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•Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
•Any monetarily NON-sovereign government — be it city, county, state or nation — that runs an ongoing trade deficit, eventually will run out of money.
•The more federal budgets are cut and taxes increased, the weaker an economy becomes. .
•Liberals think the purpose of government is to protect the poor and powerless from the rich and powerful. Conservatives think the purpose of government is to protect the rich and powerful from the poor and powerless.
•The single most important problem in economics is the Gap between rich and poor.
•Austerity is the government’s method for widening the Gap between rich and poor.
•Until the 99% understand the need for federal deficits, the upper 1% will rule.
•Everything in economics devolves to motive, and the motive is the Gap between the rich and the rest..
Obamacrime: The crime a government official intentionally ignores, waiting for the statute of limitations to run out. Obamacrimes ordinarily are associated with a quid pro quo, based on bribery of the government official.
Usage: U.S. Attorney General Eric Holder facilitated Obamcrimes by allowing criminal bankers to go unpunished.
Bill Black: Now the Justice Department Admits They Got it Wrong
Posted on September 11, 2015 by Yves Smith
By Bill Black, the author of The Best Way to Rob a Bank is to Own One and an associate professor of economics and law at the University of Missouri-Kansas City. Originally published at New Economic Perspectives
It is now seven years after Lehman’s senior officers’ frauds destroyed it and triggered the financial crisis. The Bush and Obama administrations have not convicted a single senior bank officer for leading the fraud epidemics that triggered the crisis.
The Department’s announced restoration of the rule of law for elite white-collar criminals, even if it becomes real, will come too late to prosecute the senior bankers for leading the fraud epidemics.
The Justice Department has, effectively, let the statute of limitations run and allowed the most destructive white-collar criminal bankers in history to become wealthy through fraud with absolute impunity.
When the history of the Obama Presidency is written, Obamacrime, not Obamacare, will be his legacy.
Obamacare is a complex, convoluted, Rube Goldberg invention, based on the false assertion that the federal government can’t afford Medicare for All. Eventually we, the public, will awaken and demand that our nation provide medical care for everyone. Then, Obamacare will be all but forgotten.
But Obamacrime is forever.
The Obama administration and the Department have failed to take the most basic steps essential to prosecute elite bankers.
They have not restored the “criminal referral coordinators” at the banking regulatory agencies and they have virtually ignored the whistleblowers who gave them cases against the top bankers on a platinum platter.
The Department has not even trained its attorneys and the FBI to understand, detect, investigate, and prosecute the “accounting control frauds” that caused the financial crisis.
In short, not only has the President created Obamacrime, which immunizes banker criminals from prosecution, but he is determined to hide these crimes, burying them under a cloak of public ignorance.
The only effective means to deter elite white-collar crimes is to imprison the elite officers that grew wealthy by leading those crimes.
U.S. Attorney General Eric Holder’s bank fines were useless – and the Department’s real prosecutors told him why they were useless from the beginning.
No one, of course, thinks Holder went rogue in refusing to prosecute fraudulent bank officers. President Obama would have requested his resignation six years ago if he were upset at Holder’s grant of de facto immunity to our most destructive elite white-collar criminals.
Thus, we have 100% proof the Obamacrimes of the banksters were countenanced, aided and abetted by Barack Obama, himself.
As a U.S. attorney, Loretta Lynch failed to prosecute any of the officers of HSBC that laundered a billion dollars for Mexico’s Sinaloa drug cartel and violated international and U.S. anti-terrorism sanctions. The HSBC officers committed tens of thousands of felonies and were caught red-handed, but now Attorney General Lynch refused to prosecute any of them.
In April of 2015Barack Obama appointed Loretta Lynch as Attorney General of the United States, thus assuring that Obamacrime will continue.
Not that the President is alone in his guilt. The entire Democratic Party has stood by, saying little.
Even more tellingly, the Republican Party, which hates and fights everything the President does, even to the point of disclaiming his place of birth, has said nothing about the Obamacrimes being committed before their eyes.
They are bribed by the same banksters who, with campaign contributions and promises of lucrative employment later, bribe the Democrats and Obama.
We must not simply prosecute the current banksters, but also prevent and limit future fraud epidemics.
I renew my long-standing offers to the administration to, pro bono,
(1) provide the anti-fraud training and regulatory policies,
(2) help restore the agency criminal referral process, and
(3) embrace the whistleblowers and the scores of superb criminal cases against elite bankers that they have handed the Department on a platinum platter. We can make the “new” Justice Department policy a reality within months if that is truly Obama and Lynch’s goal.
Ah, hope springs eternal in the breast of the innocent and the honest.
Sorry Bill (Black), that’s a wonderful offer, but if Obama wanted to “prosecute the current banksters,” and “prevent and limit future fraud epidemics,” he could have done it long ago.
But then, how would he achieve those obscene speaking fees and lucrative jobs for Michelle, Malia and Sasha, and that huge ego-building Obama library, all paid for by wealthy and grateful criminal donors?
Obamacrime pays, not just for the criminals, but for the Obama family. That will be his legacy.
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 and 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.
1. A growing economy requires a growing supply of dollars (GDP=Federal Spending + Non-federal Spending + Net Exports)
2. All deficit spending grows the supply of dollars
3. The limit to federal deficit spending is an inflation that cannot be cured with interest rate control.
4. The limit to non-federal deficit spending is the ability to borrow.
THE RECESSION CLOCK
Recessions come after the blue line drops below zero.
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.