Mitchell’s laws: Reduced money growth never stimulates economic growth. To survive long term, a monetarily non-sovereign government must have a positive balance of payments. Economic austerity causes civil disorder. Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
Here is an Email I recently received. I share it with you so you can understand the depths of debt-reduction madness in America, and learn who the participants are. As America sinks from its once-lofty status as “The Greatest Nation In The World,” you’ll know whom to blame.
Urging the Super Committee to GO BIG: $4 Trillion and Beyond
The “Super Committee” has been charged with making recommendations that would reduce deficits by $1.5 trillion over the next 10 years. Unfortunately, more is needed to fix the budget and put the debt on a sustainable path. In order to meaningfully address our nation’s fiscal challenges, the Super Committee should go much further.
The Committee for a Responsible Federal Budget along with the Concord Coalition and the Bipartisan Policy Center invite you to attend a forum that will bring together leaders from across the spectrum to discuss the path ahead for the Super Committee and the reasons it should ‘Go Big.’
Peter Cook, Chief Washington Correspondent, Bloomberg Television
Maya MacGuineas, President, Committee for a Responsible Federal Budget
Panel 1 — Going Big: Why the Super Committee Must Exceed Its Mandate
Erskine Bowles, Co-chair, National Commission on Fiscal Responsibility and Reform
Jim Nussle, Co-chair, Committee for a Responsible Federal Budget and Former Director, Office of Management and Budget
Senator Mike Crapo (R-ID)
Dave Cote, CEO, Honeywell International
Alice Rivlin, Former Director, Congressional Budget Office and Former Director, Office of Management and Budget
Panel 2 — Public Response and Special Interests: The Politics of Going Big
John Spratt, Former Chairman, House Budget Committee
Pete Domenici, Former Chairman, Senate Budget Committee
Charles Kolb, President, Committee for Economic Development
Dave McCurdy, President and CEO, American Gas Association
Bill Novelli, Former CEO, AARP
Andy Stern, Senior Research Fellow, Georgetown Public Policy Institute
Panel 3 — Deficits and Growth: The Political and Economic Picture Today and Tomorrow
Senator Mark Warner (D-VA)
Governor John Engler, President, Business Roundtable
Alan Greenspan, Former Chair, Federal Reserve Board
David Stockman, Former Member of Congress and Former Director, Office of Management and Budget
Jane Harman, President, CEO, and Director, Woodrow Wilson International Center for Scholars, Smithsonian Institution and Former Member of Congress
I award the participants five dunce caps for abysmal failure to understand even the basics of Monetary Sovereignty.
Anyone who does not understand the great damage these people are causing America, should investigate the unnecessary losses to Social Security, Medicare, FEMA, research and development in all sciences, the ecology, homeland security, the military, aid to the poor, the middle class, the postal service, the arts, roads and bridges, food and drug inspection and myriad other federal services.
Because of these people, and like-minded others, you and your children and your children’s children now have, and will continue to have, worsening lives. That is the future these people have given us.
(Note to all of the above participants: I am running a large dunce-cap deficit, but am in no danger of running short – just like dollars and the federal government.)
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