On the economics, about micro-, macro- and the economics of ideas.
The trillion dollar coin
Last month, the US passed through a politically created fiscal crisis; commentators were suggesting that for the third time Congress would cause the Federal Government to run out of cash and default on bond and salary payments, and 3rd party bills for goods and services. This is a tactic pursued by those who don’t like government expenditure unless its on arms. I argue that there were three ways that the Government could have sidestepped this piece of legislative extortion. The most amusing route would be to mint a $1Tn coin. I conclude, overleaf, by arguing that, progressives should be wary, this idea of legislating, or embedding fiscal policy in treaties or constitutions is designed by people who support the founding fathers, who while they opposed taxation without representation, were almost equally opposed to taxation with representation. NB The EU’s stability and growth treaty commits its signatories to a level of national debt and a level of national deficit. They need to change this, these decisions need to be under democratic control. There's [much] more overleaf ... ...

