Atlanta lawyer Carlos Mucha was just spitballing on a financial blog. He didn’t expect Washington, D.C., to listen.
ByPhoto-Illustration: Intelligencer; Photos from GettyPhoto-Illustration: Intelligencer; Photos from Getty
As it turns out, Beowulf is not an economist or a professional policy wonk. He’s a Georgia lawyer named Carlos Mucha. “Criminal defense, shareholder disputes, a little of everything,” he told me recently. He’s a tinkerer — “Jack of all trades, master of none,” he says — and his frequent visits to the comments sections of a set of financial websites were a kind of hobby.
Mucha felt especially vindicated by the responses from Yellen and Powell earlier this year when asked about the possibility of minting a trillion dollar coin. Yellen simply said it was up to the Federal Reserve. “It truly is not by any means to be taken as a given that the Fed would do it,” she said. “It’s up to them.” A few days later, a reporter followed up with Powell to ask if the Fed would do “whatever the Treasury directs” to resolve a crisis, or if it would perform its own analysis first.
What he and some of his colleagues have come to realize, he continued, is that “a lot of the norms came about during a very narrow time in history, and prior to that a lot of Treasury and Federal Reserve officials were rather creative and thoughtful and realized a lot of things they were attempting were being done for the first time anyway.
Have you been briefed or alerted to the implications of section 5112 of the coinage statutes? If not, and if you’re interested, I can brief you and an email would take no more than five minutes of your time.Diehl, the former Mint director, has himself become an outspoken respondent to what he calls the “myths that have been spun” around the coin. “I wrote the bill that created the trillion-dollar coin,” he said flatly at a conference earlier this year. “Sometimes the question is brought up:.
Stephanie Kelton, a former chief economist to the Senate Budget Committee and an economic adviser to Bernie Sanders and Chuck Schumer, as well as the now-famous populizer of modern monetary theory, has begun following Mucha’s work, discussing it with him, and touting it to public officials.
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