the blogger Jooe Firesotne – that came up with the idea and promoted it relentlessly in the blogosphere. Would it hurt to admit it?

    • beowulf
      August 5, 2011 at 10:20 am

      Ha ha, thanks. Just responded to you there (not up yet, all things in moderation, I guess). :o)

      “Certainly Joe Firestone should take a bow for beating the drum on this for months despite being pretty much ignored (with an exception noted below).

      As for me, the only kind of public esteem I value is the sort granted by the Patent and Trademark Office. Since you can’t claim IP rights on govt property (the Walt Disney Co might dispute this point), I figure good government is its own reward. :o)

      Incidentally, what got the idea got a public hearing was because a prominent academic took an interest in Joe’s work and quietly promoted it (and was kind enough, I found out from a third party, to credit me). If you triangulate between “economists” “people Alan Simpson hates” and “father was rather tall”, it shouldn’t be hard to figure out. :o)”

      • beowulf
        August 5, 2011 at 10:22 am

        Ehhh, three smiles is excessive— please mentally delete the first one!

        • TC
          August 5, 2011 at 10:24 am

          Smile inflation just around the corner. Are you a smile vigilante?

          🙂

      • Clonal Antibody
        August 5, 2011 at 10:36 am

        So it was Jamie eh!

        • beowulf
          August 5, 2011 at 2:14 pm

          All I’ll say is that Tupac laid out the whole story in a song, back in ’94.

      • Clonal Antibody
        August 5, 2011 at 10:38 am

        I also notice that he moderated you out of this comment!

  6. Clonal Antibody
    August 5, 2011 at 10:34 am

    TC :
    He doesn’t seem to have it up yet, maybe he doesn’t like it.

    Mine was a simple link to and quote from Joe Firestone’s post, with very little else. So I presume that he felt that it was not really original.

  7. wh10
    August 5, 2011 at 12:34 pm

    http://krugman.blogs.nytimes.com/2011/08/05/pulling-rank/

    Krugman setting himself up to recognize the value of MMT? 😉

  1. August 5, 2011 at 12:34 pm
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