Posts Tagged ‘platinum-coin seigniorage’
Tuesday Night Links!
* AHCA/BCRA is dead but Obamacare repeal is still alive. The past 24 hours in health care, explained. They’ve already moved past “repeal and delay” to “let make Obamacare fail.”
* Steven Mnuchin, Trump’s treasury secretary, is hurtling toward his first fiasco. Second when you remember Batman v. Superman.
* Trump, Putin had second, undisclosed talk at G-20. Donald Trump Jr. Met Russian Accused of Laundering $1.4 Billion.
* Even Wormtongue’s looking for the exits: Christie: ‘Probably against the law’ to get opposition research from Russia.
* Trump’s Air War Has Already Killed More Than 2,000 Civilians. 12 civilians a day.
* “Neoliberalism” isn’t an empty epithet. It’s a real, powerful set of ideas. Very good piece, as is to be expected from Rortybomb.
* Bernie Sanders needs a protégé.
* What happens to local news when there is no local media to cover it?
* The city needs to do more to minimize arrests. District attorneys can take the lead by refusing to prosecute most, if not all, of these cases.
* Aaron Bady on Game of Thrones as it enters its final stretch.
This is a problem that afflicts Westeros as a whole. In a world where “everywhere…they hurt little girls,” as Cersei reminded Oberyn, the limits to rational knowledge are something only those who have been hurt seem to understand. Sansa doesn’t know the military stuff—her father never allowed her to learn—but she knows what Jon seems not to, that Cersei is a nightmarish vortex of danger for them, and that she will find a way. Jon is complacent about the south, but Sansa knows what he doesn’t: the Lannisters might be broke and outnumbered and beset on all sides, but the machinations of the plot will not allow them to fall, not yet. (And she is right, they will). Meanwhile Cersei knows what her brother doesn’t seem to know, that troop numbers and logistics and gold are not so important in a world where Euron Greyjoy can have his best ships stolen but still somehow show up with an armada of a thousand ships. But it’s not because they’re women that they know something that men don’t know, or not precisely that: having had their worlds destroyed around them—having had the unthinkable and unspeakable happen to them—they have brought out of their experiences a useful skepticism about the things that people think they know, in their security. It’s because Jon and Jaime only know what they know, and are satisfied with it, that their knowledge has limits. The world makes sense to them, as the patriarchy does for patriarchs.
* Iron Man says Ultron is an existential threat to humanity.
* The Rise and Fall of F. Lee Bailey, the Lawyer Who Set O.J. Simpson Free.
* 355 issues of sci-fi golden age magazine Galaxy are now available at The Internet Archive.
* The cure came too late for me, alas.
* No.
* And No One Looks Good in the Ugly Drama Surrounding Kermit the Frog’s Firing. No, I don’t expect anyone would…
Saturday Night Links
* The headline reads, “Glenn Beck Building Ayn Rand-Inspired Utopia.”
* Grief for Aaron Swartz: The Truth about Aaron Swartz’s “Crime.” Prosecutor as bully. How to Get a Job Like Mine.
* Aaron Bady saw Zero Dark Thirty.
* Quentin Tarantino talks to himself.
* And the US Treasury agrees with me about the trillion-dollar coin. It’s enough to make me rethink my whole position…
#MintTheCoin?
Minting the coin would interrupt that process, uniting Republicans — and many voters and business groups — against what they would see as an unsettling, illegal and inflationary power grab from the executive. And if you think the press spreads blame too equally over the debt ceiling, wait till you see the coverage if the White House decides to respond by creating a trillion-dollar coin out of nothing. You can explain the basic logic of fiat currency until you’re blue in the face, but it’s not going to matter. That coin would drive our country’s increasingly deranged politics, which are really at the heart of this crisis, to the edge
As far as I can tell Ezra Klein is the only person talking any sense on the platinum coin.
In the event that we actually breach the debt ceiling and Republicans don’t fold almost instantly, the situation changes. Again, I think this fairly unlikely. But if financial markets are roiling and the country is crying out for a resolution that Republicans, in a fit of political and moral insanity, won’t provide, then many of the drawbacks to minting the coin or invoking the 14th Amendment dissipate. At that point, such a move may seem entirely reasonable: It could bring relief to the public and the markets, and Republicans would properly take the blame — and the consequences — for having nearly destroyed the global economy. True crisis has the tendency to turn the utterly unthinkable into the absolutely necessary, as any policymaker who participated in the bailout of AIG will tell you.
But we’re not there yet, I don’t think we’re going to get there, and I think announcing a mint-the-coin policy in advance will make matters worse.
Thursday Night Links
* Having a monetary value tied to human incarceration and justice creates a deeply perverse incentive that should not exist in the world of commerce. When the for-profit prison industry places the iron fist of criminal justice in the invisible hands of the market and sells it as a cost-cutting measure, it is hard not to interpret as anything but the predatory capitalism of a self-perpetuating slave state.
* Just end the filibuster. This is a no-brainer.
* What Will It Take to Solve Climate Change?
* Gorilla Sales Skyrocket After Latest Gorilla Attack.
Following the events of last week, in which a crazed western lowland gorilla ruthlessly murdered 21 people in a local shopping plaza after escaping from the San Diego Zoo, sources across the country confirmed Thursday that national gorilla sales have since skyrocketed.
“After seeing yet another deranged gorilla just burst into a public place and start killing people, I decided I need to make sure something like that never happens to me,” said 34-year-old Atlanta resident Nick Keller, shortly after purchasing a 350-pound mountain gorilla from his local gorilla store. “It just gives me peace of mind knowing that if I’m ever in that situation, I won’t have to just watch helplessly as my torso is ripped in half and my face is chewed off. I’ll be able to use my gorilla to defend myself.”
* 56 Up now playing in the US. I can’t wait.
* For the fiscal year, which for most schools ends this June, 18% of 165 private universities and 15% of 127 public universities project a decline in net tuition revenue. That is a sharp rise from the estimated declines among 10% of the 152 private schools and 4% of the 105 public schools in fiscal 2012.
* Turns out the brain isn’t very much like papyrus after all.
* Google will now translate into Flanders. (Not really-a-doodly.)
* Ezra Klein plays Biden ’16 make-believe. At least he’s making sense on the platinum coin.
* What’s your preferred gender pronoun?
* Horrifying: On zombie foreclosure.
* And on the science fiction beat: Joss Whedon Directing SHIELD Pilot Right Now, Already Working On Scripts For Later In The Series. Christopher Nolan’s next movie is called Interstellar. For the 50th anniversary, five Doctors and a cavalcade of Companions will reunite…on an audio special. Fan hopes science will prove tragic Firefly death never happened. And Y: The Last Man has a director: the unknown fan director of that Portal fan film.
Lead in the Water and Self-Evident Calvinball Lunacy
Kevin Drum says lead caused all the crime and the trillion-dollar-coin scheme is creeping Herman Cainism.
Links for the Weekend
* What Search Committees Wish You Knew. This is a reasonably good article with one piece of deeply terrible advice. Do not tell a search committee anything about your personal life or your relationships that will harm your chances until after you have received a written offer. Being open and honest about your two-body problem will not help you in the least. UPDATE: When I posted this on Twitter, @academicdave had a much harsher take, and found the piece pretty wanting. I don’t know. I think it’s useful for applicants to try to humanize their imagination of the search committee a bit (which can be hard). And then of course once you’ve done that you have to put brakes on that impulse, because they’re still not your friends, and they don’t really care about you much at all.
* Ads without Products has a great pedagogical post on teaching writing and critical perversity. I think I’m going to steal some of this language for my course next semester.
So how do I teach “practical criticism”? In the seminar groups that I lead, I model and encourage the following “flow chart” of thought: Anticipate what other intelligent readers of this piece might say about it. Try to imagine the “conventional wisdom” about it that would emerge as if automatically in the minds of the relatively well-informed and intelligent. And then, but only then, figure out a perverse turn that you can make within the context of but against this conventional wisdom. “Of course that seems right, but on the other hand it fails to account for…” “On first glace, it would be easy and to a degree justifiable to conclude that…. But what if we reconsider this conclusion in the light of….”
Students tend to demonstrate resistance, early on, to this practice. For one thing, especially in the first year, they don’t really (and couldn’t possibly) have a fully developed sense of what the “conventional wisdom” is that their supposed to be augmenting, contradicting, perverting. At this early stage, the process requires them to make an uncomfortable Pascalian wager with themselves – to pretend as though they are confident in their apprehensions until the confidence itself arrives. But even if there’s a certain awkwardness in play, it does seem to exercise the right parts of the students’ critical and analytical faculties so that they (to continue the metaphor) develop a sort of “muscle memory” of the “right” way to do criticism. From what I can tell, encouraging them to develop an instinct of this sort early measurably improves their writing as they move through their degree.
But still (and here, finally, I’m getting to the point of this post) there’s a big problem with all of this. I warn the students of this very early on – generally the first time I run one of their criticism seminars. There’s a big unanswered question lurking behind this entire process. Why must we be perverse? What is the value of aiming always for provocative difference, novelty, rather than any other goal? Of course, there’s a pragmatic answer: Because it will cause your writing to be better received. Because you will earn better marks by doing it this way rather than the other. Because you will develop a skill – one that can be shifted to other fields of endeavour – that will be recognised as what the world generally calls “intelligence.” But – in particular because none of this should simply be about the pragmatics of getting up the various ladders and depth charts of life – this simply isn’t a sufficient response, or at least is one that begs as many questions as it answers. What are, after all the politics of “novelty”? What are we to make of the structural similarity between what it takes to impress one’s markers and what it takes to make in “on the market,” whether as a human or inhuman commodity? What if – in the end – the answers to question that need (ethically, politically) answering are simple rather than complex, the obvious rather than the surprising?
* A possible example of critical perversity from Deadspin: Everything You Need To Know About Pennsylvania’s Lawsuit Against The NCAA (And Why You Should Support It). Though frankly I’m pretty sympathetic to the claim that the NCAA has no jurisdiction over criminal conspiracies, much less that it followed a rational procedure to adjudicate competing claims in this case.
* Bousquet asked the audience why police departments are far more diverse than English departments, by and large. Noting the silence in the audience following his question, Bousquet noted, “We have made it too difficult for those who are not advantaged” to enter the profession. Asked whether he believes faculty diversity is a priority for elite institutions, such as the one he now teaches at, Bousquet said such institutions are “constantly trying to work on the question of diversity.
“For me, the question is why do they fail so much, despite all of those efforts. And I think one of the reasons, amongst many, is the irrationalism of faculty compensation.” Bousquet adds, “Eighty percent of faculty are working like for $15,000 a year” taking into account adjuncts and graduate students.
* “Sustainable Teaching Fail”: The conditions of non-tenure-track faculty are setting us up to be failures as effective pedagogues.
* Lincoln explains the modern GOP.
“Your purpose, then, plainly stated, is that you will destroy the Government, unless you be allowed to construe and enforce the Constitution as you please, on all points in dispute between you and us. You will rule or ruin in all events.”
* But don’t worry! There’s a hack for that! The self-evident Calvinball lunacy of this trillion-dollar-coin thing is all the proof I need that our system is broken and our elites are insane.
* Politicians Should Learn Bigger Lessons From Their Pet Causes.
But too many politicians, and this especially includes self-described fiscal conservatives, simply can’t draw the obvious conclusion from all this: namely that you shouldn’t support help for the poor and the sick and elderly only if you personally happen to know someone who’s poor or sick or elderly. All of these people exist whether or not they happen to be family members.
* Blue Mars: What Mars would look like with oceans and life.
* A California appeals court has found that raping a sleeping woman isn’t illegal if she’s unmarried. I swear to God, I don’t even know where to begin with this bullshit anymore.
* Elsewhere in rape culture atrocities: Basically an entire town colludes to protect their football team from rape prosecution.
* House GOP lets the Violence Against Women Act expire for first time since 1994. I mean really.
* Inside Chernobyl’s Abandoned Hospital.
* More Evidence Shows That Pro Sports Teams Don’t Boost The Economy.
* There Are Two Law School Grads for Every Lawyer Job.
* The Original Star Wars Trilogy As Maps.
* Commander Riker lorem ipsum.
* Everything that’s wrong with football, in ten seconds. WHAT A HIT! I’M SO EXCITED I CAN’T EVEN WAIT TO SEE IF THE PLAYER HAS BEEN HURT OR KILLED! VIOLENCE! EXCITEMENT! YELLING!
* Google is not an illegal monopoly, so they can go on ruining all their products with dumb attempts to monetize your data. Hooray!
* And George Saunders Has Written the Best Book You’ll Read This Year. Sold!
Boehnerdämmerung
With Boehner unable to pass even his own debt-ceiling bill, much less a reasonable one, Jack Belkin is talking Plan Bs. In addition to the Fourteenth Amendment option I’ve been hammering for months, there’s also something else a lot of people have suddenly started talking up, platinum-coin seigniorage:
Sovereign governments such as the United States can print new money. However, there’s a statutory limit to the amount of paper currency that can be in circulation at any one time.
Ironically, there’s no similar limit on the amount of coinage. A little-known statute gives the secretary of the Treasury the authority to issue platinum coins in any denomination. So some commentators have suggested that the Treasury create two $1 trillion coins, deposit them in its account in the Federal Reserve and write checks on the proceeds.
In the meantime: NRO’s Douglas Holtz-Eakin loses it. So does Joe Klein. Five Reasons the House GOP Is to Blame. The end of John Boehner. Boehner’s Three-Legged Stool of Doom. And from the Dep’t of Very, Very, Obvious Observations:
If in fact the debt limit is not raised well beyond the August 2 target date, and the economy suffers the severe blow that experts, Democratic politicians, and most Republican politicians believe is likely to happen — the dissenting Republican politicians such as Michele Bachmann, Steve King, and Louie Gohmert (and other insiders) will not, in fact, admit that they were wrong about it. Instead, they will blame Barack Obama for implementing the debt limit badly. And they will do so no matter how he implemented it (I’d say that would include if he did it precisely how they had advised, which would be true, except that I believe their position is mathematically impossible, so it won’t be happening).
What’s more, and this is only slightly less obvious and slightly less certain, they will almost certainly not be penalized within the GOP for being wrong. Indeed, what’s far more likely is that if, as virtually all economists and budget experts currently insist, failure to raise the debt limit causes economic disaster, the likely effect within the GOP will be to enhance the prospects of those who claim that the experts don’t know what they’re talking about — and any post-limit disaster will be considered yet another sign that the experts don’t know what they’re talking about.
Gerry Canavan 