–What is the difference between bank fraud and austerity?

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.


A few thoughts jotted down while working on other thoughts.

What is the difference between bank fraud and austerity?

Austerity is legal. Otherwise they are the same.

Except bank fraud costs the public billions, while austerity costs the public trillions. Otherwise they are the same.

Except, while the public hates bank fraud, the public accepts austerity. Otherwise they are the same.

Except the bankers who cause bank fraud never go to jail, while the politicians and economists who cause austerity . . . hmm . . . they never go to jail, either.

They are pretty much the same.


The two U.S. Senators from my state, Illinois, are Dick Durbin (D) and Mark Kirk (R).

Each time I tell them why deficit reduction (austerity) is an unnecessary, economic disaster, and why the federal deficit should be increased, I receive a response “agreeing” with me that the federal deficit and debt are “unsustainable” and the government must cut spending and live within its means.

Such is the quality of Illinois representation in Washington.


Four arguments that never seem to go away, because facts mean nothing:

Gun control.
Abortion rights.
Gay rights.
Increased deficits.

When will Americans grow up?


The worst Supreme Court justice, who repeatedly whines about having been denied jobs because of his race, but who received his current position because of his race, consistently votes for bigotry.

When will he grow up?


On every issue, the right wing opposes the tired, the poor, the huddled masses yearning to breathe free, the wretched refuse of teeming shores, the homeless, the tempest-tossed.

This says much about the right wing, but it says even more about the middle class, who support the right wing.

When will the American middle class grow up?


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


2 thoughts on “–What is the difference between bank fraud and austerity?

  1. You know I get the same response from my senator and representative here in Idaho also. I constantly write them letters, e-mails and phone calls and I get the same general response.

    I really want to take these letters and e-mails and put them directly in their face. I am sure they only look at those that agree with them. I have even tried to participate in phone style town hall meetings but as soon as I start to give my point of view I mysteriously get cut off or I am never gotten to.


  2. It’s even worse than that. They don’t even see your comments.

    Your representatives spend a majority of their time fund-raising. Legislating comes in a distant second.

    Your letters are read by a semi-literate flunkie, who looks at the subject and matches it with a pre-written response.

    When you write about the deficit or the debt, they just select the standard “cut-the-debt” response, and out it goes.

    The only difference is: When they get a huge amount of mail on one subject, all expressing the same sentiment, they might let your representative know.

    Volume, not facts or logic, is what counts. Wise votes count no more than stupid votes, and votes are the only thing that matters.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s