●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.
Here are a few excerpts from Mr. Sheer’s right-on-target article:
The love fest between Barack Obama and his top fundraiser Penny Pritzker that has led to her being nominated as Commerce secretary would not be so unseemly if they both just confessed that they did it for the money. Her money, not his, financed his rise to the White House from less promising days back in Chicago.
“Without Penny Pritzker, it is unlikely that Barack Obama ever would have been elected to the United States Senate or the presidency,” according to a gushing New York Times report. “When she first backed him during his 2004 Senate run, she was No. 152 on the Forbes list of the wealthiest Americans. He was a long-shot candidate who needed her support and imprimatur. Mr. Obama and Ms. Pritzker grew close, sometimes spending weekends with their families at her summer home.”
The billionaire heir to part of the Hyatt Hotels fortune, has long been first off an avaricious capitalist, and if she backed Obama, it wasn’t for his looks. (She) and her family had acquired the Superior Bank with the help of $600 million in tax credits.
Pritzker assured its employees: “Our commitment to subprime has never been stronger.” Two months later, the bank was pronounced insolvent.
Sounds like a perfect Obama appointment for Commerce secretary — a tax avoider with a history of screwing the “little people.” Not that Obama was bribed or anything . . .
In the midst of the continuing cycle of misery brought on by the chicanery of the financial community two key Cabinet positions dealing with business practices will likely be occupied by people who specialized in those financial rip-offs.
For Pritzker, as with the confirmation of Lew, the fix is in.
Memo to my dear MMT brothers, at long last, please come right out and say it: “Barack Obama has been bribed to widen the gap between the rich and the rest. That is why he raised FICA and wants to cut Social Security and other programs that benefit the people.”
Pritzker was queried about avoiding the sort of taxes most ordinary folks are obligated to pay, and she replied in writing: “I am a beneficiary of some non-U.S. situs trusts which were established about 50 years ago (when I was a child). . . “
Penny does her best Sergeant Schultz impersonation, “I see nothing; I know nothing.”
It’s payback time, and even normally progressive Democrats like Pritzker’s home state Sen. Dick Durbin are prepared to roll over. Treating the appointment of billionaire Pritzker as a victory for women everywhere, the senator said she’d “broken through the glass ceiling with her extraordinary intelligence and business acumen.”
Right. She got rich because of business acumen . . . acquired when she “was a child.”
The next time someone tells you the deficit or debt must be reduced, or Social Security, Medicare, Medicaid, etc. etc. are “unsustainable,” just look at them pityingly, and say, “I see you have been brainwashed into believing the U.S. government, which originally created the dollar from thin air, and has passed all the laws that make the dollar possible, now can run short of dollars. How sad for you.”
Let’s just keep it simple: The President, Congress, the media and the mainstream economists have been bribed by the rich to cut benefits to the middle- and lower classes, so as to widen the income gap.
Let’s stop assuming they simply are honest but stupid. They are crooks, cruelly destroying the lives or ordinary families.
Rodger Malcolm Mitchell
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:
1. Federal Deficits – Net Imports = Net Private Savings
2. Gross Domestic Product = Federal Spending + Private Investment and Consumption – Net Imports