Twitter: @rodgermitchell; Search #monetarysovereignty
Facebook: Rodger Malcolm Mitchell

Mitchell’s laws:
●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.
======================================================================================================================================================================================

Thank you for your leadership, Mr. President

September 19, 2013 2:01 pm
JPMorgan hit with $920m in fines over ‘whale’ trade
By Tom Braithwaite and Kara Scannell in New York and Daniel Schäfer in London

US and UK authorities hit JPMorgan Chase with $920m in fines on Thursday for wrongdoing related to the “London whale” trading losses.

Wow! $920 million sure sounds like a lot of money

Jamie Dimon, chief executive, initially referred to the position as a “tempest in a teapot” in an April 2012 earnings call before revealing large losses.

In the same call, Doug Braunstein, then chief financial officer, said the positions in question were “fully transparent to the regulators [who] … get information on those positions on a regular and recurring basis as part of our normalised reporting”.

But an investigation by a powerful US Senate committee found that the Office of Comptroller of the Currency, the bank’s primary regulator, was not aware of the specific positions.

John McCain, the committee’s leading Republican, accused bank executives of “deception”.

Wow, again. The top management was derelict in its duty and lied to Congress. I wonder who’s going to jail.

But Mr Dimon and his top lieutenants, avoided specific criticism in the four regulatory actions.

Not only are Dimon and his top honchos not going to jail, they are not even prosecuted. In fact, they aren’t even criticized.

So is anyone going to jail for one of the biggest crimes in history?

Last month, when prosecutors charged two former London-based traders with hiding hundreds of millions of dollars in losses, US attorney Preet Bharara said the criminal investigation was continuing.

President Obama, having been bribed (via campaign contributions and promises of lucrative employment later) by the big banks, has decided that fishing for minnows is sufficient punishment for the big banks.

Daily Beast
Goldman & JP Are Still Tops—But Dimon Takes a Pay Cut

Earnings reports show that the two big banks did great this year, even if JPMorgan CEO Jamie Dimon had to cut his pay in half to $11.5 million.

Oooh, the pain, the punishment. He’s down to $11.5 million, not counting the huge perks of his office. (All those with a free private plane, chauffeur-driven car and generous stock options, please raise your hands.)

At least JP Morgan paid that big $920 million fine.

JPMorgan reported that it took in $99.9 billion in revenue and $21.3 billion in net income in 2012. In total JPMorgan’s 2012 revenue was 12 percent higher than the year before.

The “big” fine was less than 1% of revenue — a rounding error — and less than 5% of profits. Clearly, those rich bankers and Congress have learned their lessons, and things like this never will happen again.

Big Bank Lobbyists Help Write Bank Regulation Bills for Congress
Tuesday, May 28, 2013

Lobbyists from Wall Street’s biggest banks are dominating the writing of new legislation to weaken the Dodd-Frank financial reform law passed in 2010 to correct some of the abuses that led to the Crash of 2008 and the Great Recession.

The banks are paying for the privilege, donating more than $1.3 million to key members of Congress (70% of it to Republicans) in the first quarter of 2013, according to the Center for Responsive Politics.

Dodd-Frank was weak to begin with, and didn’t come close to solving the problems that caused the Great Recession. But the banksters want to weaken it even more!

Not only are the politicians whores, but they are cheap whores, charging a lousy $1.3 million to save the banks many billions. Jamie Dimon could have paid the whole thing out of his one month’s salary, not counting airplane. (Actually, his airplane costs alone could have paid for the bribes.)

This is what passes for governance in post- “Citizens United” America.

Thank you for your leadership Mr. President. When you leave office, enjoy your big Obama Library and your lucrative speaking gigs, while the rest of us starve.

Rodger Malcolm Mitchell
Monetary Sovereignty

====================================================================================================================================================
Nine Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Medicare — parts A, B & D plus long term nursing care — for everyone (Click here)
3. Send every American citizen an annual check for $5,000 or give every state $5,000 per capita (Click here)
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

As the lines drop, we approach recession, which will be cured only when the lines rise.

#MONETARY SOVEREIGNTY

Twitter: @rodgermitchell; Search #monetarysovereignty
Facebook: Rodger Malcolm Mitchell

Mitchell’s laws:
●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.
======================================================================================================================================================================================

Is America Crazy?
September 18th, 2013, Leonard Pitts Jr.

Is America crazy?

Twelve people killed at a secure naval installation virtually on the front porch of the federal government, eight others hurt, the shooter shot to death, and it’s just another manic Monday, another day in the life of a nation under the gun.

Every gun murder, every mass gun murder, every mass gun murder even of children — in fact, every gun murder of every kind, provides the gun lobby and gun loonies, in their twisted logic, with a rationale for more guns and fewer gun restrictions.

It’s as though someone were to claim that the solution to the bankster crimes which destroyed our economy, is to reduce bank regulation so more crooks could run banks. It’s the same level of sanity. (Yikes, that’s exactly what some politicians do argue. Oh, well.)

And we will have the argument we always have about a Constitutional amendment written in an era when muskets were state of the art and citizen militias guarded the frontier.

Yes, there’s that Constitutional amendment, which begins, “A well regulated militia being necessary to the security of a free state . . . ,” but we ignore that “militia” stuff.

It’s been argued. Sanity and clear English have lost. So what next?

Will providing every man, woman and child in America with semi-automatic, large clip, military style weapons, really reduce gun violence?

Wayne LaPierre of the NRA probably says, “Yes.” Do you agree?

Most sensible restrictions on gun ownership have been declared unconstitutional, so what is the honest solution to America’s high gun violence rate?

The solution is here. It’s 100% constitutional. And if LaPierre has read it, he has wet his pants:

Make each manufacturer, seller or provider of a gun liable for the use of that gun.

That’s it. Simple, legal, effective. But before you jump in with objections, please read the full post.

Then send it to your Congressperson and more importantly, your local politicians (It probably would be a local law).

And do send it to LaPierre along with a diaper. He’ll need it.

Rodger Malcolm Mitchell
Monetary Sovereignty

====================================================================================================================================================
Nine Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Medicare — parts A, B & D plus long term nursing care — for everyone (Click here)
3. Send every American citizen an annual check for $5,000 or give every state $5,000 per capita (Click here)
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

As the lines drop, we approach recession, which will be cured only when the lines rise.

#MONETARY SOVEREIGNTY

Twitter: @rodgermitchell; Search #monetarysovereignty
Facebook: Rodger Malcolm Mitchell

Mitchell’s laws:
●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.
======================================================================================================================================================================================

In a recent post, we asked, Why do we bully the poor?

The discussion had to do with the psychological need of the rich to bully the “not-rich,” and the receptivity of the “not-rich” to join in the bullying.

Each income class tries to distance itself from the income classes below it, and to emulate the income classes above it.

By its very nature, bullying is cruel and cowardly, because it relies on the victim’s inability to defend himself. But ask people why they bully, and you will receive a rationale that denies cruelty or cowardice: “They asked for it.” “They caused it.” “It’s because of the way they act.”

Bullies use lies to blame their victims. And so it is with economic bullying. Here are the two BIG LIES the rich use, to justify their bullying:

The Big Lie #1. We taxpayers pay for federal deficit spending.

The myth: The federal government’s finances are like my household finances. I must balance my budgets so the federal government must balance its budget.

The fact: The federal government is Monetarily Sovereign; I am not. The federal government creates money, so does not need income. I don’t create money, so I do need income.

Even if federal taxes fell to $0 and deficit spending tripled, the federal government, would not run short of dollars to pay its bills.

——————–

The Big Lie #2. Federal money “printing” causes inflation.

The myth: That’s what happened to the Weimar Republic and Zimbabwe.

The fact:There is no relationship between federal deficit spending and inflation.

Germany’s economy was destroyed by the Allies; Zimbabwe’s economy was destroyed by Robert Mugabe.

Here is the result of economic bullying by the rich, which is endorsed by much of the “not-rich.”

Feuding House To Vote On Cantor-Led $40 Billion Food Stamp Cuts
September 16th, 2013, Elissa Gomez

The House is expected to vote soon on a Republican-backed bill that would cut $40 billion from the food stamp program, formally known as the Supplemental Nutrition Assistance Program (SNAP).

The nearly $80-billion-a-year program currently provides food aid to an estimated 47 million Americans. The proposed bill would cut the program in half.

“There are 50 million people in the United States of America who are hungry, 17 million are kids. It is something we all should be ashamed of, and the United States House of Representatives is about to make that worse,” said Representative Jim McGovern (D-MA).

Does this meet the standards of cruelty and cowardice? Adults and children who use food stamps are short of money to buy food. And they are the least powerful people in America.

Each day, the Tea Party Republicans demonstrate their incredible cruelty and cowardice, by punishing the poor and sucking up to the rich. Unfortunately, the hungry and powerless receive only half-hearted defense, even from the Democrats.

In June, Democrats pulled support that would have cut $20.5 billion from SNAP, calling the cuts too deep. That original bill also met with opposition from some Republicans who felt the cuts were not harsh enough.

Classic “good cop; bad cop.” Both parties want to cut aid to the poor, the only question being how much.

In usual bully fashion, the politicians provide rationales that deny their cruelty or cowardice:

Republican Iowa representative Steve King described the goal of the bill as a way to “ensure that while you have a safety net you shouldn’t be giving welfare benefits to people who are able-bodied and capable of getting a job who just choose to continue to get food stamps.”

Rep. Stephen Fincher (R-TN) made a religious argument, saying, “The role of citizens, of Christianity, of humanity, is to take care of each other, not for Washington to steal from those in the country and give to others in the country.”

Translation: It’s all the fault of the poor. They could find jobs, but don’t want to. We are very religious and charitable, but we don’t want to give to the lazy, poor adults and their lazy children.

Never mind that taxpayers do not pay for federal spending. Never mind that being poor and hungry seldom is caused by laziness. So long as the rich can provide us with rationales for cruelty and cowardice, we eagerly to use them.

Thank you rich people, for giving me a handy excuse to act just like you, and to distance myself from the poor: It’s all the fault of the poor.

Rodger Malcolm Mitchell
Monetary Sovereignty

====================================================================================================================================================
Nine Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Medicare — parts A, B & D plus long term nursing care — for everyone (Click here)
3. Send every American citizen an annual check for $5,000 or give every state $5,000 per capita (Click here)
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

As the lines drop, we approach recession, which will be cured only when the lines rise.

#MONETARY SOVEREIGNTY

Twitter: @rodgermitchell; Search #monetarysovereignty
Facebook: Rodger Malcolm Mitchell

Mitchell’s laws:
●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.
======================================================================================================================================================================================

Do we need some form of gun control? Today’s headline in the Washington Times was, Colorado voters deal blow to gun control with stunning recall of 2 Democrats, By Valerie Richardson-The Washington Times.

Read some of the comments by those who have read the article. Then, ask yourself, “Are these the people we should trust carrying loaded, semi-automatic guns with large clips?”

• Bloomberg is crying tonight.
He should stick to his idiotic holy war against large sodas and table salt because Americans still love their constitutional rights.

• Yeah, the COURTS decided they did not care for his NAZI tactics, all Radical Dems are nothing but Commies, and potential terrorists,count on them to always TAKE away your rights, always.
Just look at what we have for an excuse for a POTUS.A freaking Socialist Radical.

• Though he is a socialist radical, and that can’t be denied — it’s becoming apparent that he’s even more ominous. According to the now betrayed Egyptian faction of the Muslim Brotherhood – Obama is a member of the Islamic Brotherhood. When you consider his policies it gives credence to that.

In Egypt he ousts our ally and invites in the Brotherhood. When the people of Egypt threw out Morsi, Obama didn’t applaud. He brooded quietly to see if he could help the deposed faction return to power. He took out the neutered, reformed, terrified-into-behaving-well Kadaffi and let the Muslim Brotherhood have Libya.

All these middle eastern leaders are tyrants, Assad no less so — but here again he wants to help the Brotherhood and its coalition of terrorist groups. The tyrants are the only option in nations infested with Islamic extremism. He knows that. He knows that removing dictators brings a new member to the coalition that will form the Caliphate. We are dealing with evil of monumental proportions. Have you heard one single syllable of regret or alarm that Christians are being killed. No, you haven’t. Obama posed as a Christian for political advantage. He’s a cold-blooded liar, which is why his lies are not visible to most. He killed Osama, he likes to say. That proves nothing. When one Mafia don kills another it isn’t proof that he’s not a mafiosa — it’s proof that he is.

When O was first elected the O’Reillys of the world said they “weren’t buyin’ it,” that he was a socialist. Now communist is a more appropriate term and Islamic radical is gaining plausibility.

• Obama had two moslem Fathers. What were they Sheite or Sunni. What group is the Brotherhood… just asking.

• Its what propagandists and Democrats do, they twist words and deny, they go by their god Alinsky the Communist.

• Thanks to Bloomberg and Democrats like these two freshly recalled, I buy one box of my favorite ammo less every month and donate the amount to the NRA instead so they can keep up the good fight.

There were four million of us prior to 2012 elections. There are five million of us now. There are 95 million as yet unaffiliated gun-owners and altogether we legally own 300 million guns (and growing).

You guys are doing a bang-up job motivating us to safeguard our rights.

• It was the will of the people against big out of state government and going against the Constitution of the United States. Unless the Democrats roll back Senator Feinstein’s and Janet Reno’s Gun Free Zone that has drawn kid killers out of the woodwork there will be more elections like this. Get rid of “Gun Free Zone’s” before there is another massacre of innocents, what does the Democrats want, more bodies? Democrats are still making schools targets for the deranged.

• YOU got it, WHERE have all the heinous attacks happened?,in GUN FREE ZONES.
What cities and states have the higjest murder rates,the one’s with the toughest gun control laws.

• If you think the 2nd Amendment is evil, you probably don’t have much respect for the 1st Amendment either, and in your case, it shows!

• I have never said the Second Amendment is evil. I think the second amendment is a valuable one, however, I think some gun-toting nuts are too extreme with their guns. We have guns in our home – both handguns and rifles -but, I don’t feel I need a 50 bullet clip to shoot. If I did, I would need to go back to the shooting range.

• If you don’t want those fine. I do. So mind your own freakin business!

Bottom line, gun control laws are bad because:

1. Bloomberg is against salt and soft drinks

2. Bloomberg uses NAZI tactics. People who want gun control are Radical Dems, commies and potential terrorists and Obama is a Socialist, Islamic Radical

3. Obama is a member of the Muslim Brotherhood, a communist and a socialist – and he had two moslem Fathers.

4. Propagandists and Democrats go by their god, Alinsky the Communist

5. GUN FREE zones draw kid killers out of the woodwork

6. The cities and states with the highest murder rates have the toughest gun laws.

Who could deny such impeccable logic?

Visualize these folks carrying guns. Visualize getting into an argument with them, perhaps in a bar or while driving. Visualize them being really, really angry at you.

Pray the Supreme Court would step in to protect you.

Rodger Malcolm Mitchell
Monetary Sovereignty

====================================================================================================================================================
Nine Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Medicare — parts A, B & D plus long term nursing care — for everyone (Click here)
3. Send every American citizen an annual check for $5,000 or give every state $5,000 per capita (Click here)
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

As the lines drop, we approach recession, which will be cured only when the lines rise.

#MONETARY SOVEREIGNTY