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. 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.
==========================================================================================================================================
Here is a picture of a 3rd world country. Millions of people without health care insurance, and the Tea/Republicans trying to scuttle the plan that would insure these people.
Will the right wing succeed? The right-wing Supreme Court will evaluate all intricate technicalities to determine whether the Constitution has been violated.. What they will not evaluate: The effect on America.
My feeling: The Tea/Republicans should pray the Supreme Court does not vote right wing this time, or there will be hell and Tea/Republicans to pay. I have faith that one day very soon, a tipping point will be reached, and the public will understand that refusing health insurance for the poor is the way a nation dies. And so unnecessary.
Meanwhile, what a disgrace for America. 50 million people uninsured! That’s abysmal. Shameful. The 1% living like princes, and even the 99% undecided about whether to help those 50 million uninsured. Talk about an “I’ve got mine” mentality!
Sadly, this isn’t the America from WWII, that dove in and saved the bacon of the European and Eastern nations. This isn’t the America that instituted the Marshall plan. No way would that happen in today’s America. Today’s America builds border fences, not bridges.
This isn’t the magnanimous-in-victory America that paid to help Japan recover, despite the memories of Pearl Harbor. This isn’t the America that paid to airlift Berlin, despite memories of Naziism.
No, this is the selfish, me-first, Tea Party, fascist America, that looks away when someone begs for help. We are ruled by the “I can’t hear you; I can’t hear you.” so-called “patriots,” flag wavers who neither understand nor even want to understand Monetary Sovereignty, and so insist they as taxpayers are forced to fund federal spending, and helping their unfortunate neighbors simply is not on the list.
Millions of people suffer and even the 99% has been brainwashed into not giving a damn. But they will, when their own children and grandchildren inherit a Social Security and Medicare that have been gutted by “super committee” ignorance and callousness.
Hello, America. Knock, knock. The federal government is Monetarily Sovereign. It can support Medicare for everyone. It can support a more generous Social Security. It can eliminate poverty.
Why don’t you care?
Rodger Malcolm Mitchell
http://www.rodgermitchell.com
==========================================================================================================================================
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
#Monetary Sovereignty - Mitchell 
Another excellent essay. Thanks!
I hope you are right about the ‘tipping point’ and that Americans wake up and see the conflict of interest in our health care system. When profit is the driving force, it is often more profitable to temporarily relieve the symptoms than to cure the disease.
LikeLike
Merry Christmas….signed, Tea Party.
I always wondered where in the Bible all of this stuff is found given the Tea Party’s proclivity to harp on about Christianity. I always wondered if they really thought about “WWJD” when they voted in Congress or spoke to voters.
Did Jesus heal the sick for free or not? Did Jesus turn a few fish and loaves of bread into a pile of food and give it out for free or not? Did he say to give a man who asks you for you coat your cloak as well or not? Did he not say that “it is easier for a camel to go through the eye of a needle than a rich man to enter the kingdom (of heaven)?” Even if taxes funding spending, they’d still be compelled by their religion to support almost the exact opposite of what they currently support.
Everyone that runs into a Tea Party supporter should be asking these questions. It’s disgraceful.
LikeLike
Rodger Mitchell writes, “The federal government is Monetarily Sovereign. It can support Medicare for everyone. It can support a more generous Social Security. It can eliminate poverty.”
Then why doesn’t the government do it? The answer is that the US federal government is NOT monetarily sovereign. The sovereignty is held by private creditors such as investors, and also big banks that own Fed stock. It’s called private creditor sovereignty, and it’s the source of our problems. Rodger Mitchell thinks that all privately owned companies (such as big private banks that own Fed stock) are “public.” The America he yearns for is one in which the government, not creditors, has monetary sovereignty.
Some people claim that Federal Reserve Banks are not operated for profit. By this they mean the twelve regional Federal Reserve Banks. But what about the numerous privately owned for-profit banks that are direct members of the Fed?
It is true that stock held by Fed banks is not like regular stock. It may not be sold, or traded, or pledged as security for a loan. However it does pay dividends to stock owners. It represents “ownership.”
I would prefer a nation in which the people own their currency, and they elect a government to control it like a public utility. A nation in which the people, not private bankers and investors, determine monetary policy. This would be true national monetary sovereignty.
LikeLike
The GOP has taken the idea of tough love to the extreme. They’d rather people died than received free health care.
My drill instructors used to say America breeds weakness. I’m starting to think it breeds cruelty.
LikeLike
Rodger,
Thank you again for your insights. As usual you are right on the mark. If only our leadership in spite of their corporate benefactors constraints could be counted on to be reasonable in this very unreasonable nation.
I do not believe change, at least necessary change, will come from within our corrupted, ignorant legislative branch; especially considering our chief executive and the radical right-wing, fascist controlled judicial branch. Not to speak of mass media’s strangle hold on the creation of public opinion and consent.
Sorry, but I feel we are still a long ways from reaching the so-called tipping point. Fully 50% or better of the 99% are members of the social darwinist club. Not to mention their complete lack of ability to think critically themselves and see the forest through the trees.
Radical changes are called for. Can these occur in a nation that cannot understand that affordable (I prefer free) medical care is a good thing for society overall? Cannot understand that government can be used to serve public purpose? Do not believe that central government is necessary; especially in a nation of 300 million with vast land mass? That are made to believe that a free-for-all is better than a nation ruled by laws and regulations, yes regulations that serve the best interests of society? Not under the current system, is my opinion.
LikeLike