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View Diary: Modern Monetary Theory vs the Fiscal Cliff (65 comments)

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  •  Ellen Brown (1+ / 0-)
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    psyched

    is fairly close to MMT thinking.

    In fact, I first came across the coining a large denomination coin in her book. She makes it perfectly clear that at least some people in the US Congress were quite aware that this was a potential solution to the "National Debt"

    Bryan, Baum et. al. were advocating a move away from gold to silver  (Dorothy's silver slippers) The US in fact went off the gold standard in 1933 (executive order 6102) and was de facto on a silver standard (think silver coinage) till 1964. At that time, it was proving difficult to expand the money supply enough to take care of the economic growth that was occurring in the 1950's and 1960's, and a decision was made to change the metals used in "silver" coins. The Bretton Woods gold standard was still applicable till 1971.

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