The debt hawks are to economics as the creationists are to biology. Those, who do not understand Monetary Sovereignty, do not understand economics. If you understand the following, simple statement, you are ahead of most economists, politicians and media writers in America: Our government, being Monetarily Sovereign, has the unlimited ability to create the dollars to pay its bills.
It’s amusing and also sad to watch the Tea (formerly Republican) Party twist and turn over its nonsensical, misdirected extremism. I’m no Newt Gingrich fan, but he probably is the most intelligent right winger around, and his comments, though still not recognizing the fundamental truth of Monetary Sovereignty, are considerably less nutsy than what we hear from the Tea/Republican folks.
From Vanity Fair, by Juli Weiner May 17, 2011
Newt Gingrich is in hot water with the Republican establishment for breaking rank and criticizing Representative Paul Ryan’s budget plan.
Heaven forbid criticizing someone who wants to emasculate Medicare and destroy federal social programs.
On Sunday’s episode of Meet the Press, Gingrich said that the Ryan plan was too much of a “radical change” for his taste, taking issue with the proposed modifications of Medicare in particular. “I don’t think right-wing social engineering is any more desirable than left-wing social engineering,” Gingrich explained . . . Republicans are not happy.
I’ll give this to the Tea (formerly Republican) Party. They are consistent. No matter how incredibly stupid their heroes’ proposals are, they will stick with them until the bitter end, and they will criticize anyone who doesn’t. Hewing to the party line is more important than proposing something intelligent and beneficial for America.
House Majority Leader Eric Cantor (R-VA) said . . . in a radio interview. “There’s no question there was a misspeak here. . . I think that many have said now he’s finished. I haven’t had a chance to really dissect what in the world he’s thinking … so I probably would reserve judgment on that.”
Serves you right, Newt, for daring to try to inject a bit of commons sense into the dialog. The Tea (formerly Republican) party has no use for that.
Gingrich took a stab at damage control earlier today during an appearance on Bill Bennett’s radio show. The Washington Post’s Right Turn blog provides a devastating summary of the interview: Gingrich begins by denying he really criticized Paul Ryan. He then is forced to listen to his own words and tries to rewrite them, suggesting he wanted to improve on the Ryan plan.
Bennett will have none of that and instructs Gingrich. . . that no one could have understood him to mean that. Then Gingrich begins to backpedal furiously. He loves Ryan, loves, loves, loves him. And Ryan’s budget (which includes the Medicare plan) is swell. It is at this point that Bennett tells him his campaign is over unless he retracts and apologizes. For emphasis he shares a conversation with a Gingrich supporter who has the same take. As it wraps up, Gingrich issues a non-apology and then sheepishly admits Bennett’s advice may be wise. At least he didn’t blame his “misspeak” on his love of country?
President Obama must be smiling. He needs to do nothing except stand back and watch the Tea (formerly Republican) Party dismantle itself. The Teas injected gobs of idiocy into the Republican Party, and much to their disgrace, the Republican bought into it. And now they are stuck with it. They equally are stuck with Paul Ryan, who is economically clueless, and have discarded Newt Gingrich, the closest thing they have to wisdom.
Yes, you can fool some of the people all the time, but that “some” is getting smaller and smaller for the Tea/Republicans.
Rodger Malcolm Mitchell
No nation can tax itself into prosperity, nor grow without money growth. It’s been 40 years since the U.S. became Monetary Sovereign, , and neither Congress, nor the President, nor the Fed, nor the vast majority of economists and economics bloggers, nor the preponderance of the media, nor the most famous educational institutions, nor the Nobel committee, nor the International Monetary Fund have yet acquired even the slightest notion of what that means.
Remember that the next time you’re tempted to ask a dopey teenager, “What were you thinking?” He’s liable to respond, “Pretty much what your generation was thinking when it screwed up my future.”