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.
64% of Americans believe anemia should be cured by a combination of reduced blood transfusions and increased application of leeches. Well, actually it’s 64% of Americans who believe an anemic economy should be cured by reduced federal spending and increased taxes:
Washington Post-ABC News Poll, 10/11/11
This Washington Post-ABC News poll was conducted by telephone September 29-October 2 2011, among a random national sample of 1,002 adults, including landline and cell phone-only respondents.
A committee of (Democrats) and (Republicans) in Congress has until late November to propose ways to cut the federal deficit by one-point-two trillion dollars over the next 10 years. Do you think this should be done by (cutting federal spending), by (increasing taxes), or by a combination of both?
Cutting federal spending . . . 31%
Increasing taxes . . . . . . . . . 3%
Combination . . . . . . . . . . . 64%
No opinion . . . . . . . . . . . . . 2%
Rodger Malcolm Mitchell
No nation can tax itself into prosperity, nor grow without money growth. Monetary Sovereignty: The key equation in economics: Federal Deficits – Net Imports = Net Private Savings