The debt hawks are to economics as the creationists are to biology. Those, who do not understand Monetary Sovereignty, do not understand economics. Cutting the federal deficit is the most ignorant and damaging step the federal government could take. It ranks ahead of the Hawley-Smoot Tariff.
We depend on our doctors to understand medicine. When our doctors err, we are injured. So, wouldn’t you be angry if you learned your doctor never had studied medicine, never even wanted to understand basic medical procedures, and instead followed popular superstitions about curing illness?
We depend on our lawyers to understand the law. When our lawyers err, we are injured. So, wouldn’t you be angry if you learned your lawyer never had studied the law, never even wanted to understand basic legal procedures, and instead followed popular myths about laws, myths based not on legal rulings but on jailhouse rumor?
We depend on our politicians to understand economics. When our politicians pass a bad law, we are injured. It can cost our loved ones and us our fortunes, even our lives. So, wouldn’t you be angry if you learned your political representative never had studied economics, never even wanted to understand the basics of economics, and instead relied on popular myths about economics, based not on science, but on street myth?
Doctors and lawyers are jailed for practicing medicine or law without appropriate licences, which can be obtained only after years of difficult study based on strict criteria. But for politicians, there are no criteria. Any lazy, uneducated fool can be a politician, who once elected, can cast votes on bills that will ruin your life.
Politicians arguably have more impact on us than do doctors and lawyers, yet there are no minimum requirements for this vital responsibility. Able to read? Not necessary. Able to reason? No need. Unwilling to learn? No problem. Honesty? Are you kidding?
Monetary Sovereignty, is the very basis of economics. Anyone who does not understand the implications of Monetary Sovereignty, simply does not understand economics. Would you try to practice medicine without knowing what a germ is? Would you try to practice American law without knowing what precedent is? Yet, politicians vote on your economic future without understanding economics. Monetary Sovereignty, is to economics as arithmetic is to mathematics. It is impossible to understand the later without understanding the former.
I have seen no evidence that any of our Senators, Representatives and even the President has the slightest understanding of Monetary Sovereignty, nor willing to expend the energy to learn. Seemingly, they would rather rely on intuition and Tea Party wisdom than on science, as each day they make decisions that harm millions of us.
So we have the spectacle of ignorance threatening to shut down the government via a useless debt ceiling — no not useless, harmful — unless they are allowed to tax us more and/or reduce Medicare, Social Security, national defense, education, health care, medical research, energy research, the ecology, the infrastructure and indeed depress virtually every aspect of our lives. And why? Because these elected representatives either are too political, too lazy or too ignorant to understand the “federal deficit” is not at all like personal deficit, but rather merely is a synonym for “federal money created.”
These elected representatives either are too political, too lazy or too ignorant to understand the “federal debt” merely is the total of outstanding T-securities, which could be liquidated merely by crediting the bank accounts of the holders, a process requiring nothing more than the press of a computer key.
So we, our children and our grandchildren, must pay today, pay tomorrow and pay well into the future for political ignorance and laziness. And all the politicians need to do is read and understand one page at: Monetary Sovereignty,.
If that makes you angry, and you refuse to take it any more, contact them. Do it now.
Rodger Malcolm Mitchell
No nation can tax itself into prosperity, nor grow without money growth.