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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 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.
Last year this blog published: Lawrence Summers: Failing to the top and followed it up with “Lawrence “Sleepy” Summers comedy hour renewed for another season,” which included this appropriate photo:
Now that zombie movies are all the rage, “Sleepy” seems to have risen from the dead. I highly recommend the following article: “The Return of Lawrence Summers, Mr. Spectacular Failure” by Robert Sheer on July 15, 2013.
Apparently, Lawrence Summers has the cojones to tell the world he would like to be the next Chairman of the Fed. (For all you who feel the Fed should be eliminated, his Chairmanship would solidify your belief.)
A couple of lines from Mr. Sheer’s article:
Tell me it’s a sick joke: Former U.S. Treasury Secretary Lawrence Summers, the guy who tops the list of those responsible for sabotaging the world’s economy, is lobbying to be the next chairman of the Federal Reserve. But no, it makes perfect sense, since Summers has long succeeded spectacularly by failing.
I urge you to read the entire article. It’s too funny (horrifying?) to be summarized by a single paragraph.
Will President Obama appoint possibly the worst choice on the planet to lead our banking system (now that Bozo the Clown and Sarah Palin haven’t shown interest)?
Obama previously appointed Summers to be Director of the National Economic Council, which advises Presidents on economic matters. So the future bodes ill.
For Mr. Obama, who has been well bribed by the rich (as witness the appointment of billionaire and loyal supporter Penny Pritzker to be Commerce Secretary), the appointment of the bribed Summers is a natural.
Both men have shown an insatiable lust to suck up to the upper-income group and to stomp on the rest of us working slobs. Obama repeatedly has expressed the desire to gut Social Security, and let’s not even talk about Obama’s middle-class-crushing “Grand Bargain.”
Again quoting Sheer:
It was a massive infusion of Wall Street money that helped Obama get elected both times. And Wall Street, which showered Summers with almost $8 million in speaking fees and hedge fund profits during the 2008 campaign while he advised Obama, clearly would approve of this greed enabler as the next Fed chairman.
So our advice is: Keep your passport current. If Obama appoints Summers, you may want to use it.
Quickly and long term.
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