Mitchell’s laws: Reduced money growth never stimulates economic growth. To survive long term, a monetarily non-sovereign government must have a positive balance of payments. Austerity breeds austerity and leads to civil disorder. Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
You don’t often hear about Presidential executive orders, but they have the force of law. The Supreme Court has ruled that executive orders must clarify or further an existing law, and not make law, so Presidents always point out how their executive orders do exactly that. The effect might be quite different, however.
President Franklin D. Roosevelt issued an executive order that interned Japanese-American citizens for the entire World War II. Such an order would encounter a violent reaction today, but it was considered the law back in those paranoid days.
You probably weren’t aware of this, but President Obama has issued dozens of executive orders, all of which are listed in the Federal Register.
This list gives you an interesting view into the mind of the President. For instance, take the first executive order listed, EO13535 (Abortion; enforcing and implementing restrictions in the Patient Protection and Affordable Care Act:). The purpose of this EO is “to ensure that Federal funds are not used for abortion services (except in cases of rape or incest, or when the life of the woman would be endangered). Why would a Democrat issue such an order? For political purposes, as part of an earlier deal with Republicans, or is this what Obama truly believes?
Then there is EO 13526, which lists the ways documents may be classified (according to secrecy), and how these classifications may be challenged and removed. The media probably has spend thousands of hours studying this EO, and other related EOs.
Or consider EO 13491, which says, in effect, torture of military prisoners is limited to what is contained in Army Field Manual 2–22.3. Page 5-21 of this big manual has a section that prohibits waterboarding. The next page gives this guidance for prohibited activities:
• If the proposed approach technique were used by the enemy against
one of your fellow soldiers, would you believe the soldier had been
• Could your conduct in carrying out the proposed technique violate a
law or regulation? Keep in mind that even if you personally would not
consider your actions to constitute abuse, the law may be more
The list of EOs is long and detailed, but fascinating, because it shows you more about this President than is contained in his speeches. Though the language sometimes can be obscure, I found myself drawn into this document, as I tried to visualize the real meanings and purposes of each EO. The more I read, the better it was.
Read through a few, and you may feel the same.
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