Mitchell’s laws: To survive, a monetarily non-sovereign government must have a positive balance of payments. Economic austerity causes civil disorder. Reduced money growth cannot increase economic growth. Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
An “Obama compromise” is when you give the other person everything he demands, but pretend it either is meaningless or is something you always wanted. Here’s a classic example:
News Alert: Obama to address joint session of Congress on Sept. 8
August 31, 2011 9:36:20 PM
President Obama will address a joint session of Congress on Sept. 8 to lay out his plan for jobs and the economy, the White House announced Wednesday night. The date is one day later than the president requested earlier Wednesday, but that date conflicted with a scheduled debate of Republican presidential candidates, drawing objections from GOP lawmakers. House Speaker John A. Boehner responded by suggesting that Obama come to Capitol Hill on Thursday night, a date that now puts the president up against the first game of the NFL season.
Good luck, Mr. President, getting a huge, national audience vs. the NFL opener. But at least the Tea/Republicans have what they demanded. So that’s nice.
Rodger Malcolm Mitchell
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. The key equation in economics: Federal Deficits – Net Imports = Net Private Savings