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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.
Thank you reader Ian Winograd for calling to our attention this article:
Radio Station Burns $5,000 Cash in Publicity Stunt
By Beth Greenfield, Shine Staff | Healthy Living
A contest, “Bank It or Burn It,” run by 90.3 AMP Radio in Calgary, asked listeners to weigh in on whether the stacks of bills should go to a lucky listener or be set on fire.
Morning cohosts Katie Summers and Ryan Lindsay say they were left with no choice but to follow through when 54 percent responded with the hashtag “#BURN” via text.
The contest continues, this time with $10,000 on the line. But if the outcry so far is any indication, this vote could go much differently.
“I just wanted to let you know that you guys make me sick,” one call-in listener declared, echoing the sentiment that had been building throughout the weekend. Hundreds of commenters have expressed anger.
“Disgrace. Absolute…disgrace, this makes me embarrassed to live in this city.” “I hope AMP literally burns for this. Words can’t explain my disgust.” “. . . the contest shouldn’t have existed in the first place. AMP’s fault.”
A slew of tweets say the burning of the bucks was “stupid,” “dumb” and “selfish,” with some calling for station boycotts and attempting to divert public focus to various charities that are hard up for donations right now.
As reader Winograd said, “There was a huge outcry that the money could have gone to charity. But when Canadians pay their billions of dollars in taxes, and the money is destroyed, there is no outcry. Shouldn’t that be the critical debate?”
Absolutely. There is no functional difference between austerity and burning dollars. In either case, there is less money in the economy than there would have been without the austerity or the burning.
(Yes, paper dollars are not actually dollars; they are titles to dollars. But burning those titles effectively removes dollars from the money supply, identical with a reduction in deficit spending.)
Federal budget aims for economic growth over cuts to erase deficit
Sarah Boesveld – March 21, 2013
OTTAWA — The Conservative government tabled a budget Thursday that relies largely on projected growth instead of new cuts to erase the deficit and balance the budget by the 2015 election.
The budget increases (spending) by less than 1%, “the smallest increase in discretionary spending in nearly 20 years,” according to Finance Minister Jim Flaherty. It closes tax loopholes.
“We will not back away from our steadfast commitment to fiscal responsibility,” Mr. Flaherty said in his budget speech. “We will not balance the budget on the backs of hardworking Canadian families or those in need. But we will balance the budget. And we will do it in 2015.”
Translation: “We will cut spending for social services and we will balance the budget on the backs of hardworking Canadian families and those in need. We can get away with this because we have brainwashed you Canadians into wrongly believing the central government is running short of dollars, and that its finances are just like your personal finances.”
Meanwhile Canadians, you have your underwear all in knots, because a radio station burned a few thousand dollars that “could have gone to charity.” But you applaud a government that unnecessarily cuts billions from its budget — billions that could have gone to the needy.
The penalty for ignorance is slavery. Can it get more ignorant than that?
Rodger Malcolm Mitchell
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. Provide an Economic Bonus to every man, woman and child in America, and/or every state a per capita Economic Bonus. (Click here) Or institute a reverse income tax.
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 federal deficit growth lines drop, we approach recession, which will be cured only when the lines rise. Federal deficit growth is absolutely, positively necessary for economic growth. Period.