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.
●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.
●Everything in economics devolves to motive.
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Here is why Social Security, Medicare, Medicaid and aids to the poor will be cut, and the gap between the rich and the rest will be widened.
Boeing, billionaire Penny Pritzker among Obama’s donors
By Katherine Skiba, Tribune reporter, April 24, 2013Illinois donors to President Barack Obama’s second inauguration included aviation giant Boeing Co., which contributed $1 million, and billionaire Penny Pritzker, who gave $250,000, according to newly filed records.
Pritzker, who is being vetted by the White House as a candidate for commerce secretary, gave $250,000 personally to the Presidential Inaugural Committee.
For those not familiar with Chicago, the Pritzkers are Chicago’s most powerful family. Few big projects are completed here without their involvement.
Some observers consider Millennium Park to be the city’s most important project since the World’s Columbian Exposition of 1893. The centerpiece of Millennium Park is the Jay Pritzker Pavilion
In February 1999, the city announced it was negotiating with Frank Gehry to design a proscenium arch and orchestra enclosure for a bandshell, as well as a pedestrian bridge crossing Columbus Drive, and that it was seeking donors to cover his work. At the time, the Chicago Tribune dubbed Gehry “the hottest architect in the universe”
His hesitance and refusal to accept the commission was overcome by Cindy Pritzker, the philanthropist, who had developed a relationship with the architect when he won the Pritzker Prize in 1991. According to John H. Bryan, who led fund-raising for the park, Pritzker enticed Gehry in face-to-face discussions, using a $15 million funding commitment toward the bandshell’s creation.
This, from the Chicago Tribune:
10 LARGEST CORPORATE DONORS TO OBAMA’S SECOND INAUGURATION COMMITTEE
AT&T: $4.6 million
Microsoft: $2.1 million
Boeing: $1 million
Chevron: $1 million
Genentech, Inc.: $750 thousand
Deloitte LLP: $500 thousand
FedEx: $500 thousand
Hargrove Inc.: $500 thousand
Coca-Cola: $430 thousand
Bank of America: $300 thousand
Ask yourself three questions:
1. Why have wealthy business leaders committed so much money to President Obama’s committee?
2. How is Obama saying, “Thank you” to these wealthy business leaders?
3. Later, how will these wealthy business leaders say, “Thank you,” for Obama’s “Thank you”?
In the Washington spirit of one hand washing the other, Obama will widen the gap between the rich and the rest, and later, the rich will pay for his Obama library (in Chicago, spearheaded by the Pritzkers) and hire him and his family for all sorts of lucrative jobs, speeches, advisories, etc.
Pritzker still in line for Commerce post
Reuters, April 26, 2013Pritzker, the 271st richest American according to Forbes magazine, was Obama’s national finance chair in 2008 and his campaign co-chair in 2012. Her personal fortune is worth an estimated $1.85 billion, putting her at the pinnacle of the top 1 percent of American households.
After a long vetting process, Pritzker remains in the running for the Commerce post.
Obama has been, and continues to be, bribed to widen the gap, and if anything, Obama is an appreciative man. And that is why Social Security, Medicare, Medicaid and aids to the poor will be cut, and the gap will be widened.
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 
The Pritzkers demonstrate that money does not bring us power, unless we have the right social connections. (Money by itself brings only luxury.) You may have more money than me, but I will have more power than you, if I have better social connections than you have. Penny Pritzker is only the 271st richest American, and yet the Pritzker family, because of their connections, has more power than other families who are wealthier. The Pritzkers, in order to make their network tight and effective, focused on the Chicago area, rather than disperse themselves across the nation. It was they who hand-picked Obama and introduced him to Wall Street, so they could install Obama in rhe White House.
Indeed, austerity is designed to increase not only the wealth gap, but the social gap. It causes you and me to live in poverty, while enhancing connections between the rich. Privatization increases both their wealth and their connections with each other, thereby creating an aristocracy.
People like Penny Pritzker and Pete Peterson don’t “hate” us (a farmer doesn’t hate his livestock), but they do want to increase their distance from us, and their tightness with each other. When Obama or Paul Ryan demand austerity for us, they enhance their connections with the rich.
Meanwhile, mainstream economics is designed to legitimize the power of people like the Pritzkers, and the poverty of you and me. If you deny this, then you live in a dream world (as most people do). You will understand nothing, and you will chatter about nothing. You will call austerity a “failed policy.” You will claim that Reinhart and Rogoff simply made a “mistake.” You will reject the facts of Monetary Sovereignty. You will be a fool who fancies himself brilliant.
It’s all about power. Luxury alone becomes boring, but power is forever thrilling. It is the ultimate earthly addiction. The more power you get, the more you want.
Therefore the masses must have more austerity. Always more.
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A GLIMMER OF HOPE?
Because of austerity, the CBO now predicts that the federal deficit will fall to 2.4 percent of GDP by 2014. That means the depression will continue to worsen.
But now, Senator Tim Kaine (D-VA) and Representative Chris Van Hollen (D-MD) say there is no deficit problem or debt crisis. They say there is no need for new spending cuts or tax increases. They say austerity, in all its forms, is the cause of recessions, not the cure.
Van Hollen is the ranking member of the House Budget Committee. He says, “There is no excuse for putting the brakes on already slow economic growth. The Republican plan is a prescription for more European-style austerity.”
Some Democrats are calling for a reinstatement of the FICA tax break, plus a full cancellation of the $85 billion sequester spending cuts.
Of course, they still promote the lie that the deficit and the national “debt” are “long term problems.”
They just say that right now, austerity is “premature,” and that we should focus on creating jobs.
http://www.politico.com/story/2013/04/democrats-debt-crisis-90717.html?hp=f2
Despite this possible turning of the tide, the corporate media continues to print pro-austerity editorials by Erskine Bowles and Alan Simpson. Here’s one today in the Washington Post. Don’t click it. It’s the same old garbage…
http://www.washingtonpost.com/opinions/a-deficit-reduction-compromise/2013/04/28/56b5a630-ae94-11e2-8bf6-e70cb6ae066e_story.html
On a different note, it is possible that (some) politicians are stupid after all. Australia’s federal government is Monetarily Sovereign, and does not need tax revenue. Nonetheless, Prime Minister Kevin Rudd tried to impose a tax on the big mining companies. As a result, Rudd’s own party booted him out of office as Prime Minister, and also as leader of the Labour Party (24 June 2010). Rudd was replaced by his deputy, Julia Gillard.
Rudd forgot that austerity is only for the peasants. Any politician who tries to impose it on the rich is ejected.
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One blogger says, “Deficits don’t matter to conservatives. They just want to hack away at government.”
Wrong! Conservatives LOVE government. They just don’t like the parts that help average people. They hate Social Security, but love QE.
The blogger also says it is “outrageous that Congress and the administration are moving quickly to reduce the inconvenience to travelers — people fortunate enough to be able to buy plane tickets — by easing cuts in air traffic control, while leaving the rest of the sequester in place. What about the harm being done to the economy as a whole? What about the sequester’s injuries to those who face lower unemployment benefits, who need Meals on Wheels, or who attend Head Start programs?”
Agreed.
Then comes a major foul-up: “We should be using this period of low interest rates to invest in our infrastructure. This would help relieve current unemployment while laying a foundation for long-term growth.”
Obviously the blogger thinks the US government borrows all its money, and the Fed’s interest rates are determined not by the Fed, but by “the market.”
http://host.madison.com/ct/news/opinion/column/ej_dionne/e-j-dionne-jr-the-true-agenda-of-deficit-hating/article_7ae19aea-ee37-569e-98f9-997bacd80607.html
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Hey Rodger, you wrote…..
“For those not familiar with Chicago, the Pritzkers are Chicago’s most powerful family. Few big projects are completed HERE without their involvement.”
Does that “here” mean that you also currently reside in Chicago?
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This from Bill Clinton, who has made a fortune since leaving office, courtesy of the .1%, grateful for his deficit cutting, which widened the gap.
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