Rohan Grey boosted
Paris Marx

Not only does Elon Musk not have a clue what he’s talking about, but this is *exactly* what he tried to do at PayPal, claiming it needed a full “V2” rewrite of the code when it didn’t.

Instead, it shifted resources away from key areas, caused PayPal to lose much more money to fraud, and eventually got him ousted as CEO.

Last month, I wrote about Elon Musk’s time at PayPal and how he’s repeating his mistakes from that period: disconnect.blog/p/elon-musk-wa

#tech #elonmusk #twitter #paypal

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Rohan Grey

@drustevenson it's 31 USC 5112(k). Other laws pertain to digital CB settlement balance accounts and/or digital book entry Treasury securities, but they have other restrictions that the platinum coin provision of the Coinage Act does not.

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Rohan Grey

@drustevenson because the statute that this refers to specifies coins

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Rohan Grey

@drustevenson @steve_zeke@freeradical.zon

1. Coin gets minted
2. Coin gets deposited on behalf of mint at fed
3. Fed credits face value of coin to Mint's reserve account
4. Mint "sweeps" its reserve account excess into tsy general fund
5. Tsy can now spend as needed.

That's the basic ops. Happy to answer any questions

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Rohan Grey

twitter.com/DarrigoMelanie/sta

RT @DarrigoMelanie@twitter.com

Tomorrow is the start of Black History Month, which kicks off an entire month of Republicans questioning the need for it, while banning children from learning why it’s needed.

🐦🔗: twitter.com/DarrigoMelanie/sta

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Rohan Grey

RT @Vinncent@twitter.com

When people fuck up a little they really think you are going to tell their boss. Horrifying. How can you signal to people that I am literally never going to do this ever

🐦🔗: twitter.com/Vinncent/status/16

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Rohan Grey

RT @NathanTankus@twitter.com

I'm back in @FTAlphaville@twitter.com exploring the broader questions opened up in the debate over how best to avoid default after the debt ceiling binds. It is very important to know how seriously the Federal Reserve- & Powell- takes fiscal agent responsibilities.

ft.com/content/afb6ef8f-be7c-4

🐦🔗: twitter.com/NathanTankus/statu

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Rohan Grey

🔥🔥🔥

RT @ft4s@twitter.com

Three questions for Fed Chair Jay Powell on.ft.com/40hf3IR

🐦🔗: twitter.com/ft4s/status/162039

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Rohan Grey

RT @GuardianUS@twitter.com

Can a trillion-dollar coin end the US debt-ceiling standoff? theguardian.com/business/2023/

🐦🔗: twitter.com/GuardianUS/status/

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Rohan Grey

RT @DeficitOwl24601@twitter.com

@johnnygbx1@twitter.com @rohangrey@twitter.com You're reasoning backwards from an observation about one specific function of coinage and assuming the existence of a law that states that no other function is permissible. No such law exists, and several laws exist which state the contrary.

🐦🔗: twitter.com/DeficitOwl24601/st

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Rohan Grey

RT @khaslett@twitter.com

I have multiple friends who have had deposit accounts at banks that failed and they didn't notice when their banks closed. They didn't pull their money. They got a new debit account. Their cards never stopped working. That's deposit insurance!

🐦🔗: twitter.com/khaslett/status/16

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Rohan Grey

Come get it

RT @RaulACarrillo@twitter.com

You want this job! (esp. if you're in practice & moving toward academia)

Don't miss the application window! Apps due by February 15th! 🖱️ twitter.com/LPE_Project/status

🐦🔗: twitter.com/RaulACarrillo/stat

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Rohan Grey

Interestingly, if you go to the law and scroll down on the same page, you'll see the other statutory provision where they limit the TsySec's authority to mint coins based on what the Federal Reserve decides is appropriate.

jk jk, there's nothing of the sort.

Show thread
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Rohan Grey

"Yeah i'm a statutory coinage authority fan"

"oh you mean 5112(k) from '97, yeah i've heard of it"

"Nah that's just the famous provision everyone knows about. I'm into the more their obscure back catalogue from '82, it's way more pure/uncut coinage content"

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Rohan Grey

RT @mrbrnn@twitter.com

ICYMI: last week's great conversation btwn @rohangrey@twitter.com @StephanieKelton@twitter.com @TheStalwart@twitter.com @PhilipNDiehl@twitter.com on the $1T coin solution to the debt ceiling crisis - bookmark + listen!

youtube.com/watch?v=XJsfL1IbiK

🐦🔗: twitter.com/mrbrnn/status/1620

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Rohan Grey

yeppppppppppp

RT @LuizaJarovsky@twitter.com

🔥These are the 5 worst takes of all time. What would you add?

🐦🔗: twitter.com/LuizaJarovsky/stat

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Rohan Grey

RT @kat_marianna@twitter.com

Here is a replay of the highly insightful seminar I attended at @ColumbiaLaw@twitter.com with @ProfKateJudge@twitter.com @TheStalwart@twitter.com @StephanieKelton@twitter.com, w/@rohangrey @PhilipNDiehl@twitter.com Zooming in from @WillametteLaw@twitter.com. The best arguments I’ve heard to put an end to the debt limit & Mint The Coin! twitter.com/kat_marianna/statu

🐦🔗: twitter.com/kat_marianna/statu

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Rohan Grey

Nice work, @Paul_Karp@twitter.com

theguardian.com/law/2023/jan/2

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Rohan Grey

RT @StephanieKelton@twitter.com

The bottom line is that Fullwiler was way ahead of the crowd on all of this and anyone who wants to understand how/where MMT parts ways with the mainstream thinking on debt sustainability must read Fullwiler. /end
papers.ssrn.com/sol3/papers.cf

🐦🔗: twitter.com/StephanieKelton/st

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Rohan Grey

RT @jeremycyoung@twitter.com

"Teachers reported that such restrictions made it more difficult for them to develop students’ critical thinking skills; expand students’ views and understanding of the world, inc. both historical and current events; and expose students to high-interest instructional materials."

🐦🔗: twitter.com/jeremycyoung/statu

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