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Ideas for an Alternative Monetary Future,
March 20, 2019, 10 pgs.
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Reviewer Comment:
The idea that the US Treasury could dispose of the Federal debt by minting a
huge platinum coin has been mentioned by various authors such as Paul Krugman.
Dr. Selgin mentions several.
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Dr. Selgin begins by pointing out that MMT
has been (is being) critized for a variety of shortcomings and falicies. He
provides links to many such articles. He believes that, rather than the
criticism typically being advanced, the worse fault is the propensity of the
MMT fans to mix up ideas they would 'like' with policies government bureaucrats
are already doing. And they ignore real 'constraints' stemming from political,
ethical or psychilogical and other considerations. They simply hope that
government politicians will ignore basic rules. They simply denounce their
critics as being ignorant or biased or unwilling. He refers to one of his
previous articles which exposed Dr. Stephanie kelton's article "We Can Pay
for A Green New Deal". She claimed that the FED will create whatever new
money is needed to pay for whatever Congress spends. But he has already shown
that is not so.
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It's Baaack! He comments that of course his
criticism immediately generated many replies including that the Treasury could
mint the 'Trillion Dollar Coin".
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