–How much is breathing smog worth to you? Thursday, Nov 27 2014 

Twitter: @rodgermitchell; Search #monetarysovereignty
Facebook: Rodger Malcolm Mitchell

Mitchell’s laws:
●Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
●The more federal budgets are cut and taxes increased, the weaker an economy becomes. .
Liberals think the purpose of government is to protect the poor and powerless from the rich and powerful. Conservatives think the purpose of government is to protect the rich and powerful from the poor and powerless.
●Austerity is the government’s method for widening
the gap between rich and poor.
●Until the 99% understand the need for federal deficits, the upper 1% will rule.
To survive long term, a monetarily non-sovereign government must have a positive balance of payments.
●Everything in economics devolves to motive,
and the motive is the Gap.
==================================================================================================================================================================

The recent election, in which the Tea/Republicans captured the votes of America, merits this headline: Turkeys Vote For Thankgiving.

How else to describe the following article in the Washington Times?

Obama’s latest regulatory power grab aims at ozone
By Ben Wolfgang

President Obama on Wednesday checked off yet another major item on environmentalists’ wish list by targeting smog, further solidifying his legacy on green issues but also angering big business and giving Republicans fresh ammunition heading into the final 24 months of this administration.

Apparently, smog is a good thing, because “targeting smog” gives Republicans “fresh ammunition.”

The Environmental Protection Agency on Wednesday released new tentative rules on ozone, meant to drastically cut the amount of smog produced by power plants and factories.

Republicans and business groups, who say it will cost jobs and create a drag on the economy — would lower the threshold for ozone from 75 parts per billion to 65 to 70 parts per billion.

Ozone leads to smog, which has been linked to a series of health problems including premature death, asthma and heart disease.

Reducing premature death, asthma and heart disease is what gives Republicans “fresh ammunition.” Turkeys love premature death.

Critics say it’s obvious the regulations will create a serious burden. EPA data, cited by groups such as the Business Roundtable, show that 59 percent of the U.S. population lives in an area that did not meet the 65 parts per billion threshold.

Therefore, 59 percent of the U.S. population is breathing bad air, and by gosh, we turkeys don’t want to change that.

The National Association of Manufacturers called the rules “the most expensive regulation ever imposed on the American public.”

The organization calculated that the rule would reduce U.S. gross domestic product by $3.4 trillion from 2017 to 2040 and cut about 2.9 million jobs per year on average through 2040.

Of course it’s all bullsh*t, but one is left to wonder: How many jobs are lost by anti-child-labor laws? How many are lost by rules against tainted food. How much do toy recalls cost us (You know, those toys that chop off kids fingers and are deadly to put in kids mouths)?

And we also heard how Obama is anti-coal, a claim that resonates well in coal digging communities. Well folks, coal kills. Burning coal throws poisons into the air. Millions have died painfully and too soon because of coal pollutants (not to mention the miners who die digging it).

Yes, if you earn your livelihood from coal, or from poisoned food, dangerous toys, dirty hospitals, sweat shops, dangerous cars, dangerous electrical devices and all other things that maim and kill us, the Republicans will help you continue earning that livelihood.

How much is your children’s health worth? How much is breathing smog worth to you?

Premature death, asthma and heart disease are not a concern in America. How do we know? The turkeys just finished voting for Thanksgiving.

Rodger Malcolm Mitchell
Monetary Sovereignty

===================================================================================
Ten Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Federally funded Medicare — parts A, B & D plus long term nursing care — for everyone (Click here)
3. Provide an Economic Bonus to every man, woman and child in America, and/or every state a per capita Economic Bonus. (Click here) Or institute a reverse income tax.
4. Free education (including post-grad) for everyone. Click here
5. Salary for attending school (Click here)
6. Eliminate corporate taxes (Click here)
7. Increase the standard income tax deduction annually. (Refer to this.)
8. Tax the very rich (.1%) more, with higher, progressive tax rates on all forms of income. (Click here)
9. Federal ownership of all banks (Click here and here)

10. Increase federal spending on the myriad initiatives that benefit America’s 99% (Click here)

The Ten Steps will add dollars to the economy, stimulate the economy, and narrow the income/wealth/power Gap between the rich and the rest.
——————————————————————————————————————————————

10 Steps to Economic Misery: (Click here:)
1. Maintain or increase the FICA tax..
2. Spread the myth Social Security, Medicare and the U.S. government are insolvent.
3. Cut federal employment in the military, post office, other federal agencies.
4. Broaden the income tax base so more lower income people will pay.
5. Cut financial assistance to the states.
6. Spread the myth federal taxes pay for federal spending.
7. Allow banks to trade for their own accounts; save them when their investments go sour.
8. Never prosecute any banker for criminal activity.
9. Nominate arch conservatives to the Supreme Court.
10. Reduce the federal deficit and debt

No nation can tax itself into prosperity, nor grow without money growth. Monetary Sovereignty: Cutting federal deficits to grow the economy is like applying leeches to cure anemia.
1. A growing economy requires a growing supply of dollars (GDP=Federal Spending + Non-federal Spending + Net Exports)
2. All deficit spending grows the supply of dollars
3. The limit to federal deficit spending is an inflation that cannot be cured with interest rate control.
4. The limit to non-federal deficit spending is the ability to borrow.

THE RECESSION CLOCK
Monetary Sovereignty

Monetary Sovereignty

Vertical gray bars mark recessions.

As the federal deficit growth lines drop, we approach recession, which will be cured only when the growth lines rise. Increasing federal deficit growth (aka “stimulus”) is necessary for long-term economic growth.

#MONETARYSOVEREIGNTY

–Inflation hurts; so why not deflation? Monday, Nov 24 2014 

Twitter: @rodgermitchell; Search #monetarysovereignty
Facebook: Rodger Malcolm Mitchell

Mitchell’s laws:
●Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
●The more federal budgets are cut and taxes increased, the weaker an economy becomes. .
Liberals think the purpose of government is to protect the poor and powerless from the rich and powerful. Conservatives think the purpose of government is to protect the rich and powerful from the poor and powerless.
●Austerity is the government’s method for widening
the gap between rich and poor.
●Until the 99% understand the need for federal deficits, the upper 1% will rule.
To survive long term, a monetarily non-sovereign government must have a positive balance of payments.
●Everything in economics devolves to motive,
and the motive is the Gap.
==================================================================================================================================================================

Over the years we have published many posts about inflation (a general increase in prices). [See all the “inflation” links on the left side of this page.]

Inflation and its opposite, deflation, are complex. They are not just a simple matter of the government spending too much or too little money. See: Federal deficit spending doesn’t cause inflation; oil does In fact, too much or too little government spending seem to be the least cause of inflation or deflation.

Inflation and deflation are the result of complex relationships among the Supply and Demand for money and for goods and services. See: The economics of chaos. What we know for sure. The value of money (inflation) formula/u>.

Debtors (except for the federal government) generally welcome inflation, because the money necessary to pay debts is easier to obtain during inflationary periods. (The federal government doesn’t care about inflation, since it creates dollars ad hoc, when it pays bills.)

Inflation and deflation are all but impossible to measure, because the goods and services being purchased continually change. Today’s cars, appliances and jobs are different from yesterday’s. The CPI (Consumer Price Index) is an estimate of many estimates, all of which have changed over time.

All this complexity leads to the title question, “Why not deflation?”

We all would rather pay less than pay more, and we have seen examples of the terrible damage excessive inflation can cause. So again, why not deflation?

The standard logic is: When people anticipate the lower prices of deflation, they delay buying, waiting for those lower prices, and this delayed buying negatively impacts the economy.

It all sounds so logical, but is it true?

One place to find the answer is the electronics industry. Today, I saw an advertisement for a 60″ TV set: $499.00. Just a few years ago, I paid $5,000 for a set of similar dimension, and it wasn’t nearly as good as the one being sold today. Talk about deflation!

Today’s smart phones give you much more value for the dollar than did the portable phones of yesteryear. Pay less + Get more = Deflation.

The deflation in electronics has not caused the kind of delayed buying economists fear so much.

One might point to holiday sales as an example of delayed buying. People defer making some purchases in September, waiting for those “50% Off” sales in November.

But a few months delay has scant effect on economic growth, especially when those holiday sales actually encourage bargain hunters to buy more than they would have otherwise. People might temporarily delay purchases, but over time, people buy what they want — especially if prices are lower.

One might give the example of Japan, the government of which has been trying to create inflation as a way to stimulate the economy:

monetary sovereignty

And indeed, at various times, GDP and inflation appear to move together. Does this indicate that deflation is recessionary — or does it indicate that recessions cause deflations — or most likely, does it indicate these two complex events are connected only tenuously and coincidentally?

Here is the picture for the U.S.:

monetary sovereignty

The common belief: Federal spending is stimulative and also is inflationary, so reduced federal spending must by recessionary and also deflationary. So stimulus and inflation must “go together,” while recession and deflation also must “go together.”

But it doesn’t seem to be true.

I’ve searched for evidence that deflation causes delayed spending which, in turn, causes recession, and I can’t find any. I’ve come to think it’s one of those beliefs that sounds reasonable — something like “the federal government must live withing its means” — but hasn’t a factual basis.

If you’ve found evidence to support the reduced spending –> deflation –> recession pattern, please let us know.

Until then, we’ll view it as a myth, and a harmful myth at that, for it forces us into an unnecessary inflation.

Rodger Malcolm Mitchell
Monetary Sovereignty

===================================================================================
Ten Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Federally funded Medicare — parts A, B & D plus long term nursing care — for everyone (Click here)
3. Provide an Economic Bonus to every man, woman and child in America, and/or every state a per capita Economic Bonus. (Click here) Or institute a reverse income tax.
4. Free education (including post-grad) for everyone. Click here
5. Salary for attending school (Click here)
6. Eliminate corporate taxes (Click here)
7. Increase the standard income tax deduction annually. (Refer to this.)
8. Tax the very rich (.1%) more, with higher, progressive tax rates on all forms of income. (Click here)
9. Federal ownership of all banks (Click here and here)

10. Increase federal spending on the myriad initiatives that benefit America’s 99% (Click here)

The Ten Steps will add dollars to the economy, stimulate the economy, and narrow the income/wealth/power Gap between the rich and the rest.
——————————————————————————————————————————————

10 Steps to Economic Misery: (Click here:)
1. Maintain or increase the FICA tax..
2. Spread the myth Social Security, Medicare and the U.S. government are insolvent.
3. Cut federal employment in the military, post office, other federal agencies.
4. Broaden the income tax base so more lower income people will pay.
5. Cut financial assistance to the states.
6. Spread the myth federal taxes pay for federal spending.
7. Allow banks to trade for their own accounts; save them when their investments go sour.
8. Never prosecute any banker for criminal activity.
9. Nominate arch conservatives to the Supreme Court.
10. Reduce the federal deficit and debt

No nation can tax itself into prosperity, nor grow without money growth. Monetary Sovereignty: Cutting federal deficits to grow the economy is like applying leeches to cure anemia.
1. A growing economy requires a growing supply of dollars (GDP=Federal Spending + Non-federal Spending + Net Exports)
2. All deficit spending grows the supply of dollars
3. The limit to federal deficit spending is an inflation that cannot be cured with interest rate control.
4. The limit to non-federal deficit spending is the ability to borrow.

THE RECESSION CLOCK
Monetary Sovereignty

Monetary Sovereignty

Vertical gray bars mark recessions.

As the federal deficit growth lines drop, we approach recession, which will be cured only when the growth lines rise. Increasing federal deficit growth (aka “stimulus”) is necessary for long-term economic growth.

#MONETARYSOVEREIGNTY

–So what’s your plan? What’s your point? Friday, Nov 21 2014 

Twitter: @rodgermitchell; Search #monetarysovereignty
Facebook: Rodger Malcolm Mitchell

Mitchell’s laws:
●Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
●The more federal budgets are cut and taxes increased, the weaker an economy becomes. .
Liberals think the purpose of government is to protect the poor and powerless from the rich and powerful. Conservatives think the purpose of government is to protect the rich and powerful from the poor and powerless.
●Austerity is the government’s method for widening
the gap between rich and poor.
●Until the 99% understand the need for federal deficits, the upper 1% will rule.
To survive long term, a monetarily non-sovereign government must have a positive balance of payments.
●Everything in economics devolves to motive,
and the motive is the Gap.
==================================================================================================================================================================

There are those who believe the Tea/Republicans have no plan for America other than to oppose President Obama and gain political power. Nothing could be further from the truth.

America: So what’s your plan?

Tea/Republican: Make Obama a one-term President.

America: A bit late for that. We meant, what’s your plan regarding immigration?

Tea/Republican: We’re going to sue Obama.

America: No, we mean your plan for America’s immigrants. You’ve had years to come up with a plan. The Senate created a plan, but the Tea/Republican House opposed it. So what is your plan?

Tea/Republican: We’re going to impeach Obama for breaking the law. And we’re going to defund.

America: Defund what?

Tea/Republican: Defund everything. Shut down the government. Bring the country to its knees. Destroy the economy. Anything to hurt Obama. It’s what our very religious, right-wing base wants.

America: Wouldn’t that hurt America?

Tea/Republican: We don’t care. Obama is a commie socialist. We’re against commie socialists. That’s our plan.

America: Let’s put it another way. What would you really like to see done?

Tea/Republican: Deport all illegals.

America: Deport 12 million people?

Tea/Republican: Yes. Deport ‘em all. And build the fence higher.

America: What fence?

Tea/Republicans: Between us and Mexico.

America: What about Canada?

Tea/Republicans: Not many Latinos are in Canada.

America: What about children who are American citizens, but who have undocumented parents?

Tea/Republican: Deport the parents. They’re stealing our jobs.

America: Don’t they help create jobs by buying things?

Tea/Republicans: That’s just a commie, socialist rumor.

America: Send the parents home, and leave their children here? That’s your plan?

Tea/Republicans: No, take away the kids’ citizenship. Their parents sneaked in here to have kids. Why should someone get to be a citizen, just by being born here?

America: Like you were?

Tea/Republicans: It’s all a plot to avoid our laws and to mongrelize our race. Obama is going against the will of the people.

America: But what if the people don’t want all those parents deported and citizen children left here alone?

Tea/Republicans: Doesn’t matter what commie socialists want. Our religious base wants it.

America: What’s your plan for ACA?

Tea/Republican: You mean Obamacare. We hate it. We’d eliminate it. We voted against it more than 50 times.

America: I meant, what’s your plan for America’s health care insurance?

Tea/Republicans: People should choose their own insurance.

America: What about people who can’t afford to pay for health care insurance? Or people who already are sick and are refused coverage? Or people who lose their jobs, and their insurance disappears.

Tea/Republicans: We don’t like commies, socialists and all those people who expect a handout from the government — except for the rich. We give them those tax breaks, which are worth more than any freebies we give to the poor. We like the rich. They are “makers.” They also are big campaign donors.

America: So your plan for health care is . . .

Tea/Republicans: Sue Obama.

America: And as for the people who can’t afford health care insurance?

Tea/Republicans: Sue Obama.

America: Sue him for what?

Tea/Republicans: Sue him for delaying implementation of the part of Obamacare that pays funds to insurers, and for delaying the employer mandate of ACA.

America: But you hate ACA. You want to eliminate it. How can you sue Obama for delaying parts of a plan you want to eliminate in its entirety?

Tea/Republicans: We hate Obama. He broke the law with his executive actions. As Oklahoma Sen. Tom Coburn said, it will create “anarchy” and “violence” in the street.

America: Really? “Anarchy and violence”? But all Presidents have done that. President Reagan did it. President Bush II did it.

Tea/Republicans: It was different when they did it. They aren’t Obama.

America: O.K., bottom line, you really have no plans other than to oppose anything and everything Obama says and does. You have no real plans for leading America, right?

Tea/Republicans: Exactly. What’s your point? Benghazi!

To all you who claim the Tea/Republicans have no plan for America, what’s your point?

Rodger Malcolm Mitchell
Monetary Sovereignty

===================================================================================
Ten Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Federally funded Medicare — parts A, B & D plus long term nursing care — for everyone (Click here)
3. Provide an Economic Bonus to every man, woman and child in America, and/or every state a per capita Economic Bonus. (Click here) Or institute a reverse income tax.
4. Free education (including post-grad) for everyone. Click here
5. Salary for attending school (Click here)
6. Eliminate corporate taxes (Click here)
7. Increase the standard income tax deduction annually. (Refer to this.)
8. Tax the very rich (.1%) more, with higher, progressive tax rates on all forms of income. (Click here)
9. Federal ownership of all banks (Click here and here)

10. Increase federal spending on the myriad initiatives that benefit America’s 99% (Click here)

The Ten Steps will add dollars to the economy, stimulate the economy, and narrow the income/wealth/power Gap between the rich and the rest.
——————————————————————————————————————————————

10 Steps to Economic Misery: (Click here:)
1. Maintain or increase the FICA tax..
2. Spread the myth Social Security, Medicare and the U.S. government are insolvent.
3. Cut federal employment in the military, post office, other federal agencies.
4. Broaden the income tax base so more lower income people will pay.
5. Cut financial assistance to the states.
6. Spread the myth federal taxes pay for federal spending.
7. Allow banks to trade for their own accounts; save them when their investments go sour.
8. Never prosecute any banker for criminal activity.
9. Nominate arch conservatives to the Supreme Court.
10. Reduce the federal deficit and debt

No nation can tax itself into prosperity, nor grow without money growth. Monetary Sovereignty: Cutting federal deficits to grow the economy is like applying leeches to cure anemia.
1. A growing economy requires a growing supply of dollars (GDP=Federal Spending + Non-federal Spending + Net Exports)
2. All deficit spending grows the supply of dollars
3. The limit to federal deficit spending is an inflation that cannot be cured with interest rate control.
4. The limit to non-federal deficit spending is the ability to borrow.

THE RECESSION CLOCK
Monetary Sovereignty

Monetary Sovereignty

Vertical gray bars mark recessions.

As the federal deficit growth lines drop, we approach recession, which will be cured only when the growth lines rise. Increasing federal deficit growth (aka “stimulus”) is necessary for long-term economic growth.

#MONETARYSOVEREIGNTY

–Our biggest economic threat? Putting a fork into an electric outlet. Wednesday, Nov 19 2014 

Twitter: @rodgermitchell; Search #monetarysovereignty
Facebook: Rodger Malcolm Mitchell

Mitchell’s laws:
●Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
●The more federal budgets are cut and taxes increased, the weaker an economy becomes. .
Liberals think the purpose of government is to protect the poor and powerless from the rich and powerful. Conservatives think the purpose of government is to protect the rich and powerful from the poor and powerless.
●Austerity is the government’s method for widening
the gap between rich and poor.
●Until the 99% understand the need for federal deficits, the upper 1% will rule.
To survive long term, a monetarily non-sovereign government must have a positive balance of payments.
●Everything in economics devolves to motive,
and the motive is the Gap.
==================================================================================================================================================================

Last week, Suze Orman of CNBC, wrote an article for USA Today, titled: Biggest economic threat? Student loan debt

I believe the biggest economic threat is the public’s stubborn ignorance about Monetary Sovereignty, and it is that stubborn ignorance which allows the rich and powerful to impose truly horrible laws and initiatives like FICA (the most regressive tax in America).

But, I do agree the student loan debt is a huge economic threat, which directly is attributable to the above-mentioned public’s stubborn ignorance.

Here is what Suze Orman says about it.

We have more than $1.2 trillion of student loan debt. About 10 million federal students loans are taken out annually, and then there are the insanely dangerous private student loans on top of that staggering number.

More than $1.2 trillion! Way more. Let that roll around in your brain.

And while 6.7 million borrowers in repayment mode are delinquent, the sad fact is that many lenders aren’t exactly incentivized to work with borrowers.

Unlike all other forms of debt, student loans can’t be discharged in bankruptcy.

Moreover, lenders can garnish wages and even Social Security benefits to get repaid. A new report by the Consumer Finance Protection Bureau details just how bad the situation is for private loan borrowers.

(From Oct. 1, 2013, through Sept. 30, the agency handled about 5,300 private student loan complaints, an increase of nearly 38% from the previous year.)

And private student loans aren’t the only problem. Do you know that from 2007 to 2012, the government made $66 billion in profit on federal student loans?

Our Monetarily Sovereign government, which has the unlimited ability to pay any bills of any size, instead deliberately chooses to impoverish the middle- and lower-economic groups and to discourage higher learning for Americans.

We can all debate how our government should generate revenue to support federal spending programs, but doing it on the backs of young adults who need an education to compete in the increasingly competitive global workforce is just appalling.

What’s even more appalling is that Suze Orman is completely clueless about Monetary Sovereignty. She believes the federal government’s finances are like state and local government finances, wherein revenue must be “generated” (aka. “tax”) to pay for things.

Wrong, Ms. Orman. The federal government does not need to tax to pay for federal spending programs. Even were all federal taxes to drop to $0, the federal government could continue to support all federal spending programs, forever.

Anyway, to demonstrate the abject ignorance of the American public, here are some verbatim comments about Orman’s article:

[Ignorance #1] I have medical school debt, but if I can’t pay back my student loans it’s my own fault. Even if I’m going to be paying them off for 30 years they will be paid off. I may not have an Audi or Mercedes but I have a job that I love and enough coin to drive a used Toyota, insure it for cheap and take care of my family. I’m sorry that I’m not sorry that the average American can’t have a luxury vehicle.

[Ignorance #2] With exceedingly rare exception children do not attend college, adults do. They may be your offspring but they are not children. When you agree to a contract it should be binding. Raise your offspring to use their heads. Teach them to read and understand agreements before signing. Teach them to honor their word. Teach them that the college bound are NOT necessarily the most intelligent. The above article should be evidence enough of that.

[Ignorance #3] College is a privilege, not a right. There are many good, affordable schools in this world (online as well) so the debt you take on is your choice. If you look at average incomes of college graduates vs. high school graduates, you’ll realize that the college grads have ample additional income to pay off their loans over time. Look at the data. Avg. college grad debt in 2013 is $32k. Avg. starting income $60k. High school grad? $30k avg. income, no debt. You choose. I think we all know the correct answer.

[Ignorance #4] Other than the massive 18 trillion dollar Federal debt the next worse threat is from the 5 trillion dollar state debt due to state public employee pensions and post-employment benefits.

[Ignorance #5] my plan is to treat student loans as an asset. and if you default you have to return it, just like a foreclosure or a repo or a bankruptcy..

cancel your degree in exchange for cancelling the debt, which means you have to give up on your career choice. If the job requires a VALID 4 year or post grad degree and you dont have one you cant sue for discrimination

although a lot of jobs one step below doesn’t require the degree such as give up your JD and be a paralegal, or give up your dentist degree and be a highly qualified dental assistant. you lose the ability to open your own business but then no debt over your head.

I am fully against writing off the loan in BK without some serious penalties, i paid mine off and so should you.

[Ignorance #6] The greatest threat to our economy are people who demand everything be risk-free like this pathetic author.

[Ignorance #7] What a strange article…what do you propose, forgiving their debt like we did in housing crisis, creating even more of a deficit? They got their degree, they will now be earning more than otherwise, they have a marketable resume..yes they will need to buckle down and budget and live within their means for a while…that is the price they pay for securing their degree in short order and without breaking their parents retirement savings!

[Ignorance #8] Suze takes shots at the government for making a profit on the money it lends out, conveniently forgetting that from 2017 onward there will be a huge number of people having all debt discharged by the government under the ten year public service loan forgiveness program. They are gonna need a lot more money than what they’ve been bringing in to offset that.

[Ignorance #9] Americans have this mindset that they don’t have to save for college. They just expect to get a loan and then complain about how they will repay it. Student loans should be limited to less than 50% of college costs to force students/parents to plan for college and save. If a student graduates and gets a job then the interest rate should be lowered since there would be less risk of default.

[Ignorance #10] If you reduce the burden of student loans, the price of college will go up just enough so that the burden returns to the same level. There already is scant restraint on the price that can be charged, debt forgiveness will make this explode.

It goes on and depressingly, on. Hundreds of comments and not one commenter understands that the federal government neither needs nor uses tax dollars.

Nor do they even ask, “If state and local governments pay for grades K-12, why can’t the federal government afford to pay for advanced education?”

K-12 was O.K for an agrarian economy. The U.S. no longer is an agrarian economy. We compete worldwide with sophisticated economies. We need our young people to be educated beyond grade 12. (See Steps #4 and #5 in the “10 Steps to Prosperity,” below.)

But if you try to explain it, you will be met with hostility.

Yes, the biggest threat to our economy is the public’s stubborn, aggressive ignorance.

Sometimes, this feels like trying to tell an obstinate child, “Don’t stick the fork into that electric outlet, ” knowing he will refuse to listen, and so, get burned.

Should we just accept that it serves him right? Or should we keep trying?

Rodger Malcolm Mitchell
Monetary Sovereignty

===================================================================================
Ten Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Federally funded Medicare — parts A, B & D plus long term nursing care — for everyone (Click here)
3. Provide an Economic Bonus to every man, woman and child in America, and/or every state a per capita Economic Bonus. (Click here) Or institute a reverse income tax.
4. Free education (including post-grad) for everyone. Click here
5. Salary for attending school (Click here)
6. Eliminate corporate taxes (Click here)
7. Increase the standard income tax deduction annually. (Refer to this.)
8. Tax the very rich (.1%) more, with higher, progressive tax rates on all forms of income. (Click here)
9. Federal ownership of all banks (Click here and here)

10. Increase federal spending on the myriad initiatives that benefit America’s 99% (Click here)

The Ten Steps will add dollars to the economy, stimulate the economy, and narrow the income/wealth/power Gap between the rich and the rest.
——————————————————————————————————————————————

10 Steps to Economic Misery: (Click here:)
1. Maintain or increase the FICA tax..
2. Spread the myth Social Security, Medicare and the U.S. government are insolvent.
3. Cut federal employment in the military, post office, other federal agencies.
4. Broaden the income tax base so more lower income people will pay.
5. Cut financial assistance to the states.
6. Spread the myth federal taxes pay for federal spending.
7. Allow banks to trade for their own accounts; save them when their investments go sour.
8. Never prosecute any banker for criminal activity.
9. Nominate arch conservatives to the Supreme Court.
10. Reduce the federal deficit and debt

No nation can tax itself into prosperity, nor grow without money growth. Monetary Sovereignty: Cutting federal deficits to grow the economy is like applying leeches to cure anemia.
1. A growing economy requires a growing supply of dollars (GDP=Federal Spending + Non-federal Spending + Net Exports)
2. All deficit spending grows the supply of dollars
3. The limit to federal deficit spending is an inflation that cannot be cured with interest rate control.
4. The limit to non-federal deficit spending is the ability to borrow.

THE RECESSION CLOCK
Monetary Sovereignty

Monetary Sovereignty

Vertical gray bars mark recessions.

As the federal deficit growth lines drop, we approach recession, which will be cured only when the growth lines rise. Increasing federal deficit growth (aka “stimulus”) is necessary for long-term economic growth.

#MONETARYSOVEREIGNTY

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