–Why economics is not the only dishonest “science.” Cancer research, too. Tuesday, Oct 21 2014 

Twitter: @rodgermitchell; Search #monetarysovereignty
Facebook: Rodger Malcolm Mitchell

Mitchell’s laws:
Liberals think the purpose of government is to protect the poor and powerless from the rich and powerful. Conservatives think the purpose of government is to protect the rich and powerful from the poor and powerless.
●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.
●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.
●Everything in economics devolves to motive,
and the motive is the gap.
==================================================================================================================================================================

First, let’s begin with what we know for sure:
1. Federal deficit spending grows the supply of dollars
2. A growing economy requires a growing supply of dollars (GDP = Federal Spending + Non-federal Spending + Net Exports)
3. The only financial limit to federal deficit spending is an inflation that cannot be prevented or cured with interest rate control.
4. We are not near to such an equation, nor ever have had one.

Given those truths, there seemingly never would be an economist who calls for reduced federal deficit spending (i.e. austerity). Yet, the majority of professional economists promulgates the notion that federal debt and federal deficits are “unsustainable,” and should be reduced.

Why? We also know:

5. A large number of professional economists work for “think tanks,” supported by rich benefactors who have political axes to grind.
6. A large number of professional economists work for universities, supported by rich benefactors who have political axes to grind.

Are a large number of professional economists being influenced by rich benefactors, whose primary goal is to widen the Gap between the rich and the rest? (Because federal deficit spending tends to benefit the poor more than the rich, austerity widens the Gap. And it is the Gap that makes them rich.)

Surely, this sort of influence is common:

Bill Black: DOJ Says it Cannot Prosecute “Rocket Science” Frauds

The excuse that Deputy Attorney General James Cole offered for DoJ’s failure to prosecute financial fraud, that they were overmatched by “rocket science” isn’t just pathetic, it’s a flat out lie.

I know people personally who were experts in mortgage backed securities and collateralized debt obligations who offered not just their expertise, but specific legal theories to state attorneys general, as well as members of the famed Mortgage Fraud Task Force and were ignored.

Individuals with similar skills offered to train the SEC (Securities and Exchange Commissions) and were also turned down. The idea that prosecutors and regulators were up against complicated technology above their pay grade is a self-serving canard. They were repeatedly offered ways to get down the learning curve and rejected them.

Clearly, the SEC was influenced by the big money of the banks. Whether this influence took the form of bribes or whether it was understood as a threat to employment is irrelevant. Money talked; people listened.

The same, undoubtedly is true of many, if not all, the economists who spread the Big Lie, that the federal government can run short of dollars to pay its debts, and that the private sector must contribute more dollars to the federal sector.

Yet, there may be an additional factor at work. Here is how that factor plays out in one of the medical sciences: Cancer research.

Discover Magazine
The Dirty Little Secret of Cancer Research

For 50 years, scientists have ignored widespread cell contamination, compromising medical research. Why are they so slow to fix it?
By Jill Neimark

In the field of thyroid cancer, 58-year-old Kenneth Ain is a star. (He) has one of the largest single-physician thyroid cancer practices in the country and more than 70 peer-reviewed publications to his name. Until recently, Ain was renowned for a highly prized repository of 18 immortal cancer cell lines.

All that changed. Bryan Haugen, head of the endocrinology division at the University of Colorado School of Medicine, told Ain that several of his most popular cell lines were not actually thyroid cancer.

There was a disaster brewing — it just wasn’t yet official. Ain found that 17 of the 18 most frequently shared (cancer cell) lines were imposters.

But rampant contamination is not the shocker in this story.

Across different fields of cancer research, up to a third of all cell lines have been identified as imposters. Yet this fact is widely ignored, and the lines continue to be used under their false identities.

As recently as 2013, one of Ain’s contaminated lines was used in a paper on thyroid cancer published in the journal Oncogene.
“There are about 10,000 citations every year on false lines — new publications that refer to or rely on papers based on imposter (human cancer) cell lines,” says geneticist Christopher Korch.

Think about it. Cancer is a very specific disease. The drug that works on liver cancer may be useless for lung cancer. Yet researchers knowingly — KNOWINGLY — continue work based on false premises.

The problem of rampant laboratory contamination is out in the open for all to see, widely acknowledged by the National Institutes of Health (NIH), the National Cancer Institute, major journals and innumerable bench scientists. Yet efforts of concerned scientists have failed to stanch the tide.

“I now give regular lectures about cell line contamination,” says Ain, “and every last person in the audience is shocked and horrified.

But most scientists are not willing to test and verify their lines. The NIH doesn’t require it. Very few journals require it. And I can tell you that many scientists are reluctant to disembowel their curriculum vitae, even after they find out a cell line is false.

And there it is: The other reason (in addition to direct financial influence, aka bribery) why scientists won’t admit the truth. No one wants to admit their whole life has been a fraud.

As it turns out, once a lie is repeated often enough, it soon becomes an acceptable lie — a quasi truth — that other researchers follow, even when they know it’s wrong.

monetary sovereignty

(One honest scientist) offered corrections to the relevant journals, which have since published them. “My reputation was tarnished,” (he) says, “and all my research in this field has been shut down.”

Now consider the economist, whose conscience no longer will allow him to broadcast the Big Lie. Finally, he admits the truth.

He might be fired by his “think tank.” He might be fired by his university and blackballed by all other universities and think tanks. His job future is bleak.

All his writings are discredited. His lucrative textbook disappears from the shelves, and no one will accept a revision.

He is finished as a paid economist.

And that is why so many economists support the Big Lie that austerity is necessary and beneficial. They are bribed to support it and punished for not supporting it.

The willingness to lie exists in the “hard” sciences, where facts are easier to demonstrate. So, no wonder it exists in a “soft” science like economics (based in part, on human psychology), where even “facts” can be debatable.

And just as false cancer research costs lives, so does false economics cost lives.

Those who tell you the federal deficit should be reduced are G’ddamn liars, who have cost millions of people their lives, and who deserve the public’s scorn and punishment.

Curse them.

Rodger Malcolm Mitchell
Monetary Sovereignty

===================================================================================
Ten Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Federally funded Medicare — parts A, B & D plus long term nursing care — for everyone (Click here)
3. Provide an Economic Bonus to every man, woman and child in America, and/or every state a per capita Economic Bonus. (Click here) Or institute a reverse income tax.
4. Free education (including post-grad) for everyone. Click here
5. Salary for attending school (Click here)
6. Eliminate corporate taxes (Click here)
7. Increase the standard income tax deduction annually
8. Tax the very rich (.1%) more, with higher, progressive tax rates on all forms of income. (Click here)
9. Federal ownership of all banks (Click here and here)

10. Increase federal spending on the myriad initiatives that benefit America’s 99% (Click here)

The Ten Steps will add dollars to the economy, stimulate the economy, and narrow the income/wealth/power Gap between the rich and the rest.
——————————————————————————————————————————————

10 Steps to Economic Misery: (Click here:)
1. Maintain or increase the FICA tax..
2. Spread the myth Social Security, Medicare and the U.S. government are insolvent.
3. Cut federal employment in the military, post office, other federal agencies.
4. Broaden the income tax base so more lower income people will pay.
5. Cut financial assistance to the states.
6. Spread the myth federal taxes pay for federal spending.
7. Allow banks to trade for their own accounts; save them when their investments go sour.
8. Never prosecute any banker for criminal activity.
9. Nominate arch conservatives to the Supreme Court.
10. Reduce the federal deficit and debt

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.
1. A growing economy requires a growing supply of dollars (GDP=Federal Spending + Non-federal Spending + Net Exports)
2. All deficit spending grows the supply of dollars
3. The limit to federal deficit spending is an inflation that cannot be cured with interest rate control.
4. The limit to non-federal deficit spending is the ability to borrow.

THE RECESSION CLOCK
Monetary Sovereignty

Monetary Sovereignty

Vertical gray bars mark recessions.

As the federal deficit growth lines drop, we approach recession, which will be cured only when the growth lines rise. Increasing federal deficit growth (aka “stimulus”) is necessary for long-term economic growth.

#MONETARYSOVEREIGNTY

–Supreme Court again demonstrates bias against the poor. A solution. Saturday, Oct 18 2014 

Twitter: @rodgermitchell; Search #monetarysovereignty
Facebook: Rodger Malcolm Mitchell

Mitchell’s laws:
Liberals think the purpose of government is to protect the poor and powerless from the rich and powerful. Conservatives think the purpose of government is to protect the rich and powerful from the poor and powerless.

●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 ultimately leads to civil disorder.
●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.
●Everything in economics devolves to motive,
and the motive is the gap.
==================================================================================================================================================================

Democracy is not perfect and our system of democracy is far from perfect. That imperfection especially manifests itself with the Supreme Court, which answers to no one, and especially not to voters.

It is an unelected, non-responsive body, that is the antithesis of democracy.

So when a Supreme Court is hijacked by right wing idealogs, who despise the poor, what remains of democracy is shredded.

Today, we have the Supreme Court of the notorious Citizens United decision, which equates money with “free speech,” and declares that the rich have more rights than the poor.

And recently:

Supreme Court Invalidates Key Part of Voting Rights Act

WASHINGTON — The Supreme Court on Tuesday effectively struck down the heart of the Voting Rights Act of 1965 by a 5-to-4 vote, freeing nine states, mostly in the South, to change their election laws without advance federal approval.

“Our country has changed,” Chief Justice John G. Roberts Jr. wrote for the majority. “While any racial discrimination in voting is too much, Congress must ensure that the legislation it passes to remedy that problem speaks to current conditions.”

Apparently, Justice Roberts believes “current conditions” do not include traditional bigotry against the poor, especially the black poor.

Yes, the times certainly have changed.

Texas announced shortly after the decision that a voter identification law that had been blocked would go into effect immediately.

Now as anyone with half a brain (including the right-wing cabal of the Supreme Court) knows, voter ID laws have nothing to do with voter fraud. Their sole purpose is to keep poor people from voting.

And that is why, we now are treated to the latest Supreme Court decision:

Supreme Court clears the way for Texas voter ID law

The U.S. Supreme Court on Saturday rejected a request to stop Texas from requiring voters to show identification before they cast ballots.

The unsigned decision, published early Saturday morning, comes on the heels of a federal appeals court ruling on Tuesday that granted a request by the state to stay a lower court decision that struck down the law.

The higher court ruling means the law will be in effect for November elections.

While the decision was unsigned, Justices Sonya Sotomayor, Ruth Bader Ginsburg and Elena Hagan dissented, saying the Texas ID law likely creates unconstitutional impositions.

The dissent is in line with the Obama administration, which has said voter ID laws are racially discriminatory.

Actually, it isn’t race. It’s money.

Extent of inequality in US ‘greatly concerns me': Fed Chair Yellen
Jeff Cox CNBC

Income inequality in the United States is near its highest levels of the past 100 years, Fed Chair Janet Yellen said on Friday.

Yellen, in remarks prepared for a speech Friday morning, said she was concerned about both the growing burden of student debt and the decline in new business formation, which she said could depress productivity.

“The past several decades have seen the most sustained rise in inequality since the 19th century after more than 40 years of narrowing inequality following the Great Depression,” she said.

“By some estimates, income and wealth inequality are near their highest levels in the past hundred years, much higher than the average during that time span and probably higher than for much of American history before then.”

The wealthiest 5 percent still hold two-thirds of all assets, and that while there have been significant gains at the top of the spectrum, things have been stagnant for the majority.

After adjusting for inflation, the average income of the top 5 percent of households grew by 38 percent from 1989 to 2013. By comparison, the average real income of the other 95 percent of households grew less than 10 percent.

When you have Supreme Court justices, who are wined and dined by the rich, and who go on various trips and speaking engagements funded by the rich — Supreme Court Justices who can do anything they wish, short of public pedophelia — you have a system begging to be corrupted.

These Justices are human, after all, subject to all the temptations of humans. Yet, normal humans are punished for their transgressions. Supreme Court Justices are not.

In fact, the lowest and least moral among them are rewarded each day, by the lowest and least moral among us.

The theory of Supreme Court independence is based of the (rightful) belief that Congress and the President are so criminally bent, that were the Court continually subject to oversight, it too would be criminal.

Unfortunately, the Court is criminal on its own, for it has absolute power, and as Lord Acton said, “Absolute power corrupts absolutely.”

The notion of an independent Court is a good one, but perhaps the lifetime sinecure should be changed. An endless Anton Scalia and a perpetual Clarence Thomas surely is not in the best interests of America.

I suggest the Court should have term limits — perhaps 10 years — so that Justices may remain independent from Congressional nonsense, but not be able to inflict their own criminality on us, endlessly.

I shudder to think of what will happen should the next President be a Republican, who appoints a young right-winger to the Court.

God help the poor.

Rodger Malcolm Mitchell
Monetary Sovereignty

===================================================================================
Ten Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Federally funded Medicare — parts A, B & D plus long term nursing care — for everyone (Click here)
3. Provide an Economic Bonus to every man, woman and child in America, and/or every state a per capita Economic Bonus. (Click here) Or institute a reverse income tax.
4. Free education (including post-grad) for everyone. Click here
5. Salary for attending school (Click here)
6. Eliminate corporate taxes (Click here)
7. Increase the standard income tax deduction annually
8. Tax the very rich (.1%) more, with higher, progressive tax rates on all forms of income. (Click here)
9. Federal ownership of all banks (Click here and here)

10. Increase federal spending on the myriad initiatives that benefit America’s 99% (Click here)

The Ten Steps will add dollars to the economy, stimulate the economy, and narrow the income/wealth/power Gap between the rich and the rest.
——————————————————————————————————————————————

10 Steps to Economic Misery: (Click here:)
1. Maintain or increase the FICA tax..
2. Spread the myth Social Security, Medicare and the U.S. government are insolvent.
3. Cut federal employment in the military, post office, other federal agencies.
4. Broaden the income tax base so more lower income people will pay.
5. Cut financial assistance to the states.
6. Spread the myth federal taxes pay for federal spending.
7. Allow banks to trade for their own accounts; save them when their investments go sour.
8. Never prosecute any banker for criminal activity.
9. Nominate arch conservatives to the Supreme Court.
10. Reduce the federal deficit and debt

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:
1. Federal Deficits – Net Imports = Net Private Savings
2. Gross Domestic Product = Federal Spending + Private Investment and Consumption – Net Imports

THE RECESSION CLOCK
Monetary Sovereignty

Monetary Sovereignty

Vertical gray bars mark recessions.

As the federal deficit growth lines drop, we approach recession, which will be cured only when the growth lines rise. Increasing federal deficit growth (aka “stimulus”) is necessary for long-term economic growth.

#MONETARYSOVEREIGNTY

–The weird merry-go-round of Treasury bonds and QE Friday, Oct 17 2014 

Twitter: @rodgermitchell; Search #monetarysovereignty
Facebook: Rodger Malcolm Mitchell

Mitchell’s laws:
Liberals think the purpose of government is to protect the poor and powerless from the rich and powerful. Conservatives think the purpose of government is to protect the rich and powerful from the poor and powerless.

●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 ultimately leads to civil disorder.
●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.
●Everything in economics devolves to motive,
and the motive is the gap.
==================================================================================================================================================================

In the beginning there was nothing. There were no American laws. There was no America. There were no American dollars.

Nothing American.

Then, in the late 1700’s AD, men created from nothing, American laws. And from nothing, these laws created a nation named “The United States.” And these laws also created the United States dollar.

All from nothing.

The men could have written their laws any way they wished. America could have been a monarchy. It could have been a theocracy. But the men decided to create laws to make America a Presidential Democracy. From nothing.

And these laws, created from nothing, also created the American dollar, also from nothing. And because the men had complete control over these laws, there was no limit to the number of dollars they could create from nothing.

This power is called “Monetary Sovereignty,” the ability to create and to rule, unlimited amounts of your own sovereign currency.

And they continued to create and distribute these American dollars all over the land and all over the world, so that many millions of people owned these dollars, that never had existed and were created from nothing.

Then, for reasons lost to history, men decided the American government should borrow some of the dollars it already could create without limit, from nothing. And thus were laws enacted creating the T-bond, T-note and T-bill.

There is no limit to laws, no limit to T-bonds, no limit to T-notes, no limit to T-bills and no limit to dollars.

All are created from nothing.

Now, over the years, the populace had forgotten how the dollar was created, and came to believe the American government no longer could control its own laws — the laws that allow the unlimited creation of the dollar.

And this belief led to articles like this one:

Bullard Says Fed Should Consider Delay in Ending QE
By Steve Matthews and Craig Torres, Oct 16, 2014

The Federal Reserve should consider delaying the end of its bond-purchase program to halt a decline in inflation expectations, said St. Louis Federal Reserve Bank President James Bullard.

“Inflation expectations are declining in the U.S.,” he said in an interview today with Bloomberg News in Washington. “That’s an important consideration for a central bank. And for that reason I think that a logical policy response at this juncture may be to delay the end of the QE.”

Bullard is the first Fed official to publicly suggest the central bank should extend its asset-purchase program when policy makers meet later this month.

For those who don’t understand “QE” (Quantitative Easing), it refers to one agency of the federal government, the Treasury, creating and issuing bonds, notes and bills to the public, while another agency of the federal government, the Federal Reserve Bank, takes them back and destroys them.

Left pocket to right pocket.

The populace believes something like this: When T-securities are purchased, dollars flow from the public to the Treasury, which uses them for spending. Then when T-securities are purchased by the Federal Reserve Bank, new dollars must be created.

That is completely false. That belief results from not understanding the enormous difference between personal financing and federal financing.

The reality is a weird merry-go-round that goes like this:

A. To acquire these newly created bonds, notes and bills, the public takes dollars from privately-owned checking accounts at private banks, and deposits those dollars into privately-owned T-security accounts at the Federal Reserve Bank.

No dollars are created or destroyed. They merely are transferred from one privately-owned bank account to another — much like transferring dollars from a checking account to a savings account.

B. Then, with QE, the Federal Reserve Bank, transfers the dollars from T-security accounts to checking accounts — and destroys the T-bonds, notes and bills. Again, no dollars are created or destroyed.

If one believes inflation is caused by an increase in the money supply, QE does not fight inflation, as QE does not reduce the money supply. No new dollars are created or destroyed.

Except for one thing: QE, by transferring ownership of T-securities from the public to the Federal Reserve Bank, also transfers interest payments from the public. Fewer dollars are created by QE.

All of the above devolves to three questions:

1. Since the issuance and redemption of T-securities neither increases nor decreases the money supply, what is the purpose of T-securities?

I suspect the only answers are: Some thing T-securities may give the government more control over long-term interest rates. And they do provide a small, hidden, off-budget method for pumping interest — growth dollars — into the economy. Finally, they provide a reasonably safe investment for those who want a low-paying place to park dollars.

In my opinion, these effects are too small to be worth the effort and deception involved.

2. On balance, is an increase in the money supply beneficial to the economy (economic growth) or detrimental to the economy (uncontrollable inflation)?

Evidence indicates an increase in the money supply stimulates the economy (See: Introduction and numerous subsequent posts on this blog) and has not caused inflations (See: Federal deficit spending doesn’t cause inflation

3. Does QE really give the government greater control over interest rates?

The Fed has absolute control over short term rates, merely by fiat. Long-term rates, though heavily influenced by short-term rates, can drift. But QE is a slow, clumsy, imprecise way to adjust them. A simpler option would be for the Fed to issue rules to member banks, controlling rates.

Bottom line, a complex, convoluted, Rube Goldbergian T-security process has evolved over the years — a process that does not accomplish what is claimed and confuses not only the public but also those who implement the process.

The federal government creates dollars from nothing, at will, and has no need to “borrow” dollars from anyone — not you, not me, not China. And to “pay off” this so-called “debt,” the government merely transfers existing dollars from private T-security accounts to private checking accounts.

No dollars created or destroyed.

On balance, we could eliminate T-securities and simplify our money controls.

But then, the Fed could not fool the people into believing it actually is doing something constructive about the economy.

And we all do enjoy riding the Fed merry-go-round.

Rodger Malcolm Mitchell
Monetary Sovereignty

===================================================================================
Ten Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Federally funded Medicare — parts A, B & D plus long term nursing care — for everyone (Click here)
3. Provide an Economic Bonus to every man, woman and child in America, and/or every state a per capita Economic Bonus. (Click here) Or institute a reverse income tax.
4. Free education (including post-grad) for everyone. Click here
5. Salary for attending school (Click here)
6. Eliminate corporate taxes (Click here)
7. Increase the standard income tax deduction annually
8. Tax the very rich (.1%) more, with higher, progressive tax rates on all forms of income. (Click here)
9. Federal ownership of all banks (Click here and here)

10. Increase federal spending on the myriad initiatives that benefit America’s 99% (Click here)

The Ten Steps will add dollars to the economy, stimulate the economy, and narrow the income/wealth/power Gap between the rich and the rest.
——————————————————————————————————————————————

10 Steps to Economic Misery: (Click here:)
1. Maintain or increase the FICA tax..
2. Spread the myth Social Security, Medicare and the U.S. government are insolvent.
3. Cut federal employment in the military, post office, other federal agencies.
4. Broaden the income tax base so more lower income people will pay.
5. Cut financial assistance to the states.
6. Spread the myth federal taxes pay for federal spending.
7. Allow banks to trade for their own accounts; save them when their investments go sour.
8. Never prosecute any banker for criminal activity.
9. Nominate arch conservatives to the Supreme Court.
10. Reduce the federal deficit and debt

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:
1. Federal Deficits – Net Imports = Net Private Savings
2. Gross Domestic Product = Federal Spending + Private Investment and Consumption – Net Imports

THE RECESSION CLOCK
Monetary Sovereignty

Monetary Sovereignty

Vertical gray bars mark recessions.

As the federal deficit growth lines drop, we approach recession, which will be cured only when the growth lines rise. Increasing federal deficit growth (aka “stimulus”) is necessary for long-term economic growth.

#MONETARYSOVEREIGNTY

–Rand Paul’s big idea: Make my billionaires happy. Friday, Oct 17 2014 

Twitter: @rodgermitchell; Search #monetarysovereignty
Facebook: Rodger Malcolm Mitchell

Mitchell’s laws:
Liberals think the purpose of government is to protect the poor and powerless from the rich and powerful. Conservatives think the purpose of government is to protect the rich and powerful from the poor and powerless.

●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 ultimately leads to civil disorder.
●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.
●Everything in economics devolves to motive,
and the motive is the gap.
==================================================================================================================================================================

Hi, I’m Rand Paul. Here is my big idea as stated on my own website:

“The three largest drivers of spending, not including interest payments, are Medicare, Social Security and Medicaid.

“The solution to the government’s fiscal crisis must begin by cutting spending in all areas, particularly in those areas that can be better run at the state or local level.”

Translation: Our Monetarily Sovereign government, never can run out of its own sovereign currency, and which has the unlimited ability to create dollars and to pay its bills, mysteriously cannot afford to pay its bills. (Don’t ask me how.)

So, all federal obligations, including Social Security and Medicare, should be loaded onto our monetarily non-sovereign state and local governments, which do not have the unlimited ability to create dollars and already struggle to pay their bills.

That is part of my big idea.

“Forty six states across the nation have enacted Balanced Budget Amendments (BBA) in their state constitutions. I have long been a proponent of adopting the same principle for the federal government.”

Translation: Federal finances are exactly like state finances. Please forget that the federal government is Monetarily Sovereign and the states are monetarily non-sovereign.

Yes, really forget all about it. I want you to remain ignorant about federal finances, so I can deceive you with non-solutions to non-problems.

That is part of my big idea.

“The unsustainable levels of debt come shortly after four years of deficits of more than $1 trillion.”

That’s one of those non-problems I’ve been talking about. There is no level of spending that is “unsustainable” for the federal government. I’m trying to sucker you with a giant con-job, because that is what I’ve been paid to do.

My wealthy supporters and I love austerity, because most government spending benefits the not-rich. We want spending to be cut, because spending cuts widen the Gap between the rich and the rest. And it’s the gap that makes them rich.

So vote for me so you can pay for my billionaires and me to be very, very happy.

That is my big idea.

Rodger Malcolm Mitchell
Monetary Sovereignty

===================================================================================
Ten Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Federally funded Medicare — parts A, B & D plus long term nursing care — for everyone (Click here)
3. Provide an Economic Bonus to every man, woman and child in America, and/or every state a per capita Economic Bonus. (Click here) Or institute a reverse income tax.
4. Free education (including post-grad) for everyone. Click here
5. Salary for attending school (Click here)
6. Eliminate corporate taxes (Click here)
7. Increase the standard income tax deduction annually
8. Tax the very rich (.1%) more, with higher, progressive tax rates on all forms of income. (Click here)
9. Federal ownership of all banks (Click here and here)

10. Increase federal spending on the myriad initiatives that benefit America’s 99% (Click here)

The Ten Steps will add dollars to the economy, stimulate the economy, and narrow the income/wealth/power Gap between the rich and the rest.
——————————————————————————————————————————————

10 Steps to Economic Misery: (Click here:)
1. Maintain or increase the FICA tax..
2. Spread the myth Social Security, Medicare and the U.S. government are insolvent.
3. Cut federal employment in the military, post office, other federal agencies.
4. Broaden the income tax base so more lower income people will pay.
5. Cut financial assistance to the states.
6. Spread the myth federal taxes pay for federal spending.
7. Allow banks to trade for their own accounts; save them when their investments go sour.
8. Never prosecute any banker for criminal activity.
9. Nominate arch conservatives to the Supreme Court.
10. Reduce the federal deficit and debt

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:
1. Federal Deficits – Net Imports = Net Private Savings
2. Gross Domestic Product = Federal Spending + Private Investment and Consumption – Net Imports

THE RECESSION CLOCK
Monetary Sovereignty

Monetary Sovereignty

Vertical gray bars mark recessions.

As the federal deficit growth lines drop, we approach recession, which will be cured only when the growth lines rise. Increasing federal deficit growth (aka “stimulus”) is necessary for long-term economic growth.

#MONETARYSOVEREIGNTY

Next Page »

Follow

Get every new post delivered to your Inbox.

Join 610 other followers