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Submission + - Obama to issue an Executive Order on cyber security (

Presto Vivace writes: "Sources: White House to issue cybersecurity order Wednesday

The White House began crafting the executive order after Congress failed to pass cybersecurity legislation last year. Officials said the threat facing the United States was too great for the administration to ignore and that it needed to take action as Congress grappled with passing a bill.

So will this be CISPA by presidential fiat? We will have to see the Executive Order when it comes out; but I cannot deny that I have a bad feeling about this."


Submission + - The Trillion Dollar Platinum Coin, from bloggers to mainstream (

Presto Vivace writes: "How did the idea of using coin seigniorage to sideline the debt ceiling debate travel from economics and political bloggers to mainstream news media? A timeline, History of the Proof Platinum Coin Concept, 2010-2013 documents the discussion with links. Origin and Early History of Platinum Coin Seigniorage In the Blogosphere gives the background."

Submission + - Direct the US Mint to make a single platinum trillion dollar coin! ( 1

Presto Vivace writes: "Direct the United States Mint to make a single platinum trillion dollar coin!

With the creation and Treasury deposit of a new platinum coin with a value of $1 trillion US Dollars, we would avert the absurd-yet-imminent debt ceiling faceoff in Congress in two quick and simple steps! While this may seem like an unnecessarily extreme measure, it is no more absurd than playing political football with the US — and global — economy at stake.

Sign the petition. This would end the theatrics once and for all. We could go back to discussing the actual problems of our country."


Submission + - Paul Krugman Goes Platinum! (

Presto Vivace writes: "Paul Goes Platinum!

Paul Krugman blogged about platinum coins. In the context of answering a question about whether we can “print money,” to get around the debt ceiling, he answers no, and then says:

The peculiar exception is that clause allowing the Treasury to mint platinum coins in any denomination it chooses. Of course this was intended as a way to issue commemorative coins and stuff, not as a fiscal measure; but at least as I understand it, the letter of the law would allow Treasury to stamp out a platinum coin, say it’s worth a trillion dollars, and deposit it at the Fed — thereby avoiding the need to issue debt.

An admirably brief statement of the basic idea, but followed then by this puzzler:

In reality, to pursue the thought further, the coin really would be as much a Federal debt as the T-bills the Fed owns, since eventually Treasury would want to buy it back. So this is all a gimmick — but since the debt ceiling itself is crazy, allowing Congress to tell the president to spend money then tell him that he can’t raise the money he’s supposed to spend, there’s a pretty good case for using whatever gimmicks come to hand.

So, it's gimmicks for gimmicks to get around the debt ceiling, and no notion on Paul Krugman's part that Platinum Coin Seigniorage (PCS) might have a much broader use than simply countering a gimmick the Republicans are using to try to trash the social safety net and drown the Government in a bathtub.



Submission + - Platinum coin seigniorage (

Presto Vivace writes: "The President's Leverage: He Can Go Platinum!

mint a $6.7 T coin to pay back all debt held by the Fed, and all Intra-governmental debt, including that owed to Social Security, Medicare, and a host of other other agencies. That would create $6.7 T in headroom relative to the debt ceiling, that's more than enough to carry us through the 2016 elections without breaching the ceiling. Again, this wouldn't result in any “money” immediately going into circulation, but over time SS and Medicare payments to individuals and organizations would be adding to bank reserves without any reserves being withdrawn from the private sector due to debt issuance.



Submission + - Platinum Coin Seigniorage (

Presto Vivace writes: "Beyond the MSM: the New Wave of Brief Blog Posts on Platinum Coin Seigniorage

About that, I can only say that PCS gives to the presidency the power to prevent an abuse of power by the Congress, namely the debt ceiling legislation itself, and also gives the President the power to avoid interest bearing debt instrument-based financing of Congressional deficit spending appropriations if he/she desires. I think both of these are very good things, especially since the key power of controlling the purse strings still remains with the Congress, and not with the President. It seems to me that any greater leverage that falls to the President as a result of using PCS is leverage that can always seized back by Congress anytime it wants to do its collective job and represent the majority of the American people. On the other hand, if it wants to continue to represent narrow and plutocratic interests seeking to block any Federal spending that doesn't directly benefit them, then PCS profits may be viewed as a check on such an abuse of power by the Congress, and a reminder to Congress that the "how are we gonna pay for it" excuse for not legislating Federal programs people desperately need won't work anymore!


A rock store eventually closed down; they were taking too much for granite.