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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, and the motive is the gap.
You can discern America’s directions by what appears in our press. Here are two real news stories, together with their imagined possible outcomes.
Real Story: Donald Sterling:
“Monday,” the now famous bigot, Donald Sterling, tells his girlfriend in a private conversation, that he doesn’t want her to associate in public with black people. She secretly records his comments.
Americans are shocked to learn there are bigots in this country. This becomes the biggest news story for many days, as all news and comedy shows reference it.
The NBA fines Sterling $2.5 million and costs him many millions more by barring him from everything basketball, and attempting to strip him of his team.
“Tuesday,” an NBA owner tells his girlfriend in a private conversation, that gay people are an abomination, and will go to hell. She secretly records his comments. He loses his team.
“Wednesday,” an NBA owner tells his girlfriend in a private conversation, that Jews killed our Lord and Savior, and the Holocaust not only never happened, but also was just deserts for their crime. She secretly records his comments. He loses his team.
“Thursday,” an NBA owner tells his girlfriend in a private conversation, that Mexican immigrants are “wetbacks” and food stamp “takers,” and should all be sent to jail or back to Mexico. She secretly records his comments. He loses his team.
“Friday,” an NBA owner tells his girlfriend in a private conversation, that native Americans are lazy savages, drunk on firewater, and who aren’t real Americans. She secretly records his comments. He loses his team.
“Saturday,” an NBA owner tells his girlfriend in a private conversation, that the Pope and his Catholic priests spend their time buggering young boys and stealing millions from the poor to pay for the Vatican. She secretly records his comments. He loses his team.
“Sunday,” NBA owners tell their girlfriends in private conversations, that the Irish are “drunks,” the Italians are “mafiosa,” the Muslims are “terrorists,” whites are “rednecks” and “honkeys,” women using contraceptives are “whores” and raped women were “asking for it.” All the girlfriends secretly record the comments. All the owners lose their teams.
As a result, every owner, every coach and every player has been punished financially and ejected from the NBA, for expressing, in private, any bigotry they have held.
And then there’s this real story:
Mass. Legislature and Gov. Fork Over $177 Million in State Taxes to the Pentagon
An Imperial Scam Coming to Your State Soon
by John V. Walsh
“Monday:” Governor Deval Patrick signed into law a bond bill that dispenses $177 million in Massachusetts State Taxes to the Pentagon for construction and “upgrades” of U.S. military bases in the state.
Meanwhile cities and towns are in dire need of more state aid for schools and other crucial spending, like ravaged roads, crumbling bridges and decaying senior centers. Taxes have been raised in many cities and towns because of the lack of such funds from state coffers, further burdening the taxpayers.
Similar legislation, for $40 million, has already been enacted in Connecticut for the Naval Submarine Base in Groton. And there is rumor that similar legislation has been proposed in other states.
Thus the $40 million in Connecticut and the $177 million in Massachusetts may well serve as pilots for more giveaways by other states. In fact it is likely that states which refuse to pony up may be threatened with loss of their military bases and the jobs that go with them, setting off an unseemly bidding war.
Tuesday: The bidding war does continue, with each state contributing more and more to the federal government for construction and upgrades of federal facilities.
“Wednesday”: To pay for its continually increased bidding, Connecticut raises taxes, again.
“Thursday”: Connecticut financially is forced to reduce support for public schools, roads and bridges, police and fire departments.
“Friday”: Other states follow Connecticut’s lead.
“Saturday: The federal government begins to charge the states, not only for construction and upgrades, but also for federal salaries.
“Sunday”: Nationally, public education, roads, bridges, police and fire departments are devastated, local taxpayers impoverished, and all states lose the ability to pay their bills.
The President and Congress of the United States (which has the unlimited ability to pay its bills, even without taxes), boast about running a federal surplus. They admonish the states to be more frugal and monetarily prudent.
Which of the above outcomes is more realistic and which is more important to you?
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
Vertical gray bars mark recessions.
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.