Here is a passage from Warren Buffett’s latest shareholder letter:

Those who regularly preach doom because of government budget deficits (as I regularly did myself for many years) might note that our country’s national debt has increased roughly 400 fold during the last of my 77-year periods. That’s 40,000%!

Suppose you had foreseen this increase and panicked at the prospect of runaway deficits and a worthless currency. To “protect” yourself, you might have eschewed stocks and opted instead to buy 3 1/4 ounces of gold with your $114.75.

And what would that supposed protection have delivered/ You would no have an asset worth about $4,200, less than 1% of what would have been realized from a simple, unmanaged investment in American business. The magical metal was no match for the American mettle.

Monetary Sovereignty has preached deficit spending for 20+ years. Finally, the “Oracle” begins to see the light.

I say “begins,” because it isn’t clear whether he truly understands Monetary Sovereignty. But perhaps it’s a start. Now, if only the Committee for a Responsible Federal Budget (CRFB) and all the others of their, debt-fear-mongering ilk, would finally just shut up, and allow America to grow.

Perhaps someone will tell Buffett about the Ten Steps to Prosperity (below). Then, we could narrow the Gaps between the rich and the rest, cut federal taxes, eliminate poverty, and create a truly great America for all Americans, not just the chosen few.

After laboring quietly, mostly alone, for all these years, will I live long enough to see it?

Rodger Malcolm Mitchell
Monetary Sovereignty
Twitter: @rodgermitchell
Search #monetarysovereigntyFacebook: Rodger Malcolm Mitchell

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The most important problems in economics involve the excessive income/wealth/power Gaps between the richer and the poorer.

Wide Gaps negatively affect poverty, health and longevity, education, housing, law and crime, war, leadership, ownership, bigotry, supply and demand, taxation, GDP, international relations, scientific advancement, the environment, human motivation and well-being, and virtually every other issue in economics.

Implementation of The Ten Steps To Prosperity can narrow the Gaps:

Ten Steps To Prosperity:

1. Eliminate FICA

2. Federally funded medicare — parts a, b & d, plus long-term care — for everyone

3. Provide a monthly economic bonus to every man, woman and child in America (similar to social security for all)

4. Free education (including post-grad) for everyone

5. Salary for attending school

6. Eliminate federal taxes on business

7. Increase the standard income tax deduction, annually. 

8. Tax the very rich (the “.1%) more, with higher progressive tax rates on all forms of income.

9. Federal ownership of all banks

10. Increase federal spending on the myriad initiatives that benefit America’s 99.9% 

The Ten Steps will grow the economy, and narrow the income/wealth/power Gap between the rich and you.

MONETARY SOVEREIGNTY