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●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.
While you read excerpts from the following article, keep this thought in mind: The U.S. has not put one criminal banker in jail. Not one.
New York Times
Online Currency Exchange Accused of Laundering $6 Billion
By MARC SANTORA, WILLIAM K. RASHBAUM and NICOLE PERLROTH
Published: May 28, 2013
The operators of a global currency exchange (Liberty Reserve) ran a $6 billion money-laundering operation online, a central hub for criminals trafficking in everything from stolen identities to child pornography, federal prosecutors in New York said on Tuesday.
Who said federal prosecutors aren’t tough on financial crime? Of course, $6 billion is peanuts compared to what the big, Wall Street banks stole.
And more importantly, the owners of Liberty Reserve probably didn’t contribute to the Obama campaign, and didn’t promise Obama & family lucrative jobs for after he leaves office.
The charges (were) announced at a news conference by Preet Bharara, the United States attorney in Manhattan, and other law enforcement officials.
Hey, where have you guys been? Aren’t those Wall Street banks right there in Manhattan?
The charges detailed a complicated system designed to allow people to move sums large and small around the world with virtual anonymity, according to an indictment, which was unsealed in federal court in Manhattan.
Mr. Bharara said at the news conference, where officials from the Justice and Treasury Departments, as well as the Secret Service and Homeland Security Investigations, also spoke. “The global enforcement action we announce today is an important step toward reining in the ‘Wild West’ of illicit Internet banking. As crime goes increasingly global, the long arm of the law has to get even longer, and in this case, it encircled the earth.”
Too bad that “long arm” became curiously short, when reaching for our home-grown criminal banks.
The money laundering count carries a maximum sentence of 20 years in prison, and the other two charges carry a maximum of 5 years each.
Question for Mr. Obama: “If the sentence for money laundering is 20 years, what’s the sentence for stealing hundreds of billions of dollars and destroying the lives of many millions of Americans? Anything?”
The case is significant, prosecutors said, because it attacks the financial infrastructure used by many cybercriminals.
Dismantling the Liberty Reserve operation was “critical because transnational criminal organizations can succeed only so long as they can funnel their illicit proceeds freely and without detection,” said James T. Hayes Jr., the special-agent-in-charge for Immigration and Customs Enforcement Homeland Security Investigations.
(As opposed to dismantling the criminal banks, which is not critical, because so much of their money is funneled to the President.)
But just to bring some balance to this article, the Republicans too, are deeply involved. These are the people who have been apoplectic about the IRS going after Tea Party groups, incensed about the Justice Department investigating the media and foaming at the mouth about Benghazi — but not one word about the failure to jail banksters.
One might conclude the Republicans are as adverse to punishing the rich as Obama is, perhaps even more so.
The failure to punish the biggest criminals in America will remain the large stain on the Obama legacy — the long-remembered definition of his presidency — when any good he has done will have been forgotten.
Note to the President: Regarding criminals, if you’re not against them, you’re with them.
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. Click here
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%
10 Steps to Economic Misery: (Click here:)
1. Maintain or increase the FICA tax..
2. Spread the myth Social Security, Medicare and the U.S. government are insolvent.
3. Cut federal employment in the military, post office, other federal agencies.
4. Broaden the income tax base so more lower income people will pay.
5. Cut financial assistance to the states.
6. Spread the myth federal taxes pay for federal spending.
7. Allow banks to trade for their own accounts; save them when their investments go sour.
8. Never prosecute any banker for criminal activity.
9. Nominate arch conservatives to the Supreme Court.
10. Reduce the federal deficit and debt
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