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 breeds austerity and leads to civil disorder. Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
For spreading economic ignorance, you would be hard pressed to match the Committee for a Responsible Federal Budget. You can see their site here. I send you to this site so you will be able to see how deeply their destructive propaganda has pervaded our society, and to give you some idea about how dismal America’s future will be if such people’s influence continues to grow.
This group has a gigantic list of followers, believers, and apostles, not one of whom is capable of answering this simple question: How can a tax increase or spending decrease reduce unemployment or grow the economy?
Don’t believe me? Try it. Contact any of the hundreds of names claimed by CRFB and ask the question. If you get an answer (unlikely), you will be told something like: “The deficit and debt are unsustainable; our children will pay for it; the country is broke; the debt must be no more than (?)% of GDP; the country must live within its means; and numerous other restatements of opinion.”
You will not be given any facts to justify these opinions. You will not be shown any proof the federal deficit or debt are unsustainable. Why? There is none.
You will not be shown any evidence our children will “pay for” the federal debt or deficit. Why? No such evidence exists.
You will not be told how it is possible for a Monetarily Sovereign nation to be “broke” nor why it must live within its “means” (whatever that is). And you will not be given any facts to justify why the debt must be no more than some arbitrary percentage of GDP.
You will not receive an explanation of how their philosophy is in accord with this fundamental equation in economics: Federal Deficits – Net Imports = Net Private Savings.
They may tell you that deficits cause inflation, completely ignoring historical facts.
In short, these people are, in my humble opinion, a menace to America. Do not take them lightly. Their philosophy would reduce Social Security benefits, reduce Medicare and Medicaid benefits and payments to health care providers, reduce the military, reduce our security, our education, our infrastructure, our ecology, our research, our quality of life and our strength and standing in the world.
America would be reduced to the plight of the euro nations, whose problems are based on their monetary non-sovereignty, which makes them unable to increase their money supply.
Further, these people would “spread the tax burden,” code words for increasing taxes on the lower income people while reducing taxes on the upper incomes. They are carrying water for the rich, which is why I believe they are more than merely ignorant, but downright evil.
And that is why I consider the CRFB to be one of the most dangerous groups in the world, far more likely to do serious damage to America than could al-Qaeda. Their power comes from the disinformation they have spread, which has infiltrated Congress, our educational institutions and the minds of the American public.
Their influence was given a huge boost by the emergence of the Tea Party, whose anarchist agenda already has prevented our emergence from the devastating recession. Now, the populace has been indoctrinated with the debt-hawk, Tea Party nonsense notion that for America to grow, it must shrink.
I award CRFB five dunce caps for abject ignorance of Monetary Sovereignty, plus five “traitors” for the horrible damage they are causing America.
With my huge dunce cap deficit reaching reached 55 (unsustainable?), and now my “traitors” deficit, I hope the CRFB doesn’t break down my door and demand that I cut back. You know how they are about deficits.
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