There are three fairly radical ideas floating around the monetary policy world right now. The first is economist Ellen Brown's belief that governments should stop borrowing money and simply create the currency they need, thus bypassing central banks and government bond markets. The second is
Australian economist Steve Keen's debt jubilee, in which governments give newly-created money to individuals with which to pay back their debts, in the process resetting the system with lower leverage. The third is that trillion dollar platinum coin thing, where Washington just conjures that much money out of thin air and uses it to evade statutory debt limits -- which looks like an ad hoc mash-up of the first two ideas.
Until yesterday these proposals seemed like provocative curiosities, fun to think about but too far off the mainstream radar screen to become official policy anytime soon ...
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Hmmm... Reality can only be put at arm's length for so long before it embraces you and takes you to the grave.