Mitchell’s laws:
●The more federal budgets are cut and taxes increased, the weaker an economy becomes.
●Austerity is the government’s method for widening the gap between rich and poor, which leads to civil disorder.
●Cutting the deficit is the government’s method for taking dollars from the middle class and giving them to the rich.
●Until the 99% understand the need for federal deficits, the upper 1% will rule.
●To survive long term, a monetarily non-sovereign government must have a positive balance of payments.
●Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
●The penalty for ignorance is slavery.
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There is one question that frightens President Obama most, and no, it isn’t, “Where is your birth certificate?”
Background: There has been a groundswell of dialog about the Platinum Coin Solution. Briefly, if you not yet heard, there is a law that allows the Secretary of the Treasury to mint a coin made of platinum (must be platinum), in any denomination he chooses.
The groundswell has become so great, the politicians no longer can pretend to ignore it. In fact, one Republican already is trying to pass a law against it.
The Secretary of the Treasury could, if he wished, mint a $100 trillion coin (at a cost of a few dollars), deposit the coin with the Federal Reserve Bank, and offset the phony federal debt for many years, or really, forever. No more debt ceiling. No more silly debt clocks.
And because this coin would not enter the economy, but merely be deposited with the FRB, in of itself, it would not cause inflation. It would end the “debt-must-be-reduced” craziness, and reveal the fact that the federal government has the unlimited power to pay any bills, any time.
The government could fund Medicare for every man, woman and child in America. It could pay living Social Security benefits. It could end the suicidal drive for austerity, that has destroyed economies all over the world — including ours.
So, here is the question Obama fears:
“Mr President, why the hell am I paying taxes when you can mint a $100 trillion dollar coin, pay all our bills and not cause inflation?”
Then, of course, that question would be followed with other questions:
Why did you increase my FICA payments?
Why did the government increase the qualifying age for Social Security?
Why the concern about Medicare “sustainability”?
Why does my state need to go broke paying for Medicaid?
Why not Medicare for everyone?
Why the limit on federal employees’ paychecks?
Why do you keep talking about the need for spending cuts?
Why do we need austerity, when it has failed everywhere in the world?
So why, Mr. President?
Why?
Rodger Malcolm Mitchell
Monetary Sovereignty
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Nine Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Medicare — parts A, B & D — for everyone
3. Send every American citizen an annual check for $5,000 or give every state $5,000 per capita (Click here)
4. Long-term nursing care for everyone
5. Free education (including post-grad) for everyone
6. Salary for attending school (Click here)
7. Eliminate corporate taxes
8. Increase the standard income tax deduction annually
9. Increase federal spending on the myriad initiatives that benefit America’s 99%
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 Imports
#MONETARY SOVEREIGNTY
#Monetary Sovereignty - Mitchell 
That Republican is Greg Walden of Oregon, a little maggot who has vowed to introduce a bill to “stop the platinum coin in its tracks.”
Much of the PCS discussion has arisen because Republicans are preparing to use the debt ceiling vote to get massive cuts in social programs, plus massive tax increases for the middle and lower classes.
John Boehner’s spokesman, Michael Steel, says the PCS is nonsense. “There’s no magic coin to duck the tough choices our nation faces. The only way to stop spending money we don’t have is to stop spending money we don’t have.”
Boehner is a lying axxhole, but most Americans agree with him, and want austerity. So-called “progressive” blogs like Mother Jones call the PCS a “horrible, lawless policy.”
Today Paul Krugman gave lip service to the PCS, even though he called it “silly” and a “legal loophole.”
Rep. Rep. Jerrold Nadler (D-NY) favors the PCS as a means to offset the Republican attack.
http://www.capitalnewyork.com/article/politics/2013/01/7052758/looking-next-debt-ceiling-fight-nadler-proposes-trillion-dollar-coi
A formal petition has been started asking the White House to create such a coin. It claims to have 5,600 signatures so far, and must reach 25,000 signatures by 2 Feb 2013 in order to get a response from the White House.
See the petition here…
https://petitions.whitehouse.gov/petition/direct-united-states-mint-make-single-platinum-trillion-dollar-coin/8hvJbLl6?utm_source=wh.gov&utm_medium=shorturl&utm_campaign=shorturl
Regarding inflation worries, depositing the PCS coin at the Fed would be the same as a private collector having the coin and never spending it.
No one would bother stealing it, since it would be impossible to cash without every law enforcement agency knowing about it.
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SCHADENFREUDE
(German: pleasure derived from the misfortunes of others.)
It’s frightening to see everyone demand austerity, but at least we get to watch the fools receive what they demand.
For example, the U.S. Congress is holding up disaster relief for Hurricane Sandy as part of a mass push for privatization. The austerity helps predatory lenders, disaster capitalists, and gentrification developers.
Meanwhile victims find that their insurance policies have obscure provisions that exclude coverage depending on such things as whether the disaster was officially classified a “hurricane” or a “tropical storm,” and whether the damage was from “wind” or “flood.”
I love it!
FEMA is working with Small Business Administrative Disaster Assistance to offer high-interest loans to victims. The loans have many features of predatory subprime lending techniques.
Yessss!
To you who smugly reject MS, this is your just reward. More debt and poverty. You must shoulder relief expenses that used to be provided by the U.S. government. Many of you were strained by mortgages that were underwater before the storm, and now your property has no market value at all.
Ha, ha, ha! You are getting what you wanted. How does it taste?
It is collective suicide, and as I walk among the bodies, I do not weep. I urinate on them, and I laugh. Good riddance.
If any reader thinks I am too cynical, then go to any corporate news outlet or popular blog, and read what the average American thinks about government spending.
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I’m glad to see this happen actually.
Lefties got tax hikes, although they will get more friebies from the ongoing theft with deficit spending increasing.
Repubs got no spending cuts, after obama had agreed to 6 trillion a few months earlier.
I say the left won clear and center, and republicans (for all the hupla, deserve to get voted out of office). I can’t wait to see those defending the parties. How does it feel suckers?
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Superb account of the situation at hand by Katherine Austin Fitts: “A significant portion of governmental accounting functions, payment systems and financial operations have been outsourced to private banks and corporations. Indeed, the government has become so dependent on outside corporations, that government officials do not have the knowledge or operational capacity and independence to assert control. And worse yet, the same private contractors and banks that control the government’s data and financial operations also control access to the bond markets that finance the government’s operations? So who is really in charge?
It is critical to understand that government officials who are technically responsible for financial operations do not have control, nor can they necessarily rely on the government for “protection.” So how can they fulfill their fiduciary responsibility to the citizenry?”
http://solari.com/updates_2012/beyond_the_fiscal_cliff.php
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Thanks, Pete.
I’ve sent a copy to Warren Mosler and Bill Black for their comments. I’ll let you know what they say.
Rodger Malcolm Mitchell
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“Mr President, why the hell am I paying taxes when you can mint a $100 trillion dollar coin, pay all our bills and not cause inflation?”
AND WHY, as in your own words,” (as stated on ” 60 minutes” (12/11/11)” President Obama said,”You can’t raise revenues by lowering taxes unless you get the money from somewhere else.” ?, WHY not from a legal issued coin?
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