Twitter: @rodgermitchell; Search #monetarysovereignty
Facebook: Rodger Malcolm Mitchell

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 ultimately 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.


Those of us who are sophisticates have been using the word “meme” for eons, mostly to impress you dullards. We fashionable types could use the words “belief” or “idea” or “premise” or even “axiom.” But that wouldn’t demonstrate we are cool with the latest jargon.

There is an acceptable definition of “meme” in Wikipedia at Meme But the Daily Bell has an even better one:

A meme is a dominant social theme with the strength for propagation from one generation to another.

A dominant social theme is a belief system (usually concerning a purported social or natural problem) promoted by the monetary or power elite.

The related problem, as it is presented, may be centered on people themselves (e.g., overpopulation) or be caused by people (e.g., global warming).

A dominant social theme typically is launched from one or more centers of the elite’s global architecture, such as the United Nations, World Bank, World Trade Organization or World Health Organization.

The theme is then rebroadcast by the mainstream media. Dominant social themes are notable for their resistance to contrary evidence, and they invariably imply a need for unaccountable, elite authorities to impose a solution.

With sufficient repetition in the mass media (including “news” and entertainment presentations) and through enshrinement in school curricula, a dominant social theme can become so ingrained in the public mind that it is passed from one generation to the next, as though it were folk wisdom.

It becomes virtually exempt from questioning.

The fear of overpopulation is a meme, as the worry now has spanned generations. A generalized fear that the world may run out of resources, including basic resources such as oil and water, appears on its way to becoming a meme.

After, “religion-equals-morality,” which is the world’s favorite meme, economists might say today’s dominant meme is the belief that the finances of a Monetarily Sovereign nation are the same as the finances of a monetarily non-sovereign entity — government, business or person — so a Monetarily Sovereign government must “live within its means” (aka “austerity”) or suffer recession, depression or inflation.

Harking back to that wonderful Daily Bell definition:

1. This need-for-austerity meme has the “strength for propagation from one generation to another.” (Not just generations, but centuries).

2. It is “promoted by the monetary or power elite.” (Promoted by political leaders).

3. It is “launched from one or more centers of the elite’s global architecture, such as the United Nations, World Bank, World Trade Organization.” (All of them plus others.)

4. It is “rebroadcast by the mainstream media.” (All of them.)

5. It is “resistant to contrary evidence.” (Bingo!)

6. It “implies a need for unaccountable, elite authorities to impose a solution.” (Every government plus famous economists and other experts.)

7. It is enshrined enshrined in school curricula (Nearly all college economics departments, with the notable exception of UMKC, teach it.

8. It has become “virtually exempt from questioning.” (In fact, those who dare to question it are attacked. See Ignaz Semmelweis.)

The fundamental problem with memes is #8, above. They aren’t questioned, at least not seriously enough. And they often are wrong.

“Overpopulation” has not occurred, probably won’t occur this century and may never occur.

“Global warming” is happening, in that the world is getting warmer, but the meme that global warming is a curse, has begun to show cracks — perhaps it’s not so imminent and maybe it’s not so bad as Al Gore says. On balance, it actually might prove to be beneficial.

“Running-out-of-oil” keeps getting pushed farther into the future as unforeseen technology finds new sources and new substitutes.

“Religion-equals-morality” is a meme that meets all of the above 8 criteria, plus one that magnifies its power. Call it criterion #9: The meme is vital to important people, in this case religious leaders.

The “need-for-austerity” meme has that 9th criterion. It is vital to the important, upper .1% income group, because it leads inexorably to a wider gap between the rich and the rest. The gap is what make them rich, and the wider the gap, the richer they are.

Thus, the need-for-austerity meme, as factually wrong as it is, may be with us forever. That’s why you should care.

Rodger Malcolm Mitchell
Monetary Sovereignty


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