Tag: modern monetary theory

–I admire the Daily Bell and its publisher, Anthony Wile, but why did he publish such idiocy?

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

I subscribe to the Daily Bell, a very good online paper, which about itself says,

Welcome to The Daily Bell – home of the Internet Reformation and of Free-Market Thinking.

I’m Anthony Wile, and I work hard – together with my team of advisors, writers and editors – to bring you cutting edge, freedom-oriented, sociopolitical and economic analysis and solutions.

. . . we don’t believe in the massive solutions that are evidently and obviously run by a handful of elitist individuals for their own benefit rather than for yours or mine. We believe “smaller is better” – and that the most successful and livable societies offer people the ability to influence their communities in a positive way at a local level.

Ah, yes, the “smaller is better” slogan as in “America would be better if it were smaller in size?” No? Not that one? How about, “America would be better if its people had less (a smaller supply of) money? No? What about a smaller oil supply? Smaller research & development? Smaller highway system? Smaller rivers? Smaller mountains?

Funny, how when all your thinking begins with a little slogan, your thinking becomes little, and you find all those exceptions to your fixed beliefs — which brings me to an article that appeared in The Daily Bell, today”

The Daily Bell
Krugman Misses the Point
By Anthony Wile

Paul Krugman recently published a column called “The Unbearable Lightness of Being Right.” In it, he once again explains failures of so-called “austerity” and defends his own perspective, which is thoroughly Keynesian.

Now, within the context of free-market economics, we’ve long been anti-austerity but not for the reasons that Krugman advances. Krugman believes that austerity is wrong because governments ought to print lots of money from nothing. This is basically a Keynesian point of view and it is one he advances relentlessly.

Not sure to what Wile objects, the “lots of money” or the “from nothing.” America is big (not small) and big countries need “lots of money” to grow, or even to survive, and yes, a Monetarily Sovereign government creates money from nothing.

So what’s the problem other than “print lots of money from nothing,” though necessary, sounds oh, so reckless to the uninformed?

We believe austerity is a wrong approach from a theoretical standpoint because it is one that uses government to correct government excesses.

Wile doesn’t define “government excesses,” but whatever they may be, they surely are different for a monetarily non-sovereign government, which can spend beyond its means, vs. a Monetarily Sovereign government, which having no “means,” never can spend beyond it.

This is not to say that shrinking government is bad.

Nor does it say that shrinking government is good. But yes, he believes “smaller is better,” so a smaller government must be good. After all, that is his slogan, and the world must fit within it.

But it ought to be accomplished with a broader agenda in mind, one that acknowledges the larger failures of regulatory democracy generally.

Here we get to an important point. Never, and I mean NEVER, does Wile acknowledge the ongoing, horrific failures of austerity, everywhere in the world it has been tried.

Every depression in U.S. history has come on the heels of austerity. The Great Depression was caused by austerity, then worsened by more austerity.

The recession following Bill Clinton’s reign was caused by Clinton’s austerity. And please don’t even ask about the euro nations and their austerity.

Admittedly, saying austerity is “wrong” or “isn’t wrong” is like saying bunting in baseball is wrong.” It depends on the circumstance.

For monetarily non-sovereign governments (the euro nations, the American states, counties and cities), austerity may be “right” to the degree it’s necessary.

These governments cannot create their sovereign currency, simply because they don’t have a sovereign currency, so eventually they can run short of money. Under that circumstance, they may need austerity, heaven help them.

For a Monetarily Sovereign government (the U.S., Canada, UK, Australia, Japan, China), austerity is “wrong,” always has been “wrong” and always will be “wrong.”

Austerity removes money from an economy which by definition (GDP = Federal Spending + Non-federal Spending – Net Imports) is recessive.

Further, a Monetarily Sovereign government, having the unlimited ability to create its sovereign currency, has only one reason to adopt austerity: An inflation that could be controlled otherwise.

Of course, for a Monetarily Sovereign government, there is no such thing as an inflation that could not be controlled otherwise, because such a government not only can control its money supply, but also can control its money’s value. That is what being “sovereign” over your currency means.

Thus, for a Monetarily Sovereign government, austerity always serves only to widen the gap between the rich and the rest.

Sadly, Anthony Wile, not understanding the many differences between Monetary Sovereignty and monetary non-sovereignty, writes an article that in essence says “bunting always (or never) is wrong.”

Those who don’t understand those differences do not understand baseball or economics and surely should not comment on either.

Even if government gets it right, it will eventually get it wrong. Austerity policies merely substitute one kind of official action for another.

Here, “austerity is seen to be neutral. Never mind that austerity always makes the poor and middle suffer. . To Wile, it’s just “one kind of official action,” maybe something like changing the design of the flag.

Krugman acknowledges none of this. He is focused, at least most recently, on a study provided by two Harvard economists whose research has come into question.

“Come into question” is Wile’s euphemism for “disgraceful bit of misleading research, that omitted all negative results and didn’t consider the fundamental differences between government financing systems.”

Krugman and others like him always start with the idea that SOME government spending is necessary and justified. The problem is always HOW MUCH. And in Krugman’s case it is even worse. He is determined to cure old spending with even more new spending.

What can one say about this inanity? Does Wile mean that SOME government spending is not necessary?? Does he mean the problem is not HOW MUCH? And what the heck does he mean by “cure old spending”?

And because of the Reinhardt Rogoff reversal, he believes his arguments are justified . . .

Well, Reinhardt Rogoff sure didn’t overturn Krugman’s position.

He is waiting for those who have endorsed austerity to repent, or at least receive additional public condemnation.

So am I, but since the austerians are bribed by the super rich, that won’t happen until the populace gets so fed up with austerity-caused destitution, they begin to drag out the Guillotines.

Here’s more:

Overall, it’s hard to think of any previous episode in in the history of economic thought in which we had as thorough a showdown between opposing views, and as thorough a collapse, practical and intellectual, of one side of the argument.

And yet nothing changes. Not only don’t the policies change; by and large even the people don’t change. Reinhart and Rogoff may get a bit fewer high-profile invites, as will Alesina and Ardagna; but Bowles and Simpson are still touring, the same people at the BIS and the OECD are still issuing dire warnings about the dangers of easy money, George Osborne is still making pronouncements, Paul Ryan is still the intellectual leader of his party.

Krugman can’t help himself. Even when addressing an economic issue, he ends up politicizing it. He is at heart a political animal, whose economic principles revolve around statism and support big government nostrums. Of course, he would not be writing for the big-government New York Times if he supported anything else.

Wile says Krugman is wrong because he’s political, as though austerity were not political.

Krugman is certainly correct about austerity, but not for the reasons he believes. Forced confiscation always reduces prosperity as price-fixing must do, by introducing distortions into the marketplace.

No, it’s not the “distortions” that are the problem. It’s the “forced confiscation.” Money and livelihoods are being stolen from the masses. Calling austerity a “distortion” is like calling smallpox a health “distortion.”

Krugman hopes for an apology, and for an admission by opponents that their viewpoints have been supported by a research paper with computational flaws. This perspective almost entirely misses the point.

Actually, Krugman hopes, not for an apology, but rather for a realization that austerity is and always has been a death sentence for an economy, and serves only to make the lower and middle classes sink deeper and deeper into misery, while the rich celebrate.

Gee, Mr. Wile. I feel the same way.

Don’t you?

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

–Government/media disinformation. You won’t learn this from your morning paper.

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

News about federal finance often is designed to confuse and mislead you.

This is part of the misinformation / disinformation process funded by the wealthy and enacted by the media and the political establishment. The purpose: To widen the gap between the rich and the rest and to make you assist in your own financial suicide.

Here is an example: The following excerpts describe the federal government’s sale of the General Motors stock it purchased to save the company.

Following each paragraph, we show the true meaning of what is happening.

Treasury prices GM stock sale at $34.41/share
6/6/13

WASHINGTON (Reuters) – The U.S. Treasury said on Thursday it was selling 30 million shares of General Motors Co (GM.N) at $34.41 each, raising roughly $1.03 billion as part of its ongoing effort to exit from the bailed-out company and reduce losses to taxpayers.

Here is the true meaning of the above paragraph:
The U.S. Treasury said on Thursday it was selling 30 million shares of General Motors Co (GM.N) at $34.41 each, taxing the economy roughly $1.03 billion as part of its ongoing effort to exit from the bailed-out company and increase losses to taxpayers.

The public offering, which coincided with GM’s re-entry to the Standard & Poor’s 500 index, will take the amount recouped for U.S. taxpayers so far to $32.53 billion.

Translation: The public offering, which coincided with GM’s re-entry to the Standard & Poor’s 500 index, will take the amount taken from U.S. taxpayers so far to $32.53 billion.

With the sale, Treasury will still hold 189.2 million shares. It has said that it plans to completely exit the holding by April 2014. It would have to sell the shares at an average price of $89.69 each to spare taxpayers from any loss.

Translation: With the sale, Treasury will still hold 189.2 million shares. It has said that it plans to completely exit the holding by April 2014. It would have to sell the shares at an average price of $89.69 each to assure taxpayers a $17 billion loss.

In summary: Unlike state and local governments (and unlike euro governments) the U.S. government is Monetarily Sovereign. It creates its sovereign currency, the dollar, at will, simply by paying bills.

The U.S. government neither needs nor uses tax dollars to pay its bills.

Dollars sent to the federal government disappear from the economy’s money supply. Rather than benefiting taxpayers, a reduced money supply impoverishes the entire private sector.

When the government sells stock to the private sector, dollars flow from the private sector to the government. This is identical to what happens when you pay taxes.

Dollars flowing from the private sector to the government = private sector loss.
Dollars flowing from the government to the private sector = private sector gain.

The only two activities that benefit taxpayers are federal tax reductions and/or federal spending increases, both of which add dollars to the private sector.

And that is something you won’t learn from your morning newspaper.

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

–What is the fundamental difference between Republicans and Democrats, and what can be done about it?

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

No one can be more stupid than a smart person.

When reputedly brilliant, Supreme Court Justice Antonin Scalia decided money equals speech, he uttered one of the less intelligent defenses of the thoroughly unintelligent Citizens United decision, “the more speech, the better.”

(As an aside, he compounded his lack of wisdom by giving the example of not limiting newspaper editorials, an example that has nothing to do with political contributions.)

Our vote is the ultimate method by which we Americans speak to our political representatives, and their vote is the ultimate method by which politicians speak to us Americans. Giving the wealthiest Americans virtually unlimited political spending rights is tantamount to giving them virtually unlimited votes.

Admittedly, spending does not always buy enough votes to win an election. But even after elections, spending does buy the votes of politicians in office.

The upper .1% income group has bribed the President of the United States and the Congress (via campaign contributions and promises of lucrative employment), to pass laws widening the gap between the rich and the rest. Citizens United greatly facilitates this bribery, this magnification of speech.

Political bribery is bolstered by “The Big Lie,” the statement that the federal debt and deficit are too large, unaffordable, unsustainable and somehow similar to personal debt and deficits.

The Big Lie provides an easy excuse for ongoing efforts to cut spending on virtually everything that benefits the poor and middle classes: Social Security, Medicare, Medicaid, poverty aid, federal employment and aid to the states.

But how are Republicans and Democrats different?

While nearly all politicians are bribed by the upper .1%, what is the difference between Republicans and Democrats (i.e. between the ultra right wing and the right wing, there being no left wing in today’s political climate, )?

Republicans not only claim no empathy for the less fortunate, they despise the less fortunate. Republicans believe the poor reap their well-deserved rewards for indolence, ignorance and immorality, and if only “those people” worked harder and were less evil, they would not need to rely on “handouts” from the government.

The ultra right wing remains intentionally blind to the fact that the entire U.S. tax code, with its generous provisions for capital gains, interest, tax shelters and overseas financing, represents a gigantic “handout” to the rich.

The right wing (aka the Democrates) claims empathy for the less fortunate. But those same Democrats also spread The Big Lie, and also vote to reduce Social Security, Medicare, Medicaid, poverty aid, federal employment and aid to the states.

Democrats joined the ultra right wing in voting for the sequester, the primary difference in philosophy being: Which benefits for the poor and middle class are to be cut most.

Both parties supported the increase in FICA, the worst tax in American history, falling almost exclusively on the backs of the middle and lower classes.

So, in answer to the headline question: There is no fundamental difference between the ultra right wing and the right wing. The difference is only of degree.

The right has won; the left has died.

Citizens United was only the latest nail in the left-wing coffin. There will be more, as the bribery continues. The chorus grows for “tax simplification,” i.e. a flat tax that will increase the amount paid by the least wealthy among us, while reducing taxes on the rich.

(Prediction: “Tax simplification” will contain many exceptions for the kinds of income most associated with the wealthy.)

Because Social Security, which benefits the poor and middle classes, supposedly is “unsustainable” (part of The Big Lie), it repeatedly has been cut via taxation and delayed benefits, and eventually will be privatized to benefit Wall Street investment firms.

Medicare also falsely is called “unsustainable.” The expansion of Medicare known as “Obamacare” (Romneycare”?), which covers millions more people, was not granted sufficient federal funds for this expansion, so the middle class will pay for the lower class – a device to push the middle down to the lower – thus widening the gap between the rich and the rest.

Federally funded Medicare for Everyone, a solution that would benefit the middle and lower classes, is not even under consideration – by either party – though it easily could be implemented and supported by the federal government, with no FICA at all, and with great benefit to America.

The Big Lie has weighed upon us for many years. Though Reagan’s “Government is not a solution to our problem. Government is the problem” probably set the stage for today’s extreme situation, the Tea Party can take credit for the utter demise of the left wing.

Among their “15 Non-negotiable Core Beliefs” are these two:
“10. Reducing personal income taxes is a must.
11. Reducing business income taxes is mandatory.”

Actually, very they are very good beliefs, but not when combined with these three truly awful ideas:
“6. Government must be downsized.
7. The national budget must be balanced.
8. Deficit spending must end.”

They comprise the core of The Big Lie, and both the ultra right wing party and the right wing party subscribe to these beliefs.

Sadly, no political party in America speaks The Big Truth: Increased federal deficit spending not only is affordable and sustainable, but is necessary to grow the economy, reduce unemployment, solidify retirement benefits for our senior citizens, provide medical care for all Americans and narrow the too-wide gap between the rich and the rest.

I subscribe to the two-party, presidential system, as opposed to the multi-party, parliamentary system. But today, we have a one-party system. Though the Republican ultra right, fights fiercely with the Democrat right, it is more of a brother-on-brother battle. They fight over minutia. The fundamentals are the same.

The solution: America needs a truly left wing party, to balance the right wing, and to speak for the 99%. If it ever comes, it will begin with a charismatic liberal. Clinton could have been the one, but he caved.

Obama too, could have been the one, but he too yielded to the siren song of Scalia’s “free speech,”bribe money. Like Clinton, Obama will leave office to become very rich; his wife will become very rich; his children will become very rich and he will have a fine presidential library.

And the gap between the super rich and us will continue to grow.

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

–More on the Republican plan to attract voters

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

Having lost the most recent election, the Republicans know they must change their bigoted, cynical, obstructionist, anti-young, anti-poor, anti-immigrant, anti-black, anti-Latino, anti-gay, anti-elderly, anti-women image.

We discussed this in the previous post, The Republican plan to win the election and save America.

Here are excerpts from an article to show the Republicans now have learned their lesson:

TPMDC
House Republicans Quietly Return To Budget Stand-Off Mode, Renew Risk Of Government Shutdown
BRIAN BEUTLER JUNE 5, 2013

House Republicans have quietly returned to the stand-off driven approach to budgeting and must-pass legislation that was their hallmark before President Obama’s re-election.

(The new) blueprint calls for enormous cuts to spending on everything from science research to education to health care, in order to rescue the Defense Department and other politically favored agencies from the ravages of sequestration.

The alternative to cutting research, education healthcare, etc., etc. would have been to end sequestration. But ending sequestration does not advance the Republicans’ real goal: Appeasing the upper 1% income group by widening the gap between the rich and the rest.

“What the Republican did was cynically use the rule on a bill that will provide spending for our veterans — which is something we all support — to slash the part of the budget the funds our kids’ education and our investments and treatments and cures for cancer and other diseases. Slash that budget by over 20 percent below the sequester,” explained Rep. Chris Van Hollen (D-MD) — House Dems’ top budget guy.

Republican top priorities: Making war (to reward the rich owners of the weapons industry). Bottom of the list: Education, retirement and health care.

“The overall spending level is at the sequester levels,” Van Hollen added. “The veterans bill is going to be funded at pre-sequester levels. That’s going to be funding at a healthy level as if sequestration did not exist. And they’re going to do that for defense…. It means you’re cutting other parts of the budget below sequester level.”

The Obama administration has threatened to veto this bill unless it’s ultimately included in a broader effort to set the rest of the budget right. In other words, no special treatment for Veterans Affairs or the Pentagon, particularly if it comes at the expense of other spending priorities.

Ironically, strong bipartisan showings for individual GOP-backed spending bills — for veterans, the Pentagon, etc. — will make it harder for Obama to sustain his veto threats.

Get it? The Republicans will propose spending that is widely favored, but which will use up the money that was supposed to be reserved for the social programs that benefit the young, the poor, the immigrants, the blacks, the Latinos, the gays, the elderly and the women — programs already cut by the sequester.

If Obama tries to veto, he will have to veto popular and worthwhile programs, so Congress will be forced to override his veto. Even if Obama is successful, the Republicans will claim the President doesn’t care about veterans and soldiers.

Gotcha!

And this is how the Republicans have changed their image.

(Of course, a small part if this is the Democrat’s fault. They too voted for the sequester. That monstrously harmful law opens the door to monstrous evil against the 99%, and the Republicans always are happy to step through that door.)

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