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.=============================================================================================================================================================================
Here is a classic example of the ignorance spread by our media, our politicians and the mainstream economists:
Washington Post: By Lori Montgomery and Peyton M. Craighill, Updated: Tuesday, May 24, 2011
Poll: More Americans fear higher national debt than default
The debate over whether to raise the legal limit on government borrowing has riveted Americans, with a large majority worried about the potential consequences regardless of whether Congress votes to allow the national debt to keep increasing.
But when pressed to name their biggest concern, nearly half of respondents say they are alarmed by the prospect that the debt could grow beyond its current limit of $14.3 trillion, according to a new Washington Post-Pew Research Center poll. Only 35 percent say they are more worried about the risk of default and economic destabilization if Congress does not raise the debt limit.
While federal default would cause a world-wide depression, deficit growth is necessary to prevent a nation-wide recession or depression. The people have been so brainwashed by ignorance, they can’t tell the difference between looming disaster and what’s needed for success.
Economic ignorance prevents Monetary Sovereignty from being taught in our most prestigious schools, and Nobel Prizes are awarded to teachers still stuck in gold-standard economics.
And we laugh and shake our heads in wonderment at the anti-evolutionists.
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.”