Austerity Already Doing Harm; Would Seigniorage Help?

David Dayen of FDL outlines the harm already in progress. A  comment on the thread of that same post led me to a term I had never heard before, “seigniorage,” which Corrente’s letsgetitdone (among others around the web) says may be part of the solution… if only Obama would use it. letsgetitdone quotes from a post by Beowulf (also of Corrente) on the subject of seigniorage, a practice that rests on the power of a sovereign state to create money ex nihilo. You may as well read the whole of both posts; it saves me extensive quoting, and I am not qualified to venture an opinion on whether this is an approach that would help… or even an approach Mr. Obama would consider using.

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