Podcasts about seigniorage

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Another round of political brinkmanship is playing out in Washington DC over the United States government's debt ceiling.There are predictions of global financial chaos if Democrats and Republicans can't agree on a deal to raise or suspend the debt ceiling, currently at US$31.4 trillion, soon. Treasury Secretary Janet Yellen says if something's not done the US government won't be able to meet its financial obligations as soon as June 1. That includes salaries for government employees and the military, pensions and making interest payments on government debt.President Joe Biden says if the US defaults on its debt "the whole world is in trouble."There is, however, a silly sounding yet simple and constitutional solution available. It involves minting a very high value platinum coin. In the latest episode of interest.co.nz's Of Interest podcast I spoke with Rohan Grey, Assistant Professor of Law at Willamette University's College of Law in Oregon, about the debt ceiling, the platinum coin and more.Grey explains how and why the US federal government came to have a debt ceiling, when the debt ceiling become a political football, what the idea of minting a US$1 trillion platinum coin is all about, and where it comes from."It sounds ridiculous, it almost shocks the conscious, but it is legal," Grey says, adding that the US government actually minting the coin would be "a public education moment.""If there's one thing that the president and the Treasury Secretary are not allowed to do it's default. There's no constitutional authority to default. The 14th Amendment says you cannot do it, the existing laws say you cannot do it, Congress did not give them an option to default. They gave them multiple pathways to finance spending and they told them they had to spend. So at the end of the day even if Biden really hates it, even if it really makes him feel stupid and silly, the coin isn't a choice. It is the last option before an unthinkable, prohibited option," says Grey."What a coin represents in my opinion, is the bringing back of the budget to a level that the public can understand. No complicated bond markets, no complicated debt instruments, it's something that you can talk to your seven year-old about. And to me it's only silly to people who think sounding very serious is being very serious."You can find all episodes of the Of Interest podcast here.

Hanno Lustig is a professor of finance at Stanford University, and a senior fellow at the Stanford Institute for Economic Policy Research. Hanno joins David on Macro Musings to discuss his work on dollar safety, safe assets, convenience yields, and more. More specifically, Hanno and David discuss the dollar dominance in global financial markets, how the US's status as the world's safe asset provider reinforces its exorbitant privilege in money markets, whether the countercyclical demand for safe assets can help explain why US inflation has been so low this past decade, how years of low interest rate policy might have contributed to the growing wealth gap, and much more.   Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings   Hanno's Twitter: @HannoLustig Hanno's Stanford profile: https://www.gsb.stanford.edu/faculty-research/faculty/hanno-lustig   Related Links:   *Dollar Safety and the Global Financial Cycle* by Zhengyang Jiang, Arvind Krishnamurthy, and Hanno Lustig https://www.gsb.stanford.edu/faculty-research/working-papers/dollar-safety-global-financial-cycle   *Mind the Gap in Sovereign Debt Markets: The U.S. Treasury basis and the Dollar Risk Factor* by Arvind Krishnamurthy and Hanno Lustig https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3443231   *Manufacturing Risk-Free Government Debt* by Zhengyang Jiang, Hanno Lustig, Stijn Van Nieuwerburgh, and Mindy Z. Xiaolan https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3646430   *US Government Debt Valuation Puzzle* by Zhengyang Jiang, Hanno Lustig, Stijn Van Nieuwerburgh, and Mindy Z. Xiaolan https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3333517   *The Fiscal Theory of Price Level with a Bubble* by Markus K. Brunnermeier, Sebastian A. Merkel and Yuliy Sannikov https://www.nber.org/papers/w27116   *Debt As Safe Asset: Mining the Bubble* by Markus K. Brunnermeier, Sebastian Merkel, and Yuliy Sannikov https://scholar.princeton.edu/markus/publications/debt-safe-asset-mining-bubble   *The Safety Trap* by Ricardo J. Caballero and Emmanuel Farhi https://www.nber.org/papers/w19927   *Financial and Total Wealth Inequality with Declining Interest Rates* by Daniel Greenwald, Matteo Leombroni, Hanno Lustig, and Stijn Van Nieuwerburgh https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3789220   *The Saving Glut of the Rich* by Atif Mian, Ludwig Straub, and Amir Sufi https://scholar.harvard.edu/straub/publications/saving-glut-rich-and-rise-household-debt   David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

Dan Smith is an associate professor of economics at Middle Tennessee State University and directs the Political Economy Research Institute at MTSU. Alex Salter is an associate professor of economics at Texas Tech University. Dan and Alex join David on a special live episode of Macro Musings to discuss their new book, Money and the Rule of Law: Generality and Predictability in Monetary Institutions. Specifically, they discuss knowledge and incentive problems in setting monetary policy, what is meant by “rule of law,” how to make monetary policy accountable, centralized versus decentralized forms of digital currencies, thoughts on free banking, and much more.   Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings   Alex's Twitter: @alexwsalter Alex's website: https://www.awsalter.com/ Alex's Free Market Institute profile: https://www.depts.ttu.edu/freemarketinstitute/people/salter.php   Daniel's Twitter: @smithdanj1 Daniel's website: http://www.danieljosephsmith.com/about.html Daniel's MTSU profile: https://www.mtsu.edu/faculty/daniel-j-smith   Related Links:   *Seigniorage in a Cross-Section of Countries* by Reid W. Click https://www.jstor.org/stable/2601207   *Money and the Rule of Law: Generality and Predictability in Monetary Institutions* by Peter J. Boettke, Alexander William Salter, and Daniel J. Smith https://www.cambridge.org/core/books/money-and-the-rule-of-law/C825E982EDE5BD2BE41A99464DC885DB   David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

David Andolfatto is a vice president for the St. Louis Federal Reserve Bank and has published widely in the field of monetary economics. David also blogs at MacroMania and is a returning guest to the podcast. He rejoins Macro Musings to talk about his thoughts on macro theory, plumbing issues, central bank digital currency, and more.   Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings   David's Twitter: @dandolfa David's St. Louis Fed profile: https://www.stlouisfed.org/about-us/leadership-governance/bank-officers/executive-bios/david-andolfatto   Related Links:   *Some Thoughts on Central Bank Digital Currency* by David Andolfatto https://www.cato.org/cato-journal/spring/summer-2021/some-thoughts-central-bank-digital-currency   *Minutes of the Federal Open Market Committee: April 27-28, 2021* by the Fed https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20210428.pdf   David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

Adam Tooze is a professor of history at Columbia University, and is the author of many books, including his popular account of the 2007-2009 crisis, titled Crashed: How a Decade of Financial Crisis Changed the World. Adam joins David on Macro Musings to discuss the COVID-19 crisis, the Eurozone, and the future of central banking. Specifically, Adam and David break down recent events and risks in the global financial system, the future of the dollar as reserve currency, and the implications of the recent German-Franco debt deal for the Eurozone.   Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings   Adam’s Twitter: @adam_tooze Adam’s Columbia profile: https://history.columbia.edu/faculty/adam-tooze/ Adam’s website: https://adamtooze.com/   Related Links:   *How Coronavirus Almost Brought Down the Global Financial System* by Adam Tooze https://www.theguardian.com/business/2020/apr/14/how-coronavirus-almost-brought-down-the-global-financial-system)   *The Death of the Central Bank Myth* by Adam Tooze https://foreignpolicy.com/2020/05/13/european-central-bank-myth-monetary-policy-german-court-ruling/   *Still the World's Safe Haven?* by Darrell Duffie https://www.brookings.edu/wp-content/uploads/2020/05/WP62_Duffie_updated.pdf   *Exchange Arrangements Entering the 21st Century: Which Anchor Will Hold?* by Ethan Ilzetzki, Carmen M. Reinhart, Kenneth S. Rogoff https://www.nber.org/papers/w23134   David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

Nic and Matt cover the week's deals and news. In this episode:  Bitcoin full node count Celo and the viability of seigniorage shares stablecoins Telegram winding down their TON project Why we think the SAFT window of opportunity is closed Why the SAFT is just ICOs in a suit Why the next global monetary asset will never be massively premined and disproportionately owned by VC funds How the success of Bitcoin drove VC funds crazy Stablecoins pass $10B ErisX announces Ethereum physically settled futures How futures contracts would handle contested hard forks The importance of JPM banking Coinbase and Gemini Our retrospective on the halving What we're reading and listening to this week Why we don't believe in space mining

David and Christian go through recent news and developments in the crypto-space! - Wyre releases new on-ramp vehicle that allows instant on-chain delivery of funds, via Apple or Google Pay. - Christian brings up his concerns about EIP 1559 and how it takes from the users and gives to the stakers - Eric Conner - New sharding spec design released by Vitalik. Does this delay Ethereum 2? - Christian's bet that Phase 0 will be delayed. Please rate and share the podcast! You can find us @POVCryptopod on Twitter.  David Hoffman on Twitter and Medium @TrustlessState Christian Keroles on Twitter @ck_SNARKs [SPONSOR]  @havenprivacy  Get 5 Dollars in Bitcoin when you visit gethaven.app/povcrypto @eToroUS  Follow CK and David’s investing strategy on b.tc/etoropov  Send Bitcoin: 3P1kkSBdsc2vPWXin3h6bdVeTS4BzXdNG1 Send Ether: 0xa6daaa2c423e72f7a248e1642b0b0151a0ce3778

The global revolution of expanding the internet of information and communication to include the internet of value is underway in earnest. Governments and Corporations are jockeying for position to be frontrunners. Facebook's Libra Association has thrown down the gauntlet on digital currencies, triggering China to announce that it will release its central bank digital currency in November of 2019. Whereas precious metals once backed the paper money revolution, the Bitcoin revolution is increasingly backed by the data-gold mined by corporations from our digital selves. Join Matt Foley and returning guest, Ziv Keinan, as they discuss the emerging taxonomy of digital assets, corporate and government competition for the new world order of money and the effects on our digital privacy.

This crypto shot features Daniel Shin, the co-founder of the Terra stablecoin and payments network, who explains how Terra compares to Facebook’s Libra, and what gives Terra a powerful advantage over Libra. Daniel's Contact: Terra website - https://terra.money/ Terra twitter - https://twitter.com/terra_money Daniels’ twitter - https://twitter.com/hyunsung1112

We speak to Dan Shin, Co-founder of Terra (https://terra.money/). Prior to Terra, Dan is most notably known for being the Founder and Chairman of TMON (http://www.tmon.co.kr). TMON or Ticket Monster is a Unicorn out of South Korea which was started in 2010 and had a mobile first approach to e-commerce. Now Dan is launching a stable coin that aims to drive adoption through his experience and networks in the e-commerce industry. Tune in to hear about: Going on the mainnet and what that’s like (funnily, we spoke a couple of hours after Terra hit mainnet) Different kinds of stable coins why Terra took the algorithmic route How Terra is trying to drive REAL ADOPTION How Terra maintains price stability and the role that Luna token plays in that What is Seigniorage and how Terra is benefiting from it Go-to market strategy through Terra Alliance comprising Carousell (https://sg.carousell.com/), Qoo1o (https://www.qoo10.sg) etc. + incentives to use Terra How the user journey for using Terra token would look like on e-commerce platforms Tech aspects - Building on Tendermint (https://www.tendermint.com/), on boarding validators Dealing with Regulatory aspects including the failed Basis project (https://www.basis.io/) Partnerships with Tomochain (https://tomochain.com/), Klaytn (https://www.klaytn.com/) etc

Die Passion aus ökonomischer Perspektive: Der Aufstand der Makkabäer, die judäische Münzordnung, der Schekel und die Tempelabgabe, ein kaum zu steigerndes Sakrileg, das Passahfest als Zahlungstermin, Frontalangriff gegen das Geldsystem, das Erbe des Schekel-Rebells

Bryan Cutsinger is an economist affiliated with Angelo State as well as Texas Tech University and recently published an article titled *Seigniorage in the Civil War South*. He joins the show today to talk about this article, the monetary history of the Civil War, and the economics of Seigniorage. David and Bryan also discuss how both the North and the South financed the war and why the South made some counterintuitive decisions in how they conducted monetary policy.   Transcript for the episode: https://www.mercatus.org/bridge/podcasts/03292019/civil-war-and-economics-seigniorage   Bryan’s website: https://www.bryancutsinger.com/ Bryan’s George Mason profile: https://economics.gmu.edu/people/bcutsing   Related Links:   *Seigniorage in the Civil War South* by Bryan Cutsinger and Joshua Ingber https://www.sciencedirect.com/science/article/abs/pii/S0014498318300470   *The Gold Standard as a Rule: An Essay in Exploration* by Michael Bordo and Finn Kydland https://www.sciencedirect.com/science/article/abs/pii/S0014498385710194   *Financial Failure and Confederate Defeat* by Douglas Ball https://www.amazon.com/Financial-Failure-Confederate-Defeat-Douglas/dp/0252017552   David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

Today's guest is Bryan Cutsinger of George Mason University, discussing his paper, "Seigniorage in the Civil War South." During the U.S. Civil War, the Confederate Congress adopted three currency reforms that were intended to reduce the quantity of Treasury notes in circulation by inducing the money-holding public to exchange their notes for long-term bonds. In this paper, we examine the political factors that influenced the adoption of the reforms and their effect on the flow of seigniorage - revenue that the government derived by using the newly-printed Treasury notes to purchase the goods and services it required. We argue that the bifurcation of the Confederate Congress into two groups – those legislators that represented the Confederacy's interior and those from areas no longer under Confederate control – contributed to the adoption of the reforms. Our findings indicate that representing an area outside of the rebel government's control increased the likelihood that a legislator would support efforts to reform the currency by over 90 percent. In addition, our results indicate that the rate of monetary expansion in the South was below that which would have maximized the revenue from seigniorage. We find that the reforms reduced the flow of seigniorage by approximately 57 percent, depriving the Confederate government of much-needed revenue.  

In the course of the EU enlargement process, the participation of accession countries in the European Monetary Union might lead to a significant redistribution of seigniorage wealth if current regulations prevail. In general, accession countries will be winners from this redistribution, for example Poland with 12.9 billion euros, Romania with 9.9 billion euros or Hungary with 3.3 billion euros. Correspondingly, the current member countries of the European Union face costs of 35.3 billion euros in total, the biggest part of which has to be borne by Germany.