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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.


Back in June, 2005, in a talk at the University of Missouri, Kansas City, I said, “Because of the Euro, no euro nation can control its own money supply. The Euro is the worst economic idea since the recession-era, Smoot-Hawley Tariff. The economies of European nations are doomed by the euro.

Subsequently, I’ve written many posts along the same lines, one of the more definitive being: “There are two, and only two, long-term solutions for Greece and the other euro nations.” Thursday, Nov 3 2011, which included:

For Greece and the other euro nations, long term survival requires one of two, and only two, events:

1. Adopt some form of a sovereign currency, and become Monetarily Sovereign
2. The EU give (not lend) euros to its member nations as needed.

There are no other solutions. None. All the running in circles by the European financial geniuses will be to no avail. Each day they come up with some new lending plan, and the next day abandon it in favor of some other lending plan.

At the top of today’s, and most recent posts, is the comment:

●Austerity is the government’s method for widening the gap between rich and poor, which ultimately leads to civil disorder.

That comment contained a link to: One poll: What America believes about the likelihood of revolution, which included:

Three in 10 registered American voters believe an armed rebellion might be necessary in the next few years, according to the results of a poll released Wednesday by Fairleigh Dickinson University’s PublicMind.

Just this past Thursday, the Daily Kos ran the article, “The pitchforks are coming out in Europe,” which included these lines:

Events in Italy are turning serious. President Giorgio Napolitano has warned of “widespread social tension and unrest” in 2014 as the Long Slump drags on.

Those living on the margins are being drawn into “indiscriminate and violent protest, a sterile lurch towards total opposition”

The protest movement in Italy is literally called the Pitchfork Movement (Movimento dei forconi). Their demands are no less than the overthrow of the government.

The wind of revolt that is blowing in Italy today is the direct result of the euro and the wrong choices made by the EU and the ECB.” – Mario Borghezio, Northern League member

Greece is experiencing its worst deflation in 50 years. Credit in Spain and Italy is contracting at a rate of 6 to 12 percent a year. Soon there simply won’t be any money for people to live on.

It all was predictable. We predicted it:

The rich created the euro.
The euro requires austerity.
Austerity is another word for “deficit reduction.”
Deficit reduction widens the gap between the rich and the rest.

The people of Greece, France, Italy — they just now are learning about deficit reduction. They are learning deficit reduction is the primary sword of the rich, used to slash and impoverish the middle- and lower-income groups — to widen the gap.

You are watching the slow death of the European people — the death of a thousand cuts — because of deficit reduction, the sword wielded by the rich.

Look around. Everywhere you see your blood flowing from deficit cuts, cuts and more cuts, while the rich blame you for the misfortune they cause you.

How long before you realize what is being done to you?

●The penalty for ignorance is slavery.

Rodger Malcolm Mitchell
Monetary Sovereignty

Nine Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Federally funded 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

Monetary Sovereignty Monetary Sovereignty

As the federal deficit growth lines drop, we approach recession, which will be cured only when the lines rise.