On November 11, just three days ago, we published, “What THE WEEK Magazine said, and what they really meant.”

THE WEEK’s article promulgated the myth that the finances of our Monetarily Sovereign government are identical to the finances of monetarily non-sovereign entities, like states, counties, cities, businesses, you, and me.

We demonstrated the falsity of the article.

Today, THE WEEK repeated the “crime,” by publishing a short summary, which we will now dissect.

October deficit jumped 34 percent over same month last year
The federal deficit rose to $134 billion in October, a 34 percent increase over last October, according to Treasury Department data released Wednesday.

Translation: This October, the federal government pumped 34 percent growth dollars into the economy than it did last year.

The federal deficit rose to $134 billion in October, a 34 percent increase over last October, according to Treasury Department data released Wednesday.

The Treasury Department estimated that the full 2020 fiscal year deficit would be greater than $1 trillion for the first time since 2002.

President Trump promised during his 2016 campaign that he would eliminate the deficit while in office, but the shortfall has jumped due to the GOP tax cuts and several bipartisan spending deals that have increased defense and domestic spending.

Translation: The federal government pumped $134 growth dollars into the economy in October, a 34 percent increase over last October, according to Treasury Department data released Wednesday.

The Treasury Department estimated that the full 2020 fiscal year economic surplus would be greater than $1 trillion for the first time since 2020.

President Trump promised during his 2016 campaign that he would eliminate the economy’s surplus while in office, but the economy’s growth-dollar increase has jumped due to the GOP tax cuts and several bipartisan spending deals that have increased defense and domestic spending.

TheHill.com

A bigger deficit and rising overall federal debt can push up interest rates and limit actions leaders can take to avoid a recession. [The Hill]

Translation: A bigger total of investment in T-securities and a rising overall economic surplus has no unintended effects on interest rates, because the Fed has the unlimited ability to control rates). Further, the increase in T-security investment and rising economic surplus do absolutely nothing to limit actions leaders can take to avoid a recession.

In fact, increasing economic surpluses prevent and cure recessions.

Meanwhile, the so-called “deficit” stimulates economic growth and prevents recessions.

Every day, you will read articles similar to those in THE WEEK and The Hill, broadcasting their utter ignorance of Monetary Sovereignty.

Trying to be as kind, gentle and understanding as possible, I can only say the THIS WEEK and The Hill articles are 100% bullsh*t.

This leaves the question: Do these two respected publications know they are publishing bullsh*t? If so, one only could assume they are being bribed by the very rich, via advertising dollars or ownership by the very rich.

The very rich support this sort of bullsh*t, because they want to widen the income/wealth/power Gap between the rich and the rest. It is the Gap that makes them rich (Without the Gap no one would be rich; we all would be the same), and the wider the Gap, the richer they are.

So by conning the public into believing that federal deficits, which put dollars into the pockets of  “the rest,” are unaffordable or a burden on the government or a burden on future taxpayers, the rich reduce the political pressure to widen the Gap. And that makes the rich richer.

The other question would be, if THE WEEK and The Hill don’t know they are publishing bullsh*t, is it because they are ignorant and too lazy to uncover the facts?

Because I respect the integrity of both magazines, I sadly have come to the conclusion that their publishing of bullsh*t is due to ignorance fostered by laziness.

I suspect their attitude is: “Everyone else wrings their hands about the so-called ‘debt’ and ‘deficit,’ so why even listen to opposing facts, much less actively seek them. So we’ll just go along with the herd, and wring our hands, too. No thought needed.”

If you happen to know any of the leaders at THE WEEK or The Hill, perhaps you could persuade then to at least try to understand the basics of Monetary Sovereignty.

Rodger Malcolm Mitchell
Monetary Sovereignty
Twitter: @rodgermitchell
Search #monetarysovereignty Facebook: Rodger Malcolm Mitchell

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The most important problems in economics involve:

  1. Monetary Sovereignty describes money creation and destruction.
  2. Gap Psychology describes the common desire to distance oneself from those “below” in any socio-economic ranking, and to come nearer those “above.” The socio-economic distance is referred to as “The Gap.”

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 Monetary Sovereignty and The Ten Steps To Prosperity can grow the economy and 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 the rest.

MONETARY SOVEREIGNTY