Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
Dow Jones closes down 513 points;
worst drop since October ’08
Well obviously, we need to cut federal spending. Quickly, write your Congressperson and thank him/her for cutting the federal deficit. Tell him there still is too much damn money in the economy, so we need to cut spending even more. And thank you Mr. President for giving us austerity. That should eliminate the unemployment problem.
By the way, last month I predicted a depression for 2012. What can prevent it? Federal deficit spending. (But don’t tell the Tea Party).
Rodger Malcolm Mitchell
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. The key equation in economics: Federal Deficits – Net Imports = Net Private Savings