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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.
Soon a decision will be made about where to put the Barack Obama Presidential Library. Several cities are in the running, one of which is Chicago.
I’m a Chicagoan, born and bred, though (full disclosure): For the past 50 years I have lived, not IN Chicago, but in a suburb of Chicago – about 4 miles outside the city limit.
Anyway, if you know Chicago as I do, you know its criminal history. Ted Kacyznski, the Unabomber was one of our guys. And no one will forget Rod Blagojevich, who thought the opportunity to sell a Senate seat was “golden,” as he put it.
And John Wayne Gacy, the serial killer of 33 boys – yup, a Chicago product. And are you old enough to remember John Dillinger? No? Don’t you go to the movies?
We’ll surely you remember our most famous product, Al Capone. Right?
We’ve not mentioned the innumerable Chicago aldermen sent to jail — people like Arenda Troutman, who took bribes, and Ambrosio Medrano, who also took bribes, and Jesse Jackson Jr. and his wife, both of whom took bribes (Note a pattern here?).
You see, if you run a tenement that has been cited for numerous code violations, you don’t fix the violations. You bribe your alderman.
If you need a liquor license in a neighborhood not zoned for liquor sales, you bribe your alderman. If you want to get out of a DUI ticket, you bribe your alderman.
In short, if you have any annoying problem, especially a problem with some illegal act you may have committed or wish to commit, you perform another illegal act: You bribe your Chicago alderman.
Since 1976, Chicago and its suburbs have seen 1,485 (!)federal convictions of corrupt public officials and businessmen, including 31 aldermen. Considering that Chicago has only 50 aldermen in total, sending 31 to jail in less than 40 years, is quite an accomplishment.
It demonstrates not only criminality, but incompetence for getting caught.
Why is this meaningful?
Are Some Banks Too Big to Punish?
By David Sirota
The Department of Labor notes that Credit Suisse (bank) “operated an illegal cross-border banking business that knowingly and willfully aided and assisted thousands of U.S. clients in opening and maintaining undeclared accounts” and in “using sham entities” to hide money.
Under existing Department of Labor rules, a conviction could prevent Credit Suisse from being designated a Qualified Professional Asset Manager. That designation exempts firms from other federal laws, giving them the special status required to do business with many pension funds.
The Obama administration is proposing to waive those anti-criminal sanctions against Credit Suisse, thereby allowing Credit Suisse to get the QPAM designation needed to continue its pension business.
According to data compiled by the Sunlight Foundation, employees of Credit Suisse have given President Obama’s campaigns more than $376,000. That’s particularly relevant in light of an April study of SEC data from London Business School professor Maria M. Correia.
That analysis showed that “politically connected firms are on average less likely to be involved in … enforcement action and face lower penalties if they are prosecuted.” Credit Suisse committed a crime. Where’s the punishment?“
Which brings us to the Barack Obama:
After graduating college, Mr. Obama was hired in Chicago as director of the Developing Communities Project, on Chicago’s South Side, as a community organizer. He then attended Harvard Law School, after which he was Visiting Law and Government Fellow at the University of Chicago Law School.
From then on, for Mr. Obama, it was all Chicago, all Illinois, all politics. Everything he knows comes from the Chicago political system. The man has the Chicago river running through his veins.
Now, nothing is to suggest Mr. Obama is another Ted Kacyznski, John Wayne Gacy or Al Capone.
No, in essence, Mr. Obama is a Chicago alderman on steroids. He grew up in the “Chicago way.” Prosecuting a money-donating backer for the “minor crime” of stealing millions, would be as alien to him as paying a traffic ticket.
So what could be more fitting than to site the Barack Obama Presidential Library in Chicago? It will be paid for by donors, absolutely none of whom expect anything in return.
Please ignore the fact that Mr. Obama named Penny Pritzker, Chicago’s wealthiest woman, to be his Secretary of Commerce.
Penny’s uncle owned Superior bank. Why is this meaningful?
The FDIC seized the bank and the Pritzker family reached an agreement with regulators to pay $460 million.
Industry experts have criticized the Pritzkers in regard to Superior. Consumer advocates and government investigators asserted Superior “engaged in unsound financial activities and predatory lending practices.”
What could be higher qualification for Secretary of Commerce than being involved with a crooked bank? Well, for one thing:
On July 2, 2008, Ms. Pritzker and her husband hosted a $28,500 per plate fundraiser for Mr. Obama’s campaign in Chicago with Warren Buffett and his wife, and Obama advisor Valerie Jarrett.
If you want something done, like loosening laws against illegal bank operations, failing to prosecute any bankster or cutting taxes on the rich while raising taxes on the poor, you don’t bribe your alderman. You bribe your President.
So yes, by all means, put the Obama Presidential Library here in Chicago. Keep it close to the money.
It’s the Chicago and the Obama way.
Rodger Malcolm Mitchell
Ten 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. Tax the very rich (.1%) more, with higher, progressive tax rates on all forms of income. (Click here)
9. Federal ownership of all banks (Click here)
10. Increase federal spending on the myriad initiatives that benefit America’s 99% (Click here)
The Ten Steps will add dollars to the economy, stimulate the economy, and narrow the income/wealth/power Gap between the rich and the rest.
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 growth lines rise. Increasing federal deficit growth (aka “stimulus”) is necessary for long-term economic growth.