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.
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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.’
Moderators:
Peter Cook, Chief Washington Correspondent, Bloomberg Television
Maya MacGuineas, President, Committee for a Responsible Federal BudgetPanel 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 BudgetPanel 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 InstitutePanel 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
http://www.rodgermitchell.com
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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
MONETARY SOVEREIGNTY
#Monetary Sovereignty - Mitchell 
Just when you thought S&P could not display any more ignorance, check this article from Huff Post:
As readers of this blog know, Debt/GDP is a meaningless ratio. Why does anyone even think about S&P any more?
Rodger Malcolm Mitchell
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Alan Greenspan? Really? I have seen him admit that we can pay any debt at any time. I am sorry but this countries own stupidity from the bottom up is what is going to ruin us, people no longer learn for themselves they just believe whatever the party they are aligned with tells them.
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You’re right about Greenspan. He has said everything: “Yes.” “No.” “Maybe.” Who could forget his mumbled, confused, incomprehensible testimonies before Congress?
Rodger Malcolm Mitchell
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http://caffertyfile.blogs.cnn.com/2011/09/21/how-are-economic-fears-changing-your-life/#comment-1463422
“Here’s my question to you: How are economic fears changing your life?
Tune in to the Situation Room at 6pm to see if Jack reads your answer on air.”
Maybe we can teach Cafferty a thing or two about our Monetarily Sovereign nation?
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Is it time for an “Obama compromise” (Give the other guy everything he wants and claim it was a compromise)?
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Thomas Paine……….
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http://www.nakedcapitalism.com/2011/09/economics-debunked-chapter-two-for-sixth-graders.html
Ensuing comments by Attempter & Toby spot on. “Reform” isn’t going to work. We need to scrap the entire decrepit system and take responsibility for ourselves.
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How?
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Good question, Rodger. There are a lot of good ideas being bounced around right now. Some seem more achievable than others, but all requre the psychological hurdle of rethinking the way we define ‘money’ as a social arrangement moving forward.
“On a positive vector, we must become reindigenous, we must be reborn into new and lasting indigenous communities.”
http://attempter.wordpress.com/2011/09/20/the-stamp-mandate-time-banking-and-the-anti-colonial-movement/#comments
Eisenstein’s ideas seem to be resonating with people as well.
http://www.ascentofhumanity.com/text.php
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Some good ideas here too (some better than others). Some communities are creating and exchanging new/local currencies to wean themselves as much as they can off of the addictive centralized lucre. http://topdocumentaryfilms.com/money-fix/
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Pete,
One of two possibilities regarding the links you posted. Either:
1.They are so deep, so abstruse they are beyond my meager intellect to decipher
or
2. They are a load of, hippie-style bullshit.
You can take your choice.
Rodger Malcolm Mitchell
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I’m kind of embarrassed that one of my senators, Mark Warner, is such a debt hawk. At least Jim Webb is against raising taxes.
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I’ll take door #1, Monte. Some minds are just too shut to be opened. Why is working with your neighbors to exhange goods and services, grow food, build local communities “hippie-style bullshit”? It’s just a dose of sanity. What is ‘bullshit’ is watching everyone run around like rent-a-slaves on the banking/corporate hamster wheel trying to acquire a bunch of useless crap someone convinced them they had to have.
If you want to cling to the lords of trickle down while Capitalism erodes in its final stages of cancer, I wish you the best of luck. I just hate seeing good people repeatedly banging their heads against the wall.
MS application would require a power structure/leadership that is not beholden to the very thing you prescribe more of. Even if it were politically possible, the creditor class would co-opt it like they do everything else. And the planet is demonstrating that she’s had about enough of this nonsense. How much “growth” do we need? What’s that place going to look like?
I think you’re right about one thing. Full on Depression, capital D, kicking in next year. How will people treat each other when the storm hits?
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