kelton 2013:'NO' on $1 Trillion for Main Street

Was just reminded of my first appearance on national TV. Don’t think I would have believed then that we would see #MintTheCoin proposed by any member of Congress, but @rohangrey and @RashidaTlaib went and did it. https://t.co/Phw7BdprBA

— Stephanie Kelton (@StephanieKelton) December 12, 2020

https://twitter.com/stephaniekelton/status/1337767358786625536?s=21

https://t.co/Jwz7i3Pgxx
'NO' on $1 Trillion for Main Street
2013https://t.co/AOsfJfKWgr pic.twitter.com/IAw1iVlkdY

— luminous woman (@_luminous_woman) December 12, 2020

https://twitter.com/_luminous_woman/status/1337763825072795648?s=21

https://twitter.com/StephanieKelton/status/1241479447137714179?s=20

Literally my first appearance on national television. I was there to explain the *mechanics* of the coin. https://t.co/qMa2P6fXVt pic.twitter.com/wL4dnUCyzy

— Stephanie Kelton (@StephanieKelton) March 21, 2020

 

'NO' on $1 Trillion for Main Street

https://youtu.be/alFXKTTr8eE

 

1:54 

do that of course we can if we establish

that the Treasury secretary has the

capacity in a trillion dollar coin and

deposited in this account at the Fed

then they could put a 10 or a 100 or any

other number it is at the discretion of

the Treasury secretary so of course they

could do that

the question is

should they do that what would be the

ramifications of doing that former mid

director filled the accounting treatment 

 

here's how the coin would work republicans are once again threatening to hold the debt ceiling hostage as they did in the summer of 2011 that is they will not vote to raise the limit of the amount the US government can borrow unless the White House and Democrats agree to some draconian spending cuts enter the coin it turns out there is a subsection of the u.s. code called denominations specifications and design of coins that includes the following provision the secretary may meet and issue platinum bullion coins and proof platinum coins in accordance with such specifications designs varieties quantities denominations and inscriptions as a secretary in the Secretary's discretion may prescribe from time to time the idea of trillion-dollar coin advocates is the president would direct the Treasury to make a trillion dollar platinum coin and then deposit it in the Treasury bank account at the Federal Reserve and voila just as a $100 bill isn't made of $100 worth of cotton a new trillion-dollar coin wouldn't be made of a trillion dollars of platinum just a single small bit of platinum will do that's all economist John Kenneth Galbraith once said the process by which banks create money is so simple but the mind is repelled and the same can be said of how our government creates money the simple truth is it creates money simply out of thin air someone that the Federal Reserve punches in a number in spreadsheet and voila more money Abraham Lincoln printed greenbacks to fund the Union and his opponents mocked and mercilessly for doing so with this cartoon from the time depicting a machine spewing Bills shows an FDR ditched the gold standard to get us out of the Great Depression both those ideas were at the time probably about as ridiculous as a trillion dollar coin if that can work well then let's just make a 10 trillion dollar coin and zero out the deficit or the national debt and then just like forget all this fiscal cliff stuff but all these grand bargains let's just throw it in there and 10y stop pretending 20 trillion hundred trillion dollars that we draw on for the next hundred years why is that why can't we do that ？

Kelton：

off course we can if we establish that the Treasury secretary has the capacity in a trillion dollar coin and deposited in this account at the Fed then they could put a 10 or a 100 or any other number it is at the discretion of the Treasury secretary so of course they could do that the question is should they do that what would be the ramifications of doing that.

（Ｑ:

 former mid director filled the accounting treatment the coin is identical to treatment of all other coins and in strikes the coin ships at the bed books a trillion dollars and transfers a trillion dollars of Treasury's general fund where it is available to finance government operations just like with proceeds of bond sales or additional tax revenues this works just like an additional tax revenue borrowing under a higher debt limit oh.）

Kelton :

 all it is our digital entries locked up on a spreadsheet that's what that is when the Federal Reserve credits the Treasury's bank account it's just digital entries locked okay can't run away they can't escape they can't go anywhere they can't chase any Goods they can't hyper-inflated they can't do all of these things that people.

Ｑ:

here's my question to think what are the limits ?（then you can just be like centrist all the time there are no limits on the behavior we can spend as much as we want as little as you want.）

Kelton:

of course I didn't say that at all no there are limits of course there are limits on how much you can spend the limits are on the real side of the economy though not on the financial side and what we're so accustomed to hearing is we can't afford it we can't afford it it's always the financial side there aren't enough numbers on the balance sheet we don't we can't spend because we don't have the money so let's take the hypothetical I know how he's going to fall out of her chair and I'll say a hundred trillion dollars okay take that hypothetical okay we make $120 going 100 trillion dollar coin and the Fed credits the treasurer's account what happens nothing absolutely nothing in the first instance the question is what then would happen to those dollars if Congress appropriated some spending because the the the government can't spend unless Congress operates right so if Congress said well look we have 2.2 trillion dollar infrastructure disaster in this country we're gonna appropriate some funding to start repairing and rebuilding our nation's infrastructure then those funds can begin to flow and then they move into the real resources are there we've got 23 million Americans who want full-time work in this country and can't find it many of them unemployment put them to work why on earth would we allow 23 million Americans who want to contribute that we have useful things for them to do we have unemployed construction workers unemployed manufacturing workers they have exactly the skill set that we need 20 the only thing they need is for Congress to give them permission to do it sure well the only way we're not getting from 109 is if we started the museum exhibit it'll started charge wait don't the constraint that no I want you to go right 次の動画 自動再生