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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.
This will be quick.
God is in his heaven and all is well with the world:
Larry Summers Withdraws Name From Fed Consideration
Julie Pace & Martin Crutsinger, September 15, 2013
Summers’ withdrawal followed growing resistance from critics, including some members of the Senate committee that would need to back his nomination.
Even the politicians and Barack Obama couldn’t handle the heat from sheer truth: Larry would have been the worst choice imaginable (along with his pals, Moe and Curly.)
Summers’s “withdrawal” is a Godsend that probably went something like this:
(Obama: “Larry, appointing you would be too stupid even for me, so you’ll have to, ahem, ‘withdraw.'”)
(Summers: “Gee, do I have to? If you make me quit, I won’t contribute to your Obama Presidential Library.”)
(Obama: “I don’t care, now that I have Penny Pritzker.”)
(Summers: “Well, O.K., but please don’t appoint a women. As you know, women aren’t capable.”)
This leaves us with the question of whom to appoint. I’ve seen a couple mentions of Warren Mosler’s name as a candidate for Fed Chairman — not exactly a groundswell, but at least a handful of people are thinking correctly.
Warren would be terrific, and the country would benefit greatly. I suggest that you contact your politicians and everyone you know, and tell them to contact their politicians and everyone they know — TODAY — and suggest, no, DEMAND, that Warren Mosler be our next Fed Chairman.
At long last, install sanity in the Federal Reserve and Congress and the White House.
If you want to know more about Warren Mosler’s thinking, check out: http://moslereconomics.com/
Hey, is http://www.MoslerforFedChairman.com available?
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.