●The more federal budgets are cut and taxes increased, the weaker an economy becomes.
●Austerity is the government’s method for widening the gap between rich and poor, which leads to civil disorder.
●Cutting the deficit is the government’s method for taking dollars from the middle class and giving them to the rich.
●Until the 99% understand the need for federal deficits, the upper 1% will rule.
●To survive long term, a monetarily non-sovereign government must have a positive balance of payments.
●Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
●The penalty for ignorance is slavery.
If you know Obama, this comes as absolutely no surprise, and it’s not only because he is a weak “leader.”
The Obama administration ended speculation Saturday that it would mint a trillion-dollar platinum coin as a way to avoid the debt ceiling.
Treasury Department spokesman Anthony Coley said the agency wouldn’t mint one and the Federal Reserve would not accept the coin.
Translation: The Treasury, whose leader is appointed by the President, and the Fed, whose leader also is appointed by the President, were told what to say — by the President.
“Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit,” Coley said.
Translation: The law is clear that the coin is legal and would solve the problem, but Obama has a political agenda.
His statement was followed by one from White House Press Secretary Jay Carney. “There are only two options to deal with the debt limit: Congress can pay its bills or it can fail to act and put the nation into default,” Carney said.
Translation: Rejecting the coin accomplishes all of Obama’s goals:
1. It puts the Republicans in a bind, because they will be blamed for the catastrophe of default. For Obama, a seasoned Chicago politician, finger pointing is far more important than saving America.
2. Obama long has spoken for cuts to social spending and increased austerity. Why? He is paid by the upper .1% (via campaign contributions) which favors those cuts because they increase the income gap between the .1% and the 99.9%. To hell with the poor and middle classes that elected him.
Former Delaware Republican Rep. Mike Castle said Saturday, “When congressional Republicans played politics with this issue last time, putting us at the edge of default, it was a blow to our economic recovery, causing our nation’s credit rating to be downgraded. The president and the American people won’t tolerate congressional Republicans holding the American economy hostage again simply so they can force disastrous cuts to Medicare and other programs the middle class depend on while protecting the wealthy. Congress needs to do its job.”
Perfect for Obama. The debt limit stalemate gives him everything he wants: A crisis he can blame on the Republicans, while being “forced” to cut social spending.
Sure, the debt standoff will hurt America. And sure, the platinum coin solution would have ended the debt limit charade. But, no way will Obama allow any solution to ruin his perfect setup. As always, Obama will do what the .1% pays him to do: Increase the gap.
Raising FICA was only one step in his gap-widening scheme.
My opinion: History will judge Obama as morally and effectively below even Jimmy Carter. At least Carter is building houses for the poor. Obama is building fortunes for the rich.
(By the way, please remind me. How many bankers has the Obama administration prosecuted?)
Rodger Malcolm Mitchell
Nine Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Medicare — parts A, B & D — for everyone
3. Send every American citizen an annual check for $5,000 or give every state $5,000 per capita (Click here)
4. Long-term nursing care for everyone
5. Free education (including post-grad) for everyone
6. Salary for attending school (Click here)
7. Eliminate corporate taxes
8. Increase the standard income tax deduction annually
9. Increase federal spending on the myriad initiatives that benefit America’s 99%
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. Two key equations in economics:
Federal Deficits – Net Imports = Net Private Savings
Gross Domestic Product = Federal Spending + Private Investment and Consumption – Net Imports