Mitchell’s laws: The more budgets are cut and taxes inceased, the weaker an economy becomes. To survive long term, a monetarily non-sovereign government must have a positive balance of payments. Austerity = poverty and leads to civil disorder. Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.

Those looking for humor in the Tea/Republican nomination process, have plenty to work with. Newt is everything the Tea/Republicans claim they hate – multiple infidelities plus no economic plan other than going to the moon. And he really expects the right wing (much less, the entire nation) to elect him.

And Ron doesn’t even want the nomination. He’s just hoping for a good seat at the convention, where he will try to barter his handful of delegates for some Flomax.

So we are left to be entertained by Rick and Mitt.

First came Rick:

SAN JUAN, Puerto Rico (AP) — Rick Santorum says making English an official language should be a “condition” of statehood for Puerto Rico. Santorum said Thursday that the island would also have to make sure English is spoken “universally.”

The Republican presidential candidate told a Puerto Rican newspaper in an interview this week that English would have to be the “main language” if Puerto Rico were to become a state.

Then came Mitt:

SAN JUAN, Puerto Rico (AP) — Campaigning in Puerto Rico, Republican presidential candidate Mitt Romney is refusing to back off his criticism of Supreme Court Justice Sonia Sotomayor.

Minutes after arriving in San Juan on Friday afternoon, Romney faced questions about his charge that Sotomayor is an activist judge. Sotomayor, who is of Puerto Rican heritage, is widely supported by local Democrats and Republicans.

So the joke becomes, who will the Puerto Ricans vote AGAINST? The guy who says he will force them to abandon their native language? Or the guy who says he doesn’t like a popular, fellow Puerto Rican?

I award five clowns, one each to Mitt, Rick, Newt and Ron, plus one to the Tea/Republican party — for trying to convince the country that higher taxes and reduced federal spending will, in some mysterious way, help improve employment and economic growth — and for sending in the clowns.


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. Two key equations in economics:
Federal Deficits – Net Imports = Net Private Savings
Gross Domestic Product = Federal Spending + Private Investment and Consumption + Net exports