Mitchell’s laws: The more budgets are cut and taxes increased, the weaker an economy becomes. Until the 99% understand the need for deficits, the 1% will rule. 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.

Monetary Sovereignty

This lovely structure is what can happen when man decides to fight nature.

New York Times

Vast Defenses Now Shielding New Orleans
By John Schwartz
Published: June 14, 2012

NEW ORLEANS — Finally, there is a wall around this city.

Nearly seven years after flood waters from Hurricane Katrina gushed over New Orleans, $14.5 billion worth of civil works designed to block such surges is now in place — a 133-mile chain of levees, flood walls, gates and pumps too vast to take in at once, except perhaps from space.

Two “lift gates,” 50 feet across, can be lowered to block the waters of Lake Pontchartrain. A navigation gate 95 feet wide, whose curved sides weigh 220 tons apiece, can be swung gently but mightily into place.

Yet all that seems puny in comparison to the two-mile “Great Wall” that can seal off the channel from Lake Borgne to the east, or the billion-dollar west closure complex, which features the biggest pumping station on the planet.

Whatever storms might approach New Orleans this year or in the future, they will encounter a vastly upgraded ring of protection. The question is whether it will be enough.

Or, we could have moved inland to higher ground.

(It is) a vast civil works project that gives every appearance of strength and permanence. “This is the best system the greater New Orleans area has ever had,” said Col. Edward R. Fleming, the commander of the New Orleans district of the corps.

Marc Walraven, a district head in the Dutch ministry of transport, public works and water management, recently toured the defenses. While 100 percent safety is impossible, he said, and challenges in operations and maintenance can be expected, “the constructions that have been built are in my opinion adequate to defend New Orleans.”

Or, we could have moved inland to higher ground.

Tim Doody, the president of the levee board that oversees Orleans and St. Bernard Parishes, disagrees. While the construction appears to be strong, he said, the level of protection authorized by Congress for the corps to build is “woefully inadequate.”

The new system was designed and constructed to provide what is informally known as 100-year protection, which means it was built to prevent the kind of flooding that has a 1 percent chance of occurring in any given year.

But New Orleans has seen storms far more damaging than the 100-year standard. Katrina is generally considered to have been a 400-year storm, and rising seas and more numerous hurricanes predicted in many climate-change models suggest harsher conditions to come.

“It’s what the country will pay for; it’s what FEMA insures for,” Mr. Doody said. “But our thought and belief is that we all need to be behind protection that’s greater than that.”

Or, we could have moved inland, to higher ground . . .

While a major storm could lead to street flooding — something New Orleans, much of which is below sea level, sees even with heavy rainfall — the kind of catastrophic, explosive wall of water resulting from the failure of sections of flood wall and the dissolution of poorly-built levees that devastated so much of the city after Katrina should not occur again, (corps officials) say.

Overall construction started in 2006, and while some work is still going on, the projects are substantially complete and functional for this hurricane season.

Even many in the corps seem astonished by the speed of the work; projects of this magnitude would normally take decades to construct, said Kevin G. Wagner, a senior project manager with the agency. Looking out toward the billion-dollar pumping station and gates at the west closure complex, he said, “It’s truly amazing, starting in 2009, to be where we are today.”

Or, we could have moved inland, to higher ground . . .

Building greater than 100-year protection might not be simply a matter of building walls ever higher. It will also come from restoring the coastal environment that slows and buffers storms and their surge. It means restoring wetlands that have been rapidly disappearing, and perhaps creating barrier islands to act as speed bumps for storms.

When asked whether he thought the new hurricane structures would be effective, Jasen Seymour, a 19-year-old who was bowfishing with a friend near the 17th Street Canal, said “If the Army Corps of Engineers has anything to do with it, it’s not going to be strong.”

Still, some residents demonstrate their faith in the future simply by not leaving. Artie Folse, who rebuilt his home after Katrina and lives just a few blocks from the site of the breach of the 17th Street Canal that inundated his Lakeview neighborhood, said: “The fact of the matter is, I still live here. That pretty much says it all.”

Or, you could have moved inland, to higher ground . . .

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