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.

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

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