Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
Nations are like people; they just tend to live longer. And like people, nations have individual personalities, individual beliefs, individual histories. There are Italian ethics, Russian mores, American values that transcend and affect those of any individual. Entire nations can go through periods when they exhibit brilliance, periods when they exhibit madness and periods when they exhibit stupidity.
Late 17th century – early 18th century Europe, particularly France, exhibited the brilliance that became known as the Age of Enlightenment. Late 1930′s – early 1940′s Germany exhibited the madness that created World War II and the Holocaust. The Early Middle Ages (some term the “Dark Ages”) were times when nations (tribes, really) exhibited abject stupidity akin to self immolation.
Today, America experiences a confluence of signs of stupidity (S.O.S.), some longstanding, some transient, some quite new – a perfect storm of stupidity – that could lead to our degeneration and downfall. I have listed, without ranking or qualification, some of the S.O.S. we now experience.
Congress (special nod to Rep. Michele Bachmann)
Creationism (aka “intellegent design”)
Emailing, cell-phoning, messaging or social networking anything private
Fed Chairmen Alan Greenspan and Ben Bernanke
Federally sanctioned torture
Flood plain building
Forest fire fighting
Governors Rick Perry, Nathan Deal and Jan Brewer
Illinois governors (pardon my bias)
Government actions against Wikileaks
Immigration laws; anti-immigration laws
National Rifle Association
News editors (special nod to Chicago Tribune, N.Y. Times, Wall Street Journal)
Old-line economists and the columnists who parrot them
Supreme Court Justices Clarence Thomas, Antonin Scalia.
Tea/Republican Party (Democrats too, though less so)
Texting, phoning, eating while driving
The EU and the euro
The war on drugs; illegal drug users
Treasury Department Secretary Timothy F. Geithner
U.S. “debt” (aka “T-securities”) debt ceiling, balanced budget, austerity
Wars since WWII (special nod to current Mideast wars)
Please feel free to edit, disagree or supplement, before the light of intelligence flickers out and you no longer can.
Rodger Malcolm Mitchell
No nation can tax itself into prosperity, nor grow without money growth. It’s been 40 years since the U.S. became Monetary Sovereign, , and neither Congress, nor the President, nor the Fed, nor the vast majority of economists and economics bloggers, nor the preponderance of the media, nor the most famous educational institutions, nor the Nobel committee, nor the International Monetary Fund have yet acquired even the slightest notion of what that means.
Remember that the next time you’re tempted to ask a teenager, “What were you thinking?” He’s liable to respond, “Pretty much what your generation was thinking when it ruined my future.”