Mitchell’s laws: To survive, a monetarily non-sovereign government must have a positive balance of payments. Economic austerity causes civil disorder. Reduced money growth cannot increase economic growth. Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
Speaker Boehner speaks:
Washington Post, 9/15/11: Boehner insisted that the path to creating jobs is to cut spending.
“If the supercommittee can rein in federal spending, the economy will rebound. The joint committee is a jobs committee.”
If anyone can demonstrate how cutting federal spending stimulates the economy and creates jobs, please let us know. Also, please give me your address; I have a bridge I’d like to sell you.
While Boehner relies on Americans being ignorant of economics, I suspect he himself knows exactly what he is doing. His focus is on the 2012 election, and to hell with struggling Americans. I suspect he knows full well that cutting federal spending will push the nation back down into recession, just in time for the Republicans to claim that President Obama caused the problem.
For this comment, Boehner is awarded three traitor flags for putting party politics ahead of America’s future:
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