●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.
The National Memo reported that Attorney General Eric Holder made it crystal clear: Banks are not too big to jail.
Holder: Banks Are Not ‘Too Big To Jail’
May 15th, 2013, Jason Sattler
Attorney General Eric Holder told the House Judiciary Committee Wednesday that big bankers are not “too big to jail.”
O.K., that’s a relief. Now some criminals, people who have stolen billions, will be in jail alongside those other desperados: People who smoke pot.
In March, Holder had told the Senate Judiciary Committee, “I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them.”
Responding to a question from Rep. John Conyers (D-MI) about his comment from March, Holder conceded again on Wednesday that such prosecutions may be too difficult . . .
Uh, oh. Maybe the criminal bankers are too big to jail.
. . . but (Holder) stressed that “there’s no bank, there’s no institution, there’s no individual that cannot be prosecuted by the U.S. Department of Justice. Let me be very, very, very clear… banks are not too big to jail,” Holder added.
O.K., now we understand. Those criminal bankers are going to jail.
The DOJ has not brought any criminal charges against the big banks since the financial crisis of 2008 forced taxpayers to bail them out.
Got it now. The banksters are too big to jail, but they’re not too big to jail, but they are too big to jail — especially when your boss has been bribed to give these crooks a pass. Simple?
Senator Elizabeth Warren (D-MA) sent a letter to the Justice Department earlier this week, calling for explanations into the settlements that have been made with the big banks.
“If large financial institutions can break the law and accumulate millions in profits, and if they get caught, and settle by paying out of those profits, they do not have much incentive to follow the law,” she wrote.
Liz, we love what you’re trying to do, but there are no “ifs” involved. President Obama has made sure large financial institutions can break the law and accumulate millions in profits, and when they get caught, they can settle by paying out of those profits. It’s called a “cost of doing business.
And yes, Mr. Obama has made sure these big-contributing, job-promising, Obama-Library-building .1%ers have zero incentive to follow the law. It’s called “gratitude” and “paying it forward.”
High priced speaking gigs coming soon to Barack, Michelle, Natasha and Malia.
Rodger Malcolm Mitchell
P.S. And by the way, Obama Assets Valued Between $2.6 million And $8.3 million. How did a former “community organizer” and government employee accumulate that much money?
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