Pinned post

RT @mucha_carlos@twitter.com

@CarlitosMMT@twitter.com @rohangrey@twitter.com @BobMurphyEcon@twitter.com @GeorgeSelgin@twitter.com That would be an incredibly Orwellian argument. Once you acknowledge the statutory authority Congress gave the Tsy Secretary, “force” has nothing do with it, the legal term is “supervision and control”.

🐦🔗: twitter.com/mucha_carlos/statu

RT @mucha_carlos@twitter.com

@rohangrey@twitter.com @BobMurphyEcon@twitter.com @GeorgeSelgin@twitter.com Yeah, it’s not even a unitary executive theory constitutional issue where a statute makes an agency independent of the Executive Branch. The statute (Federal Reserve Act) actually gives Secretary “supervision and control” over the Fed when their respective powers conflict.

🐦🔗: twitter.com/mucha_carlos/statu

RT @MaxKennerly@twitter.com

@rohangrey@twitter.com @mucha_carlos@twitter.com @BobMurphyEcon@twitter.com @GeorgeSelgin@twitter.com Indeed. If the Fed has an independent power to determine what is and isn't legal tender coming from Treasury, then it can reject anything, not just the platinum coin. It could tell the Treasury that cash, t-bills, and t-bonds are invalid.

That's obviously wrong.

🐦🔗: twitter.com/MaxKennerly/status

RT @mucha_carlos@twitter.com

@BobMurphyEcon@twitter.com @GeorgeSelgin@twitter.com @rohangrey@twitter.com Hmm, the Fed’s refusal to accept the Coin sounds like the Secretary’s power to mint coins and manage the public debt would be in conflict with the Federal Reserve’s power to accept for deposit lawful money. I wonder how the Federal Reserve Act resolves conflicts of this sort?

🐦🔗: twitter.com/mucha_carlos/statu

No sign of stopping yet

RT @THR@twitter.com

'Avatar 2' Flies Past 'Star Wars: Force Awakens' at Global Box Office, No. 4 Pic of All Time
thr.cm/mO7tjXG

🐦🔗: twitter.com/THR/status/1619403

RT @TheStalwart@twitter.com

Tell me you’ve never read 31 U.S. Code § 5112 (k) without telling me you’ve never read 31 U.S. Code § 5112 (k) twitter.com/alanbwt/status/161

🐦🔗: twitter.com/TheStalwart/status

RT @ChaseMadar@twitter.com

I’m not an accelerationist about many things but the tanking of the Supreme Court’s reputation is good as it sets the stage for shrinking the power of an institution that has been a reactionary force for most of U.S. history usatoday.com/story/opinion/col

🐦🔗: twitter.com/ChaseMadar/status/

Lol the bloody Republicans are being more honest about the constitutional dynamics here than the Democrats.

Has it really come to this jfc

Show thread

RT @BrendanPedersen@twitter.com

House Budget Chair Jodey Arrington (R-Texas) told me he's not convinced a true debt ceiling default is possible under the Constitution and that the Treasury Department would step in to pay U.S. creditors.
More in @PunchbowlNews@twitter.com AM w/ @bresreports@twitter.com:
punchbowl.news/archive/12723-p

🐦🔗: twitter.com/BrendanPedersen/st

RT @demandprogress@twitter.com

This morning, we sent a letter w/ ~40 groups to the White House calling for any replacements to @superwuster@twitter.com at the NEC have similar track records & a history of demonstrating firm commitments to anti-monopoly policy.

The letter:

🐦🔗: twitter.com/demandprogress/sta

RT @khaslett@twitter.com

So liquidity is 🔥 right now and a lot of attention is focused on the FHLB, which is fair. But I've been sleeping on the Fed Discount Window, which is often the like... big scary alternative to the more-acceptable FHLB.

🐦🔗: twitter.com/khaslett/status/16

RT @krishnanrohit@twitter.com

I also like that we're bringing seigniorage back.

🐦🔗: twitter.com/krishnanrohit/stat

RT @revolvingdoorDC@twitter.com

NEW: Jeffrey Zients' private sector record is the key to understanding who he is...and his record in public and private life should raise a lot of alarm bells.

Our @MaxMoranHi@twitter.com examines the history of the next White House Chief of Staff for @TheProspect@twitter.com.
prospect.org/power/2023-01-27-

🐦🔗: twitter.com/revolvingdoorDC/st

RT @TheStalwart@twitter.com

The GOP has exactly 0 leverage when it comes to the debt ceiling. It's going to be 6 months of generating headlines of what spending they want to cut.

And then in the end, the best they can hope for is that Treasury switches from financing via UST to financing via coinage.

🐦🔗: twitter.com/TheStalwart/status

RT @_TimBarker@twitter.com

NY Fed chair to FOMC, 10/99: "If we continue to talk about tight labor markets as if that is a truly evil phenomenon, we are going to convince the American people that what we believe in is not price stability but an income distribution that goes against working people"

🐦🔗: twitter.com/_TimBarker/status/

twitter.com/TheStalwart/status

RT @TheStalwart@twitter.com

RT if you’re also low-key nervous about Powell’s answer next week to the inevitable coin question.

🐦🔗: twitter.com/TheStalwart/status

RT @NathanTankus@twitter.com

@TheStalwart@twitter.com @patio11@twitter.com Former payments system guy at the Federal Reserve Board made a somewhat similar point, except focusing on the appropriations process.

federalreserve.gov/aboutthefed

🐦🔗: twitter.com/NathanTankus/statu

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TheGreyElephant

Rohan Grey's personal Mastodon server. Mastodon is like Twitter, but federated, so anyone can host a server. Reach out if you want help setting up your own.