–Revolution is in the air and our leaders better take it seriously. #Occupy Wall Street is real

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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In an earlier post, I asked: “Why doesn’t President Obama support #Occupy Wall Street?” The short answer was that he is part of the #1% and beholden to them.

But #Occupy Wall Street is the real deal. It is not a little protest movement by a small bunch of rag-tag, hippie teenagers. It’s America. With the Democrats and the Tea/Republicans under the thumb of the wealthy #1%, the #99% is angry and frustrated, and this anger and frustration will tear America apart, unless the politicians start to understand reality.

Tax increases and spending cuts will not reduce unemployment.
Tax increases and spending cuts will not grow the economy.
Austerity hurts everyone but the rich, and the #99% are justifiably restive.

Watch this video: People arrested for trying to close accounts at Citibank.

This is America?

Watch this video: People arrested for trying to close their accounts at Bank of America

Can you believe this is happening in America?

People see banks and wealthy banksters being bailed out, and ask, “Who will bail out the people?” They are told, “We can bail out the banks, and we can’t punish them, because they are too big to fail. But there isn’t enough money to help you little people, and if you protest, we’ll have the police arrest and beat you.”

This is the American dream?

Cutting Social Security hurts the #99%. Cutting Medicare hurts the #99%. Eliminating the long-term care provisions of “Obamacare” hurts the #99%. Cutting Medicaid hurts the #99%. The establishment’s lies about federal debt hurt the #99%. HAMP was a massive lie, designed to mollify the American poor, while doing nothing to help them.

As I’ve said in the prelude to this and other posts, “ Economic austerity causes civil disorder.” So far, we’ve had a meek form of civil disorder, but it’s growing. Riots in the streets are next. And why? Because the economists, the media and the politicians, in league with the wealthiest, have spread the myth that our Monetarily Sovereign nation doesn’t have sufficient money to bail out the nation.

The #99% knows something is wrong, but they don’t know how to argue the facts. They’ve been fed so many myths, they are confused. All they can do is vent their anger in the streets. The anger is growing, and the #1% had better wise up, or America will be torn to pieces.

Democrats and Tea/Republicans: Stop lying to the people and don’t ignore them. Don’t try to clamp a lid on this pressure cooker. Learn Monetary Sovereignty and spend what is necessary to lift the #99%, or you will lose everything. And you would have only yourselves to blame.

Revolution is in the air.

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

11 thoughts on “–Revolution is in the air and our leaders better take it seriously. #Occupy Wall Street is real

  1. Rodger,
    You might be interesting in looking at – We Are the 99 Percent

    It contains short stories of folks who say, “I am the 99%”. New stories are put up everyday, all the time. Tumblr is a unique blogging platform where you can send your post in from any mobile platform, and it is posted directly to the website, without blog manager intervention. Once the invitation went out for folks to share their stories on the Tumblr site, apparently, the stories flooded in. And they are still coming. Moving. Deeply touching.

    Like

  2. Thanks, good site. It puts a human face on the unnecessary misery.

    While the politicians ignore those who elected them, the misery grows, along with the convenient myth that there is plenty of money for banks and the wealthy, but not enough for the #99%.

    Hello #1%. This will not go away.

    Like

    1. Right. That’s exactly where anger heads: Punishment.

      Next, you’ll hear “Off with their heads.” The leaders better move now to solve the problems or they may see lots of torches, pitchforks and guillotines. Austerity isn’t going to cut it.

      Like

  3. I love how this was initially dismissed by Teapublicans as temporary.

    Hey dimwits: These are people that you are refusing to spend money on, and are thus perpetually unemployed. What did you expect pissed off people, with nothing to do, to actually do? Just go away to their jobs? They have no jobs. There’s nothing better for them to do.

    I agree. Watch this turn into the U.k. riots, with looting and the rest. It’s only a matter of time.

    Like

  4. While FICA may be the lowest hanging fruit, it will do nothing in the short run for the “We are the 99%” people. Young people overburdened with debt and little or no job prospects, coupled with laid of workers over the age of 50 – who will never be hired back even if the economy picks up – older workers are just too expensive!

    Debt jubilee with the MMT job guarantee is what is needed

    Like

    1. Hiring begins with demand. When businesses sell product or services, they hire. Eliminating FICA puts more money in the pockets of employees, who will buy more, thereby increasing demand, which results in more hires.

      Rodger Malcolm Mitchell

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    2. Ways to solve the problems you just described (using an understanding of Monetary Sovereignty) –

      Young people in debt: Mandatory public service (similar to the MMT job guarantee). For instance: I served in the Army for five years. However, it can be something different (Peace Corps, State Dep’t, etc.). In exchange, they can have federal loans forgiven (the military has a $60k repayment program for service). And, quite frankly, it would do my generation (I’m still young) and the one coming up some good.

      Older workers not being hired: Universal healthcare, and implement it the same way military contracts are done as to not resort to rationing (the Canada model is good). This takes the expense (which gets bigger with age) off the company’s books, thus freeing up capital for investment/hiring/etc. (or to pay employees more and relieve that debt you’re talking about).

      Hiring in general: Full federal tax holiday. Warren Mosler and Rodger have talked about this.

      Obama campaigned on the first two (but hasn’t been as forceful as he needs to be), and he has cut taxes while in office (although they need to be cut more), so these are not out of the realm of possibility.

      Like

  5. You can find an academic paper supporting “ Economic austerity causes civil disorder.”

    Click to access DP8513.pdf

    Austerity and Anarchy: Budget Cuts and Social Unrest in Europe,
    1919-2009

    ABSTRACT:
    Does fiscal consolidation lead to social unrest? From the end of the Weimar
    Republic in Germany in the 1930s to anti-government demonstrations in Greece in 2010-11, austerity has tended to go hand in hand with politically
    motivated violence and social instability. In this paper, we assemble crosscountry evidence for the period 1919 to the present, and examine the extent to which societies become unstable after budget cuts. The results show a clear positive correlation between fiscal retrenchment and instability.

    Like

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