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.

Bloomberg, on line, By Hans Nichols and Roger Runningen – Apr 13, 2011

“We have to live within our means, reduce our deficit, and get back on a path that will allow us to pay down our debt,” Obama said in prepared remarks for a speech today at George Washington University.”

What are the “means” of a Monetarily Sovereign government? What data shows that a smaller deficit benefits America? What is the reason to pay down the debt?

When the President of the United States, a man surrounded by famous economists, displays such abysmal ignorance of economics, is there any hope for our future?

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 Monetarily 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 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 the economy.”