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.
The people of Occupy Wall Street (#OWS) believe, sincerely believe, the 1% are screwing the 99%. Do you? They camp in cold, damp parks. They face sometimes brutal police. They are condemned, disparaged and mocked by the 1%, for the inconvenience they cause, and the “99%” clothing they wear. Not too many Armani suits in that group.
Some of the 99% are so accustomed to obeying the 1%, they join in the disparagement, condemnation and mocking, against their own best interests.
Who are the police? They are the 99%, yet they willingly, enthusiastically do the bidding of the 1%. They vote their abject submission with MACE, pepper spray, nightsticks and SWAT uniforms. They beat down the very people who try to lift them. “Oh those bedraggled rowdies, why dare they disturb the peace so carefully crafted by our masters, the 1%?”
Who are the media, the newspaper, radio and TV barons? They are the 1%, who write the editorials and twist the news to suit their own privilege? Their fortunes come from the pockets of the 99%, yet they show no respect. For them, the 99% are fools, cows to be milked, and when there is no milk left, to be sent to slaughter.
Have you seen the wonderful, #OWS Bat Signal? Check it out. Feel the enthusiasm, not just of youth, but of a righteous cause. I remember these marchers. They marched against Vietnam. They were right about Vietnam. They were condemned and disparaged by Nixon and the media and the politicians and Nixon’s henchmen, some of whom went to jail. But not Nixon. He was too big to jail.
And not today’s bankers who stole far more than Bernie Madoff ever dreamed of. Bernie is in jail. The crroked bankers are not. The friends of Timothy F. Geithner are not. The friends of Eric H. Holder, Jr. are not. The friends of Barack H. Obama, Jr. are not. Why not?
And why does #OWS march? Why do they endure the slings and arrows of the outraged 1%? Are you among those firing those slings and arrows? Are you part of the 1%, or do you merely obey the 1%?
Yes, the #OWS has not expressed itself clearly. They need to articulate these specific goals. They need to understand Monetary Sovereignty so they can answer the question, “How will you pay for this?”
But they believe, sincerely believe. There are easier ways to live than camping in a hostile park, being pepper sprayed and herded about. Would you do it? Would you be ready to sacrifice your human comfort for an ideal? I wouldn’t, and most of the 99% wouldn’t either, though this ideal benefits them.
But there is something we can do. We can stand by #OWS. We can cheer rather than jeer. We can support rather than ignore. We can write to our Congresspersons and tell them we’re angry at those misguided attempts to reduce the federal deficit, as each cut will take money and benefits, not from the 1%, but from the 99%.
Cutting military budgets hurts the 99%, as does cutting Medicare, Social Security, Medicaid, food stamps, aid to the poor, construction projects, aid to education — they all hurt the 99% while barely laying a glove on the 1%.
The 1% try to brainwash you into believing the federal budget is like your personal budget, so must be reduced. It’s a lie, a damn lie. In August 1971, the federal budget became the exact opposite of your personal budget. Did the 1% ever let you know?
While you pay your bills by spending money, the federal government now pays its bills by creating money. You must live within your means. The federal government has no means to live within. You can run out of money. The federal government cannot. You need income, in order to spend. The federal government spends without needing income.
Make no mistake, this is not a class war. It is not the 99% versus the 1%. Destroying the 1% will not help you. This is the 99% versus the current status, which was created by the 1%. This is the 99% versus a lawless system, that presses down on the 99%. It is the system #OWS marches against. It is the system they hope you will oppose.
How? Write. Call. Demand. Vote. Support #OWS. Oppose anyone who says “the federal deficit must be cut,” because that is their code phrase for, “Your benefits must be cut, your life must worsen, your money must be taken from you and from your children and from your grandchildren.”
The deficit-cut austerity preached by the 1% will not be suffered by the 1%; it will be suffered by you.
So, march with #OWS, if not in person then in spirit. Write. Call. Demand. Vote. Support. Oppose government cuts. Oppose austerity. Oppose the gap. Demand prosperity. The 1% are cowards who will yield if they see your resolve. Your voice can be loud. Your life can be better. The tide of history is with you.
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
12 thoughts on “–See the #OWS bat signal. They believe, sincerely believe, the 1% are screwing the 99%. Do you?”
Although you do have many valid points about macroeconomic theory, your posts lately have just sounded like you are advocating an October Revolution. They did have free money, but otherwise how well did that work out for them?
An October Revolution may be a leap too far, and I do not advocate it. I already have suggested laws and procedures to solve the problem, and none of them involve armed insurrection.
But the danger does exist that if the 1% keeps pushing down on the 99%, there will be a strong push back that the 1% will regret.
This nation is only 235 years old, and already we have had lots and lots of wars, including a Civil War, and there is a strong “cowboy/guns/anti-authority” disposition here, so nothing is unthinkable.
Rodger Malcolm Mitchell
we are being screwed. it is pretty obvious, look around you”you dont need to be a weatherman to know which way the wind blows” unless of course if you watch fox “news”, or listen to rush limpballs.
If the 1% knowingly created the system that oppresses the 99%, does that not make the 1% the enemies of the 99%?
Also, what purpose do the 1% (i.e. a small number of individuals with huge amounts of money) serve in today’s economy? You could argue that in the past large concentrations of individual wealth were necessary for investment to occur (as you could argue that in the more distant past aristocracies served a purpose) but with computers and instant communications do we need to depend on a few individuals for finance? I am not a communist. There are differences in the contributions that people make that should be reflected in differing economic rewards. But the disparities in wealth and income that exist now go far beyond that, and are no longer justifiable either morally or economically.
Great article.And the style says you really,really believe.
Now if only they were to have leaders.
A Preamble.They could succeed.
This is a time of opporutunity,a time for the making of patriots.
Wish there were a third party,a united party, National Occupy Party.
Sheila Blair and Brooksly Born as candidates for president and VP.The 1% would have a strock.
“strock” some kinda stroke?
Perhaps the past pluperfect?
or maybe Future pluperfect?
Are the 1% screwing the 99%
Absolutely,but they are enabled to do this by the 99%.
Until the 99% inform themselves of what is really going on and then unite to change these wrongs they will remain screwed.
Please “As in all any neww idea,change it,challenge it,or endorse it.
justaluckyfool’s “The All Inclusive Solution.The Federal Bank of America”
Justa . . .
If I understand your solution, you might enjoy the next post.
You subscribe to the following idea:
“Every depression in U.S. history, including the Great Depression,began with a decrease in the federal budget deficit. Every recovery began with an increase in the federal budget deficit. The most recent recession began with the Clinton federal budget surplus and ended with the Bush federal budget deficits.”
When did the decrease in the federal deficit occur before our current recession that started in 2009?
More accurately should read “deficit growth.”
Note how deficit growth declines before each recession and increases during each recession.
Rodger Malcolm Mitchell
11/30/11: Los Angeles police raided the Occupy camp and dismantled tent. More than 1,000 officers took part in the raid. (Nov. 30) (The Associated Press)
To hell with free speech. Neatness is what counts.