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.
=====================================================================

You’ve heard about slime balls who, in a jealous rage, murder the one they claim to love, while saying something like: “If I can’t have you, nobody will.”

Sometimes women stay with guys who threaten to kill them for years, hoping the guys really do love them. But in the end, the slime balls kill the women.

Keep that picture in your mind as you read excerpts from an article in the New York Times:

House G.O.P. Sets New Offensive on Obama Goals
By JONATHAN WEISMAN, Published: July 23, 2013

On Tuesday, a House Appropriations subcommittee formally drafted legislation that would cut the Environmental Protection Agency’s budget by 34 percent and eliminate (President Obama’s) newly announced greenhouse gas regulations.

Translation: Until you vote Republican, you don’t deserve a clean environment, and your world will have to continue warming, unabated.

The bill cuts financing for the national endowments for the arts and the humanities in half and the Fish and Wildlife Service by 27 percent.

Translation: Until you vote Republican, your fine artists, musicians, actors, and studies of languages, history, anthropology, etc. will get no help from us. Who needs that stuff, anyway. It’s better that you remain ignorant.

Mr. Obama requested nearly $3 billion for renewable energy and energy efficiency programs. The House approved $826 million.

Senate Democrats want to give $380 million to ARPA-E, an advanced research program for energy. The House allocated $70 million.

Translation: Until you vote Republican, Americans do not deserve renewable energy or energy efficiency. We Republicans are paid by the oil companies, which are satisfied with the way things are, thank you.

(Republicans introduced a bill) to eliminate the Corporation for Public Broadcasting.

Translation: You lowlifes only care about gospel, Latin and rap music anyway, so why would you care about Public Broadcasting?

(In a Republican bill,) education grants for poor students will be cut by 16 percent and the Labor Department by 13 percent, according to House Republican aides.

Translation: Take your choice. Either screw poor students or . . . screw poor students. They’re all “Takers,” anyway.

Republicans are circulating a letter to Senator Harry Reid of Nevada, the majority leader, warning they will not approve any spending measure to keep the government operating after Sept. 30 if it devotes a penny to put in place Mr. Obama’s health care law.

Signers so far include the No. 2 and No. 3 Republican senators, John Cornyn of Texas and John Thune of South Dakota, as well as one of the party’s rising stars, Marco Rubio of Florida.

Translation: We’ll shut down the United States government if you don’t let us screw the American public. So there! Rubio is with us on this.

“It’s about time we cut some spending around here,” said Representative Paul D. Ryan of Wisconsin, chairman of the House Budget Committee.

Translation: I have no idea what I’m talking about, but I like to sound tough. You may care how many innocent Americans I hurt, but my followers and I don’t.

Mr. Obama has said he will not negotiate terms to raise the debt ceiling, but Congressional Republicans say they will not let the deadline pass without concessions, either on changes to entitlement programs like Medicare or on some statutory timeline to put in place a sweeping overhaul of the tax code next year.

Translation: Here’s another choice: Either screw Medicare recipients (most of whom are not among the very rich) or screw the middle and lower income groups (by “broadening” the tax base and lowering rates on the rich), or we’ll just screw the entire country.

The House transportation and housing bill for fiscal 2014 cuts from $3.3 billion to $1.7 billion the financing for Community Development Block Grants, which go mainly to large cities and urban counties for housing and social programs, largely for the poor. That level is below the number secured by President Gerald R. Ford when he created the program.

Translation: We don’t get any votes from the poor anyway.

The Securities and Exchange Commission, which has been flexing its muscle against hedge fund managers and insider trading schemes, would see financing cut 18 percent from the current level.

Translation: Hedge fund managers and inside traders are rich. They contribute big dollars. Why would we want to penalize them?

House lawmakers are slashing spending on the National Labor Relations Board.

Translation: The NLRB investigates unfair labor practices. Hey, our rich business owners are the ones engaged in those unfair labor practices. We love those guys.

Under other House legislation, the budget for the Internal Revenue Service would be cut by 24 percent, Amtrak would lose a third of its financing, and clean water grants from the Environmental Protection Agency would be slashed by 83 percent.

Translation: America doesn’t need train service. Rich people don’t ride trains.

And you people don’t need clean water. Rich people drink bottled water.

And if we cut the IRS, you’ll find it easier to cheat on your taxes. Oh? You don’t cheat on your taxes? It’s the rich people who do most of the tax cheating? So, what’s your point?

Republican message to America: “If I can’t have you, nobody will. I will kill you. Actually, even if I have you, I’ll kill you. Why?

“I’m in love with a rich woman.”

Rodger Malcolm Mitchell
Monetary Sovereignty

====================================================================================================================================================

Nine Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Medicare — parts A, B & D — for everyone
3. Send every American citizen an annual check for $5,000 or give every state $5,000 per capita (Click here)
4. Long-term nursing care for everyone
5. Free education (including post-grad) for everyone. Click here
6. Salary for attending school (Click here)
7. Eliminate corporate taxes
8. Increase the standard income tax deduction annually
9. Increase federal spending on the myriad initiatives that benefit America’s 99%

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

#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.
=====================================================================

Why was Detroit forced into bankruptcy? Here are excerpts of what Jonathan Toban, writing for the right-wing blog, Commentary, said:

Why Liberals Won’t Face Facts on Detroit
Jonathan S. Tobin, 07.23.2013

Conservatives have rightly asserted that what happened to the Motor City was an inevitable result of liberal policies.

The example of liberal governance that Detroit (and Greece) provides shows that the liberal social welfare project is a one-way path to insolvency with desperate consequences not only for taxpayers and bondholders but to the ordinary citizens that liberals purport to want to help.

The above is 100% ignorance, but rather than explain why now, let’s first hear more from Tobin:

Detroit may be just the first of many other large cities that will find themselves in similar predicaments. Even New York, which unlike Detroit faced and overcame not altogether dissimilar problems involving debt and urban blight in the last generation, may eventually be put in the same position unless something is done to deal with a bill for retiree medical benefits that dwarfs that of Detroit.

Unlike Tobin’s previous paragraph, the above is 100% true, but continuing . . .

A bailout of Detroit (would) set a precedent that can’t be repeated elsewhere because there just isn’t enough money to pay for every city that will eventually face similar problems. Liberals would like us to ignore (this), because they are confident that the federal leviathan will always be able to squeeze enough cash out of productive citizens to pay for the left’s follies.

What Greece showed Europe and what Detroit tells Americans is that sooner or later the well of public funds will run dry if obligations to liberal constituent groups continue to grow unchecked.

Americans (must) do some hard thinking about a society where virtually everyone has their snouts in the collective trough of big government.

And so, once again, Tobin returns to ignorance, for it is clear he has not the slightest understanding of the differences between Monetary Sovereignty and monetary non-sovereignty.

As a hint to new readers, the U.S. government is Monetarily Sovereign. It is sovereign over the dollar, its currency. It can create an unending stream of its sovereign currency, the dollar, and it can determine the value of each dollar. That is what is meant by “sovereign.”

By contrast Detroit, New York and Michigan, and every other state, county and city in America, as well as Greece and all the other euro nations are monetarily non-sovereign. None of them can create an unending stream of their sovereign currencies, for one simple reason: None of them has a sovereign currency.

Detroit et al are not sovereign over the dollar. Greece is not sovereign over the euro. In essence, the dollar and the euro are “alien” currencies, used courtesy of the Monetarily Sovereign U.S. government and the Monetarily Sovereign European Union.

It is an absolute rule of economics that a monetarily non-sovereign entity cannot survive long-term without money coming in from outside its borders. You and I are monetarily non-sovereign. To survive long term, we must have income. We could not survive by paying taxes to ourselves.

Similarly, no city, county or state in America can survive long term by taxing itself. Nor can Greece.

What happens when a monetarily non-sovereign entity has insufficient money coming in from outside? It must borrow. And if the situation persists, it must borrow again. And again. And one day, it no longer can borrow, at which time it goes bankrupt.

This is true even if the entity is bare-bones frugal. Even if you were to live in a tent and eat garbage, you eventually would run out of money, unless you had an income. So to blame your bankruptcies on your spending “follies” would not only be ridiculous, but mean-spirited in a “blame-the-victim” sense.

So how do states, counties and cities survive the fact that all cannot have a positive balance of payments? Where do they get the dollars coming in from outside their borders? Clearly, Tobin doesn’t know.

The answer is: A few states may have a positive balance of payments vs other nations, but the primary source of outside money is federal deficit spending in each state — the very thing Tobin and his ilk wish to end.

And why do they wish to end federal deficit spending? Because they claim “the well of public funds will run dry.” This single oft-repeated myth demonstrates Tobin’s abject ignorance of economics, for a Monetarily Sovereign entity never can run short of its sovereign currency. Never.

Before someone compounds Tobin’s ignorance by shrieking, “Printing money would cause inflation,” remember two things:

1. By that shriek the “someone” has admitted the federal government cannot run short of dollars, and inflation, not running dry, is the “problem,” and

2. Only under the rarest of circumstances can dollar-creation cause inflation. In fact, despite massive deficits since 1971 (when the U.S. became Monetarily Sovereign), dollar creation never has been associated with inflation.

Why this counter-intuitive truth? The value of a dollar, and indeed the value of just about everything, is based on supply and demand. So while increasing the supply of dollars seemingly would cause inflation, this can be prevented by increasing the demand for dollars, which the Fed successfully has done by raising interest rates. So-called “debt hawks” always seem to focus on supply, conveniently forgetting about demand.

Return now to Detroit. What really happened to them? They were pretty much a one-industry town, and when they lost that industry, they lost their source of outside money. The people became jobless and needed even more help, but without an income, Detroit had to borrow and borrow, and finally ran out of borrow, while the people’s needs grew.

It was not the fault of “liberal policies” and it was not the fault of people who became needy, because they lost their jobs. These people were not sloths looking for freebies. They do not, as Tobin cruelly claims in comparing them to pigs, “have their snouts in the collective trough” — so casually mouthed by someone fortunate enough to have a well-paying job.

They are ordinary people, like the people you’ll meet in every town and village in America.

So whose fault is Detroit’s predicament? It is the fault of the federal government and the conservative Tea Party heartless agenda, which pushes spending cuts of benefits to the people.

The federal government could and should give (not lend) dollars to Michigan and indeed, to every state. And the states should dole out those dollars to their counties, and the counties to the cities, until every monetarily non-sovereign government in America has a net, positive balance of payments.

The government easily can create the necessary dollars, and the government easily can prevent inflation. There is no reason not to do both..

And what is the Tobin / conservative solution? Cut spending on all the things the less fortunate need: Food, shelter, education, health care, retirement security, police, etc.

The conservative solution is to chop these people down, so they starve in the streets, to teach them a lesson. It’s a solution typical of a rich man’s disdain for a poor man.

Ignorance is excusable. We all have it. But thoughtless and abject cruelty — the kicking of people when they are down — the sheer, stupid ruthlessness against helpless and innocent men, women and children — that is intolerable, Mr. Tobin.

May you, one day, fall victim to circumstance and be the subject of your own wrath, and may there be no government “trough” into which you can bury your snout.

Rodger Malcolm Mitchell
Monetary Sovereignty

====================================================================================================================================================

Nine Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Medicare — parts A, B & D — for everyone
3. Send every American citizen an annual check for $5,000 or give every state $5,000 per capita (Click here)
4. Long-term nursing care for everyone
5. Free education (including post-grad) for everyone. Click here
6. Salary for attending school (Click here)
7. Eliminate corporate taxes
8. Increase the standard income tax deduction annually
9. Increase federal spending on the myriad initiatives that benefit America’s 99%

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

#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.
=====================================================================

Let’s be clear. The politicians of both parties have been bribed by the rich (via campaign contributions and promises of lucrative employment, later) to widen the income gap between the rich and the rest.

So, both parties tell us federal spending must be reduced (which negatively impacts the middle- and lower-income groups most) and taxes must be “reformed” (which also negatively impacts the middle- and lower income groups most).

The difference is: The Republicans are extreme and obvious in their disdain for the poor while the Democrats are more moderate and much cleverer by half.

The Republican Presidential candidate, Mitt Romney, said,

“There are 47 percent who are with (the President), who are dependent upon government, who believe that they are victims, who believe the government has a responsibility to care for them, who believe that they are entitled to health care, to food, to housing, to you-name-it — that that’s an entitlement. And the government should give it to them. And they will vote for this president no matter what. … These are people who pay no income tax. … [M]y job is not to worry about those people.

Uh, excuse me, but what is the purpose of government if not to care for its needier citizens? And, uh, excuse me again, but aren’t Americans entitled to health care, food and housing? Or should we simply turn our backs on our less fortunate, and allow them to sicken and die in the streets?

The last election proved that most Americans understand we cannot all be rich and self-sufficient or born with lucky genes. Americans fortunate enough to be so born have a duty and a desire, to care for those who need care.

Really, what does the religious right learn in church? That is what being American is all about.

Romney was wrong, stupid, selfish and mean-spirited. In short, he was a Republican.

As Republican Governor Bobby Jindal said, “We must stop being the stupid party.”

But they simply can’t help themselves. They’ve tried to elect such non-luminaries as Sarah Palin, Michele Bachmann, Herman Cain, Ron Paul, Rick Santorum, Newt Gingrich, Rick Perry and of course, Mitt Romney, the guy who complained about poor people not paying taxes, while he avoided most of his.

The Republicans not only have shown disdain for the poor and the middle, they also despise immigrants, Latins, gays, lesbians, Jews and blacks. In short, they intentionally have alienated the vast majority of America’s voters, hoping to win elections by stealing ballots in the South, and appealing to the basest instincts of the callous.

The Democrats are much more subtle. President Obama pretends to love the poor and huddled masses, while he continues to opt for deficit reduction and his “Grand Bargain,” which would decimate the middle class.

But if the religious right thought things couldn’t get worse, with the re-election of Obama, I have news for the “stupid party.” Things could get worse — much worse.

Here are a few quotes from the Chicago Tribune:

Medicaid coverage to expand in Illinois
By Peter Frost and Rick Pearson, Chicago Tribune reporters, July 23, 2013

About 342,000 low-income Illinoisans will be newly eligible for government-sponsored health insurance through Medicaid starting in January as part of legislation signed into law Monday by Gov. Pat Quinn.

The expansion of the state-administered Medicaid program, one of the central components of President Barack Obama’s 2010 health care overhaul law, will be financed fully by the federal government for the first three years, then gradually decline to 90 percent by 2020.

Illinois’ share in 2017 will be an estimated $99 million, rising to $210 million by 2020. Over those four years, state officials project Illinois’ portion to be about $573 million.

In Illinois, about 957,000 residents will be eligible for subsidized health insurance next year in the form of a federal tax credit available through the Illinois Health Insurance Marketplace.

That’s just Illinois. Nationally, many millions of voters will remember how the “stupid party” wanted to deprive them of health care. They will thank the Democrats for saving their children.

Equally important, the federal government will pump much-needed dollars — billions of dollars — into the states, and these dollars will translate into lower state taxes and/or better state services.

For the states, it’s all good.

Illinois is one of 23 states, plus the District of Columbia, moving forward with the Medicaid expansion, aimed to extend coverage to 17 million Americans starting in 2014.

Did you hear that, “stupid party”? Seventeen million people. Don’t bother to ask them for their vote.

Twenty-one states, largely those controlled by Republican governors, have opted out of the program

In April, U.S. Rep. Paul Ryan of Janesville, Wis., the Republican who chairs the federal House Budget Committee, said he had been advising GOP governors not to count on the high levels of federal Medicaid reimbursement for expansion.

Ryan called the reimbursement “the fastest thing that’s going to go when we’re cutting spending in Washington” — adding, “there’s no way we’re going to keep those match rates like that.”

Yes, the first thing — the very first thing — the “stupid party” wants to cut is the thing the poor and middle need and want most — health care.

Oh yeah, health care and food. The “stupid party” also wants to cut food stamps.

Oh yeah, the poor and middle want health care, food and also education. The “stupid party” has forced a “compromise” resulting in higher interest payments for student loans.

Oh yeah, the poor and middle want health care, food, education plus lower taxes. The “stupid party” wants a flat tax that would cost the rich less and the rest more.

As for Illinois, the “stupid party” probably doesn’t care. Illinois is solid blue, which may be why Illinois Republican Senator Mark Kirk must be having night sweats, as he tries to justify his membership in the “stupid party.”

Today, religious Republicans pray Obamacare will be a disaster and that all those millions of people it covers will lose their insurance and their health.

Otherwise, beginning in election year 2014, the “stupid party” will be faced with the nightmarish task of telling people why eliminating health care coverage actually is good for them.

So, having learned its lesson in 2012, who is the “stupid party” putting up for the next presidential election? The likes of:

—Ted Cruz, whose primary motto is: “Defund Obamacare.”
—Rand Paul, whose aide, Jack Hunter had a radio program, “The Southern Avenger,” in which he extolled white pride, pro-secession, and John Wilkes Booth for assassinating Abraham Lincoln. Rand Paul said he did not believe Hunter was racist or white supremacist.
—Scott Walker who hates union members and food stamp recipients.
–Proven losers old Ron Paul and sanctimonious Rick Santorum.
–And then there is Marco Rubio, the ultimate of the cynical Tea Partyesque politician, viable only because he is Cuban-American, though he is solid right wing with regard to immigration. He is so inept (not just in drinking water), one cannot imagine even the Latinos voting for him, much less the blacks and whites.

There are a few others — the aforementioned Jindal, Chris Christie, Jeb Bush — but they will have to explain to mainstream America why they really love the various minorities, while they explain to the religious right why they really hate the various minorities.

Given that there are so many middle- and lower-income voters, gay voters, black voters, Latin voters, immigrant voters, voting families of indebted students and Jewish voters, plus white voters who have empathy for the downtrodden, who the heck has been voting for the “stupid party.”

Are there that many voters who combine being rich, white, straight, cold-hearted and Christian?

Can photo-ID laws really turn the tide?

Rodger Malcolm Mitchell
Monetary Sovereignty

====================================================================================================================================================

Nine Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Medicare — parts A, B & D — for everyone
3. Send every American citizen an annual check for $5,000 or give every state $5,000 per capita (Click here)
4. Long-term nursing care for everyone
5. Free education (including post-grad) for everyone. Click here
6. Salary for attending school (Click here)
7. Eliminate corporate taxes
8. Increase the standard income tax deduction annually
9. Increase federal spending on the myriad initiatives that benefit America’s 99%

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

#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.
=====================================================================

Last year this blog published: Lawrence Summers: Failing to the top and followed it up with “Lawrence “Sleepy” Summers comedy hour renewed for another season,” which included this appropriate photo:

Now that zombie movies are all the rage, “Sleepy” seems to have risen from the dead. I highly recommend the following article: “The Return of Lawrence Summers, Mr. Spectacular Failure” by Robert Sheer on July 15, 2013.

Apparently, Lawrence Summers has the cojones to tell the world he would like to be the next Chairman of the Fed. (For all you who feel the Fed should be eliminated, his Chairmanship would solidify your belief.)

A couple of lines from Mr. Sheer’s article:

Tell me it’s a sick joke: Former U.S. Treasury Secretary Lawrence Summers, the guy who tops the list of those responsible for sabotaging the world’s economy, is lobbying to be the next chairman of the Federal Reserve. But no, it makes perfect sense, since Summers has long succeeded spectacularly by failing.

I urge you to read the entire article. It’s too funny (horrifying?) to be summarized by a single paragraph.

Will President Obama appoint possibly the worst choice on the planet to lead our banking system (now that Bozo the Clown and Sarah Palin haven’t shown interest)?

Probably.

Obama previously appointed Summers to be Director of the National Economic Council, which advises Presidents on economic matters. So the future bodes ill.

For Mr. Obama, who has been well bribed by the rich (as witness the appointment of billionaire and loyal supporter Penny Pritzker to be Commerce Secretary), the appointment of the bribed Summers is a natural.

Both men have shown an insatiable lust to suck up to the upper-income group and to stomp on the rest of us working slobs. Obama repeatedly has expressed the desire to gut Social Security, and let’s not even talk about Obama’s middle-class-crushing “Grand Bargain.”

Again quoting Sheer:

It was a massive infusion of Wall Street money that helped Obama get elected both times. And Wall Street, which showered Summers with almost $8 million in speaking fees and hedge fund profits during the 2008 campaign while he advised Obama, clearly would approve of this greed enabler as the next Fed chairman.

So our advice is: Keep your passport current. If Obama appoints Summers, you may want to use it.

Quickly and long term.

Rodger Malcolm Mitchell
Monetary Sovereignty

====================================================================================================================================================

Nine Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Medicare — parts A, B & D — for everyone
3. Send every American citizen an annual check for $5,000 or give every state $5,000 per capita (Click here)
4. Long-term nursing care for everyone
5. Free education (including post-grad) for everyone. Click here
6. Salary for attending school (Click here)
7. Eliminate corporate taxes
8. Increase the standard income tax deduction annually
9. Increase federal spending on the myriad initiatives that benefit America’s 99%

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

#MONETARY SOVEREIGNTY