–“Screw you, I’m O.K.” How pseudo-patriotism has run amok

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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The basic Tea/Republican belief, when referring to anyone poor, unfortunate or needy is, “Screw you, I’m O.K.” They disguise this as patriotism (as in the Tea Party Patriots) or “self-sufficiency,” which works great so long as one is completely self sufficient (which may include perhaps one or two people in all of America).

Here is a must-read for all those right-wing patriots who viscerally hate immigrants, and who supply phony rationalizations for deportation like: “They take Americans’s jobs.” or “They don’t pay taxes.” or “They commit crimes.” or “They broke the law by coming (staying) here.” or “They don’t speak English.”

Washington Post, October 4, 2011
We need to stop America’s brain drain
By Vivek Wadhwa

In 1980, when I came to the United States to study, this was the only land of opportunity for skilled immigrants like me. It took less than 18 months for me to get a permanent resident visa, and I became a citizen as soon as I became eligible five years later. I came here to study, but ended up founding two technology companies, which employed hundreds of Americans. Later in life, I decided to give back to America by becoming an academic.

If I was arriving today, I would not have taken the same path.

Like the students from India and China that I teach, I would have looked at the bigger opportunities back home after I graduated. And even if I wanted to make America my home, I wouldn’t have had the choice: The waiting time for permanent resident visas for educated workers from India is now 70 years, according to National Foundation for American Policy.

This is a big problem for the U.S. because immigrants have founded 52 percent of Silicon Valley’s companies and created millions of American jobs. This won’t be the case in the future.

For the past six years, I have been researching the contribution of skilled immigrants to U.S. competitiveness. After realizing how fast the tide was turning, I have been raising the alarm that America is experiencing its first ever brain drain. I know that many of our policy makers are concerned but have been unable to enact legislation to fix the problems. They have been mired in battles about the plight of the unskilled and undocumented immigrants. But, given the dire state of our economy, it seems there may be an opportunity for change.

I have been invited to testify before Congress. On Wednesday, at the invitation of Rep. Zoe Lofgren (D-Calif.). I will present my findings before the House Judiciary Committee’s Subcommittee on Immigration Policy and Enforcement. In my remarks, I will present to committee members three main points: First, the world’s best and brightest are not begging to be let into the United States anymore. Second, the U.S. no longer possesses the advantage in entrepreneurship that some believe it does. And, finally, the U.S. is providing an unintentional gift to China and India by causing frustrated, skilled immigrants to return home thanks to a burdensome visa application process.

In short, America grew because of immigrants, but when times are difficult, the xenophobes climb from under the rocks, and promote their “Screw you, I’m O.K.” philosophy, much to the detriment of the nation. Yes, some immigrants look, act and talk differently from native-born Americans, but that difference is what contributes to our creativity and our power.

As a nation of immigrants, with plenty of land mass to absorb immigrants, it is amazing how our government has adopted such unnecessarily restrictive policies.

And no, we should not allow every person on earth freely to enter the U.S., but our blind, mindless immigration restrictions don’t prevent terrorists and criminals from reaching our shores. They find a way. Those blind, mindless restrictions keep out the good people and their children and their children’s children – people ready to become loyal, contributing citizens, who will defend and grow America — and we are poorer for it.

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

10 thoughts on “–“Screw you, I’m O.K.” How pseudo-patriotism has run amok

  1. Today, James Kwak wrote the following to me:

    “Controlling the global reserve currency certainly makes it easier to finance large deficits, but I don’t think we can assume that the dollar will have that status forever.”

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    1. Controlling the global reserve currency means that foreigners want to save up dollars, which means that foreign goods will be cheaper to Americans than otherwise. The US will run a trade deficit, which is essentially a good thing. It’s like a business, say McDonald’s being strong enough that it is able to pay bills in coupons for Big Macs, where the size of the Big Mac is controlled by McDonalds. (Possible because of McD’s having a good rep for not decreasing the size of the Big Mac = low inflation). Reserve currency, which implies trade deficit, means people save up more dollars/coupons than they redeem for US exports or Big Macs. See Triffin’s dilemma

      But the US / McD’s has another usage for dollars / Big Mac coupons. They are used for the organization of domestic production / Big Mac production. So US/McD’s should print at least as many dollar/coupons as are being saved up as foreign reserves, otherwise there will be severe deflationary pressure that will damage the domestic economy. So Reserve currency ->trade deficit-> budget deficit. Not budget deficit being “financed” by reserve currency status. As usual, insofar as the mainstream tells an intelligible story, it tells it backwards.

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  2. Tyler,

    He said, ” . . . easier to finance large deficits . . .”

    If he understood Monetary Sovereignty, he would realize the federal government does not “finance” deficits. It does not need to tax or to borrow (i.e. issue T-securities). If there were no T-securities, the ability of the federal government to spend would no be reduced by even one penny.

    Rodger Malcolm Mitchell

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  3. Over at his blog, Jared Bernstein is now trying to argue that the booming economy of the 90s was due to Clinton’s tax increases on the rich. He’s also trying to argue that the Bush tax cuts hurt the middle class.

    James Galbraith has referred to Bernstein as a “False Keynesian”.

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  4. Calgacus,

    I always have had doubts about the significance of being the world’s reserve currency, perhaps because no other nation has the world’s reserve currency, and many seem to be doing as well as we are, if not better.

    The Fed can control the exchange rate with interest rates.

    A trade deficit indeed is good so long as the debt-hawks don’t restrict money creation.

    Rodger Malcolm Mitchell

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  5. Last month, Congresssman Gohmert introduced a jobs bill that would easily pass the House, but it has no chance of becoming law because our president is a debt hawk.

    Gohmert’s plan is a modest two pages, with two action items: repeal the corporate income tax and repeal the alternative minimum tax.

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  6. Tyler. Eliminating the corporate income tax and repealing the alternative minimum tax are good ideas, as they both will reduce overall taxes, thus adding money to the economy.

    I can’t imagine this bill passing the House. The Tea/Republicans won’t like the deficit increase. The Democrats won’t like reducing taxes on the “rich.” In short, because the bill makes sense, it has no chance in this senseless Congress.

    Rodger Malcolm Mitchell

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