The debt hawks are to economics as the creationists are to biology. Those, who do not understand Monetary Sovereignty, do not understand economics. If you understand the following, simple statement, you are ahead of most economists, politicians and media writers in America: Our government, being Monetarily Sovereign, has the unlimited ability to create dollars to pay its bills.
3/8/11: WASHINGTON (Dow Jones)–Any move by Congress to overhaul the Social Security program without addressing the shortfalls in the other entitlement programs wouldn’t come close to resolving the fiscal crisis the U.S. is facing, the co-chairman of a White House deficit commission said Tuesday.
Erskine Bowles, who was White House chief of staff during the Clinton presidency, told a Senate panel that moving forward with changes to Social Security without also tackling Medicare and Medicaid wouldn’t make any sense.
“If we only do Social Security, we don’t come close to solving the problem,” Bowles said in testimony before the Senate Budget committee.
Alright, so Erskine Bowles has not the slightest understanding of Monetary Sovereignty. America can survive a handful of leaders who know nothing of economics. And alright, Bowles would rather create terrible human problems for you who receive, or will receive, Social Security, Medicare and Medicaid benefits, than to encounter the non-problem of a federal deficit.
But for heavens sake, don’t the media care about your hardships? Don’t the politicians care? And what the heck is wrong with the economists? Why are they so dense? Why don’t they look at the basic facts sitting right in front of their noses?
There is no deficit problem. There is no debt problem. The whole charade is based on “Anthropomorphic Economics Disease,” the false belief that federal financing is just like yours and mine. But, federal “deficits,” “debt” and “borrowing” are entirely different from your deficits, debt and borrowing — not even close. Visualize astronomers basing their hypotheses on the astrological signs, and you’ll get the idea.
So why, at least, don’t the economists get it? The facts of Monetary Sovereignty are beyond dispute; but, the discussions are beyond reason; and the situation is beyond comprehension.
Today, your politicians plan the financial destruction of America, with the complicity of your media and the economists, and I haven’t noticed your outrage. I see and hear lots of outrage about abortion. I see and hear lots of outrage about guns. I see and hear lots of outrage about Islam and Pakistan and Egypt and Israel, and the constitutionality of health care insurance and Obama’s birthplace. I even see outrage about Charlie Sheen. But when it comes to the economic future of your children and your grandchildren, you seem strangely passive. Only the Tea Party seems to be making much noise, and they are, to be charitable, Palinesque.
Where are your letters to the editor, insisting that the media understand Monetary Sovereignty, before writing any more foolish articles? Where are your letters to the politicians, telling them the facts? Do you know of even one syndicated columnist who has the vaguest idea about economics?
The whole situation is surreal. Visualize millions of us, heads down, obediently, silently shuffling toward the abyss. The guards stand with whips, urging us on. No one protests until they tumble over the edge. But then, it’s too late.
We shake our heads at the ignorance of people who, out of religious belief, refuse medical attention for their dying children, while we condemn our own children to a future of misery. We wonder at the ignorance of yesteryear, while we plod backwards in time, toward the next economic disaster.
Do you lack the energy to protest, and prefer to accept the fate to which they condemn you? Where is your outrage?
Rodger Malcolm Mitchell
No nation can tax itself into prosperity, nor grow without money growth.