This is what Republicans consider strong, decisive, honest leadership.
A strong, decisive leader
Hey, you can’t bring those in here.
Read the Five Facts the Very Rich Hope You Never Will Discover
Print or save this page, then challenge your professor, your favorite media, or your politician with these facts:
You probably will not learn them in college. The universities are beholden to the rich. You probably will not learn them from your local newspaper, TV station or magazine. They too are beholden to the very rich. You surely will not learn them from your political representative. They are absolutely beholden to the very rich.
But the next time you are told that Social Security, Medicare, Medicaid, aid for college tuition, poverty aids, infrastructure improvements, and any other federal program “can’t afford” to continue or to expand, know this:
It can. There is absolutely nothing the federal government “can’t afford” and it doesn’t need to collect a penny in taxes.
And no, federal deficit spending doesn’t cause inflation.
Five Facts the Rich Hope You Never Will Discover
Fact I. The federal Government has the infinite ability to create dollars. It cannot run short of dollars.
1. The U.S. federal government invented the U.S. dollar, which it created from thin air.
2. The government created as many dollars as it wished
3. It gave those dollars whatever value it wished
4. The government retains the infinite ability to create dollars. It never can run short of dollars.
Fact II. The Federal Government Does Not Borrow Dollars
5. Therefore, the federal government has no financial need to borrow its own currency. It creates all it needs by pressing computer keys.
6. Treasury bills, Treasury notes, and Treasury bonds are not borrowing. They are deposits in accounts owned by depositors.
7.The government pays them off simply by transferring the dollars from the depositors’ account with the Treasury to the depositors’ private bank accounts. This is akin to you transferring dollars from your savings account to your checking account.
8. One purpose of Treasury accounts is to provide a safer place than private banks, to store unused dollars — not to provide the federal government with spending money. The other purpose of T-securities is to help the government regulate interest rates by providing a “floor” rate.
9. Even if the federal government stopped collecting tax dollars, it still could continue spending forever. This is known as “Monetary Sovereignty.”
10. Federal spending adds dollars; federal taxation removes growth dollars from the economy.
Fact III. The Federal “Debt” is Not Really Debt and is Not a Burden on the Government or Taxpayers
11. The so-called federal debt is better understood as the outstanding stock of Treasury securities, which are assets held by the private sector, i.e., the economy.
12. Thus, the so-called “debt” is not a burden on the federal government or on taxpayers. Actually, it’s quite the opposite. It represents the net amount of growth dollars the government has injected into the economy.
13 Because the measure of the economy is Gross Domestic Product = Federal Spending + Non-federal Spending + Net Exports, the more money the federal government puts in, the more the economy grows. (The formula differs from the national income identity because it treats all federal spending—including transfer payments—as injections into the non-federal sector.”)
14. State and local governments don’t have the unlimited ability to create dollars. Like businesses and individuals, they are monetarily non-sovereign and need income in order to spend. They owe their debt. The federal government doesn’t.
Fact IV. The Purpose of Federal Taxes is NOT to Pay for Federal Spending
15. The purpose of federal taxes is not to provide spending money to a government that creates all its spending money. Federal taxpayers do not fund federal spending. The government does not use those dollars to pay for anything.
16. The primary purpose of federal taxes is to help the government control the economy by taxing what it wants to discourage and by giving tax breaks to what it wants to reward (mostly the rich).
17. The second purpose of federal taxes is to assure demand for the U.S. dollar by requiring that taxes be paid in dollars.
18.This differs from state and local taxes (monetarily non-sovereign) which do pay for state and local government spending. State and local taxpayers do fund spending.
V. The Real Cause, Prevention and Cure of Inflation.
19. When something is scarce and demanded, its price rises. When the price of many things rises, that is called “inflation.”
20. Scarcity is caused by more demand than supply. Thus, to prevent or cure inflation, one must reduce demand for, and/or increase the supply of, the most critical items.
21. Reducing demand requires taking money out of the private sector, which can be done by raising taxes, reduced spending on things like Medicare, Social Security, or making it harder for businesses to grow by increasing borrowing costs.
22.All of these are recessionary.
23.Increasing supply can be accomplished via federal financial support for businesses and industries that add to the supply of scarce goods and services.
24.Because scarcities of energy and/or food are the primary causes of inflation, increasing the supply of energy, food and other necessities prevents/cures inflation.
25 This can be accomplished via additional federal deficit spending support for energy, food and other necessity production. This involves pumping dollars into the economy, which grows the overall economy.
The federal government never can run short of dollars; but the economy can run short of goods, services, and productive capacity. Those are the inflationary shortages that can be prevented and cured by properly directed additional federal deficit spending.
Why Do the Very Rich Want to Hide This From You?
“Rich” is a comparative. It means to have more. A person with $10,000 is rich if everyone has $1.00. But that same person is poor if everyone else has $100,000.
So, to become richer, one must gain more for themselves and/or make sure everyone else has less.
That is why you hear false claims that Medicare, Social Security, et al are “going broke” unless benefits are decreased or taxes increased. Cutting benefits or increasing FICA taxes widens the gap between the rich and the rest, thus making the rich richer and the poor poorer.
Recently, out of pique, the federal government has reduced financial support for wind and solar energy and for college tuition. The loss of support for energy is inflationary, and the loss of support for tuition is recessionary as well as injuring America for generations to come.
The result will be more expensive energy, fewer educated college graduates in America, and less growth money in the economy — not the way to “make America great, again.”
Rodger Malcolm Mitchell
Promises, promises, promises
Trump made a number of public promises about the reconstruction of the Lincoln Memorial Reflecting Pool. Here are the principal ones that were widely reported:
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- It would be completed quickly. Trump initially said the resurfacing and repairs would take about a week, emphasizing that the work would be done rapidly.
- It would cost less than $2 million. Early estimates from the administration put the project at approximately $2 million. Later reporting found that the cost grew to about $14.7 million.
- The pool would be resurfaced in “American Flag Blue.” Trump personally selected the blue coating, saying it would improve the appearance and better reflect the sky.
- The new surface would fix leaks and waterproof the pool. The project was promoted as replacing or repairing deteriorated joints and providing a durable waterproof lining.
- The renovation would solve the algae problem. Trump described the new materials and filtration approach as using the “latest and greatest” technology to eliminate the recurring algae blooms that had plagued the pool.
- The finished pool would be beautiful and long-lasting. Trump repeatedly characterized the renovated pool as a showcase project for America’s 250th anniversary, and in one widely circulated statement claimed it would last 100 years.
- After problems developed, Trump promised to repair them quickly. When the blue coating peeled and the pool developed algae, Trump said the damage was caused by vandals and promised that after the July 4 celebrations the pool would be drained, repaired, and restored to looking “as good as it was two weeks ago.”
The contrast between those promises and subsequent events has been a major focus of news coverage.
And by the way, Trump just said he would use the same no-bid contractors again because “they did a fantastic job.” (In Trump-speak, “fantastic” is the same as “fantasy.”)
Are you surprised that Trump says one thing, backtracks and says another thing, and then backtracks again and says still another thing, all the while never admitting he is wrong about anything?
If you are surprised, you must be a MAGA. or simply not paying attention. His promises are like smoke. They disappear the moment they are made. For instance:
| Date | Statement | Context |
|---|
| June 13 | “Iran must make a deal, before there is nothing left.” | Following Israel’s initial strikes, Trump urged Iran to negotiate mediately. |
| June 13 | “The attacks will only get more brutal.” | Warning that additional Israeli attacks would be more destructive if Iran refused a nuclear agreement. |
| June 13 | “We gave them 60 days… today is day 61.” | He linked the Israeli operation to the expiration of his negotiation deadline. |
| June 18 | “I may do it. I may not do it. Nobody knows what I’m going to do.” | Referring to possible U.S. military intervention. |
| June 19 | “I’ll make my decision within the next two weeks.” | Announcement, through Press Secretary Karoline Leavitt, that he would decide whether to attack Iran. The strikes occurred two days later. |
| June 21 | “We have completed our very successful attack on the three nuclear sites in Iran.” | Truth Social announcement immediately after the U.S. strikes. |
| June 21 | “A spectacular military success.” | Opening line of his televised address to the nation. |
| June 21 | “Iran’s key nuclear enrichment facilities have been completely and totally obliterated.” | His strongest characterization of the damage inflicted. |
| June 21 | “NOW IS THE TIME FOR PEACE!” | Posted immediately after announcing the attacks. |
| June 21 | “Any retaliation… will be met with force far greater than what was witnessed tonight.” | Warning to Iran after the strikes. |
| Late June | “The nuclear program has been set back decades.” | Repeated claim defending the effectiveness of the operation. |
| June 27 | “You got beat to hell.” | Directed at Iran’s Supreme Leader after Tehran claimed victory. |
| June 27 | “I would absolutely” bomb Iran again. |
Said he would authorize another strike if Iran resumed high-level uranium enrichment |
One thing that stands out in this episode is his repeated use of superlatives—”spectacular,” “completely and totally obliterated,” “very successful.”
And yet, here we are, in far worse position than before Trump started the war he promised he never would start: We have no agreement; Iran now controls the Strait vs. having an agreement and having free passage through the Strait. And this cost us America lives, Iranian lives, billions of dollars, an inflation, the trust of any other nation, and a severe depletion of our weaponry.
This is what Trump claims is a “fantastic” success.
China and Russia must be laughing.
Rodger Malcolm Mitchell
#Monetary Sovereignty - Mitchell 