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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.
If President Obama’s appointment of billionaire Penny Pritzker wasn’t sufficient evidence . . . If his “Grand Bargain” and his FICA increase didn’t do it for you . . .
If his oft-repeated desire to cut Social Security and his false claim that the government must live within its means, just like you and me, wasn’t conclusive . . . And if his failure to adopt or even discuss Medicare for All (vs. Obamacare) could simply be attributed to ignorance and not to bribery . . .
And despite the fact that all of the above help widen the gap between the rich and the rest, you need even more evidence of bribery by the rich, (via campaign contributions and promises of lucrative employment later), here is yet one more clue:
Sept. 13, 2013, 1:55 a.m. EDT
Obama set to name Summers as Fed chief: report
U.S. President Barack Obama plans to name former U.S. Treasury Secretary Lawrence Summers as the next chairman of the U.S. Federal Reserve Board of Governors, according to a report Friday by Japanese newspaper Nikkei, which cited unnamed sources. An announcement is expected as early as late next week, following the conclusion of the Fed’s policy meeting on Wednesday.
Yes, that Larry Summers, the guy who has screwed up every job he has held and has favored the moneyed crowd at every turn, and as a result, has been promoted to even more prestigious jobs.
Click on his name and you will see what he is all about: Larry Summers
To appoint Summers is to tell the world, “I don’t give a damn what happens to the middle- and lower-income groups in America. I just want to suck up to the rich, so that Penny will build me a nice, big Obama library in Chicago.”
What an abject failure Obama has been. What a disappointment to those who elected him. What a sad Presidency.
What next? Repeatedly change course on Syria? (Oops. Done that, already.)
Watch GINI make a big leap.
Rodger Malcolm Mitchell
Nine Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Medicare — parts A, B & D plus long term nursing care — for everyone (Click here)
3. Send every American citizen an annual check for $5,000 or give every state $5,000 per capita (Click here)
4. Free education (including post-grad) for everyone. Click here
5. Salary for attending school (Click here)
6. Eliminate corporate taxes (Click here)
7. Increase the standard income tax deduction annually
8. Increase federal spending on the myriad initiatives that benefit America’s 99% (Click here)
9. Federal ownership of all banks (Click here)
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
THE RECESSION CLOCK
As the lines drop, we approach recession, which will be cured only when the lines rise.