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sgrif's profile
Miss Dada 🏳️‍⚧️
Miss Dada 🏳️‍⚧️
Miss Dada  🏳️‍⚧️
@sgrif

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Miss Dada  🏳️‍⚧️

@sgrif

Co lead of the http://crates.io  team. Creator of @dieselframework. Former host of @_bikeshed and @_yakshave. Former Rails comitter. Enby. they/them

Albuquerque, NM
patreon.com/seantheprogram…
Joined November 2008

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    1. Manish‏ @ManishEarth Mar 21
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      Manish Retweeted Joe Weisenthal

      multiple people have asked me how this works. i'm not an expert but might as well type it out, please correct me if wronghttps://twitter.com/TheStalwart/status/1241381460558389250 …

      Manish added,

      Joe Weisenthal @TheStalwart
      OH. MY. GOD. https://tlaib.house.gov/sites/tlaib.house.gov/files/Automatic%20Boost%20to%20Communities%20Act%20.pdf … pic.twitter.com/W2QaDcLhTt
      Show this thread
      2 replies 4 retweets 26 likes
      Show this thread
    2. Manish‏ @ManishEarth Mar 21
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      basically, bills and coins work differently. a bill is basically an IOU note from the Fed. every time the Fed makes the money printer go brrr, it goes into more debt coins are NOT debt. the Treasury/Mint can make the money printer go clink clank without going into debt

      2 replies 2 retweets 10 likes
      Show this thread
    3. Miss Dada  🏳️‍⚧️‏ @sgrif Mar 21
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      Replying to @ManishEarth

      This isn't true in general. It's specifically a provision in the law that allows the treasury to mint commemorative coins without congressional approval

      1 reply 0 retweets 0 likes
    4. Miss Dada  🏳️‍⚧️‏ @sgrif Mar 21
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      Replying to @sgrif @ManishEarth

      "this" == that coins work differently than bills

      1 reply 0 retweets 0 likes
    5. Manish‏ @ManishEarth Mar 21
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      Replying to @sgrif

      even Normal Coins are not debt, though. coins are different. yes, the decisionmaking process is a bit more complex than what i'm laying out, but the properties of the coinage are the same

      1 reply 0 retweets 0 likes
    6. Miss Dada  🏳️‍⚧️‏ @sgrif Mar 21
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      Replying to @ManishEarth

      You're right that coins aren't debt, but that's because the Mint doesn't report to the federal reserve, the report to the secretary of treasury. The only time coins go through the fed is to fund the mint itself. The secretary of treasury cannot increase the coins in circulation

      1 reply 0 retweets 1 like
    7. Manish‏ @ManishEarth Mar 21
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      Replying to @sgrif

      oh, yeah, that's fair

      1 reply 0 retweets 0 likes
    8. Manish‏ @ManishEarth Mar 21
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      Replying to @ManishEarth @sgrif

      Seems like the treasury can mint coins whenever it wants? https://www.law.cornell.edu/uscode/text/31/5111 …

      1 reply 0 retweets 0 likes
    9. Miss Dada  🏳️‍⚧️‏ @sgrif Mar 21
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      Replying to @ManishEarth

      "As needed to meet the needs of the united states" isn't the same as "whenever it wants". It means at the discretion of congress, to fund itself, or to replace coins taken out of circulation. If you look at section 5112 there's a special provision for commemorative coins

      1 reply 0 retweets 1 like
      Miss Dada  🏳️‍⚧️‏ @sgrif Mar 21
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      Replying to @sgrif @ManishEarth

      You can also reverse this logic -- if they could just mint any coins whenever they want they wouldn't have looked at using the trillion dollar commemorative coin loophole to work around the debt ceiling

      12:52 PM - 21 Mar 2020
      1 reply 0 retweets 0 likes
        1. New conversation
        2. Manish‏ @ManishEarth Mar 21
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          Replying to @sgrif

          well, it's "in amounts the secretary decides are necessary" I read 5112, it doesn't seem like (k) provides additional discretion over the general one given by 5111 (a)?

          2 replies 0 retweets 0 likes
        3. Manish‏ @ManishEarth Mar 21
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          Replying to @ManishEarth @sgrif

          my impression was that it would just cost too much to do this with "normal coins"

          1 reply 0 retweets 0 likes
        4. 11 more replies

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