Tag: monetarily non-sovereign

What is killing Americans?

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

What is killing Americans?

Apparently, Americans believe guns don’t kill people. Apparently, Americans also believe obesity doesn’t kill people. And as for recreational drugs? Apparently, they don’t kill Americans, either.

What about our terrible health care? As Obamacare (nee Romneycare, nee Heritagecare) proves to be an implementation nightmare, I continue to wonder why we don’t have a fully-paid, full-coverage Medicare for every man, woman and child in America.

Why is much-loved Medicare, a program the government knows how to run — a program that is proven to work — limited to the elderly? And why does even Medicare limit its coverages?

I could afford to pay for health insurance, yet I receive Medicare. Millions of Americans who cannot afford health insurance do not receive Medicare. Does this make any sense for the world’s wealthiest nation?

Millions of working Americans are forced to stay with unpleasant, low-paying jobs, because to quit not only would cost them income, but cost them health insurance. Does this make any sense?

Recently, this blog published How one of the best bills in history — H.R. 676, Medicare for All — is spoiled. What spoiled this “Medicare for All” bill?

The answer to all of the above questions is the same:

*The mistaken belief that federal financing is the same as personal financing.
*The mistaken belief that the federal debt is a burden on the federal government.
*The mistaken belief that paying off the federal debt would cause inflation.
*The mistaken belief that taxes pay for federal spending.
*The mistaken belief that taxpayers and taxpayers’ children owe the federal debt and some day will have to pay it.

And so sadly, our nation suffers from self-inflicted wounds, unnecessary wounds, disgraceful wounds, choreographed by the rich to widen the gap between them and the rest.

Sadder still is the victims’ reluctance to accept or even learn the truth. When you try to explain Monetary Sovereignty, you are met not just with disbelief, but with anger.

It’s as though you offered your hand to a drowning man, and he looked up at you and said, “F*ck you,” then kept drowning.

Americans are not dying just from guns or obesity or drugs or lack of medical care.

We are dying from stubborn ignorance, the conceit that makes us believe we are too special to learn, and to despise anyone who tries to change our brainwashed beliefs.

History shows what happens to such hubris.

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
Monetary Sovereignty Monetary Sovereignty

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

#MONETARY SOVEREIGNTY

–A solution to gun control and the genius of Wayne LaPierre

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

First let me admit my own bigotry. I despise the National Rifle Association (NRA). I believe this group has been responsible for more American deaths than has Al-Qaeda.

No need to argue with me. I could quote facts, and gun lovers could quote their facts. But, there are certain things beyond rational argument: religion, abortion and guns, to name three.

In previous posts I suggested what I thought was a possible solution to gun violence:

Is gun control possible? (Friday, May 21 2010) and The constitutional solution to gun violence, that scares the hell out of the NRA (Wednesday, Sep 18 2013)

The solution given in these posts was: “Make each manufacturer, seller or provider of a gun liable for the use of that gun.” Several logical reasons were given for this corollary to the “dram-shop” ordinances used to address alcohol misuse.

But for those who twist the meaning of “well-regulated militia,” or who believe the NRA slogan, “Guns don’t kill people; people kill people,” what chance would logical argument have?

That said, here is another familiar quote from the NRA’s executive vice president, Wayne LaPierre “The only thing that stops a bad guy with a gun is a good guy with a gun.” Within this quote may lie a solution to a problem.

What LaPierre seems to be telling us is:

1. Bad guys, carrying guns, need to be stopped.
2. The only way to stop them is with a gun held by a good guy.

How does a good guy with a gun stop a bad guy, who also is carrying a gun? By shooting the bad guy, before he can shoot any good guys.

Given that solution, we are left with one simple problem. How do we identify the good guys and the bad guys?

To date, gun control advocates have focused on background checks, which the NRA sees as a secret plot to take guns away, or to give the government a list of gun owners, for some devious purpose.

So how do we “stop” bad guys with guns, if we don’t know who they are?

There really is only one way to identify bad guys and to prevent these bad guys from obtaining guns and from shooting people: Convince the bad guys to self-select. We have to convince them that shooting someone or even carrying a gun, would be a bad idea.

Here, in common English, is the bare bones of a suggested law. (I’m sure the politicians could translate it into appropriate legalese):

Any person who commits a felony while carrying a gun, shall be sentenced to a prison term of 20 years to life, in addition to the term for the felony itself.

Example: You rob a store, while you are carrying a gun. The judge sentences you to two years in jail. Ordinarily, you’d be out of jail in about 18 months.

But with the above law in force, you’d serve at least 22 years (“20-years-to-life” means a minimum of 20 years).

Too harsh? Not at all. Wayne LaPierre wants to shoot those bad guys. This law mercifully only jails them.

Good guys should welcome this law. It says nothing about taking away your guns. It allows you to stockpile all the guns you want — pistols, rifles, shotguns, AK47s — whatever feels good to you.

The only ones punished are the bad guys — the felons. And although the law doesn’t require shooting them, it will keep them off the streets and even make them think twice before carrying guns.

In the mean streets of many cities, it’s become a badge of honor, not at all a deterrent, for a gangbanger to spend a couple years in jail, get his tattoos, then come out and start shooting again.

But 20+ years? That’s a whole different ballgame.

LaPierre might object that the proposed law doesn’t ask good guys to shoot bad guys — just jail them. But I think he’ll like the rest of the law

1. It identifies the bad guys, without good guys having to undergo background checks.
2. Good guys can keep their guns.
3. Bad guys are “stopped,” without the need for good guys to start a dangerous shootout, in which innocent good guys could be killed.
4. The long jail sentence could dissuade bad guys from carrying guns.

It’s a solution that accomplishes everything Wayne LaPierre and the NRA wants, and nothing they don’t want. It evolved directly from LaPierre’s own words.

The man is a genius.

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
Monetary Sovereignty Monetary Sovereignty

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

#MONETARY SOVEREIGNTY

John Boehner’s and Ted Cruz’s “good” fight

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

US economy, confidence hurt by budget showdown

The credit rating agencies Moody’s and Standard & Poor’s estimated that the partial closure of the government from October 1 would slice 0.5-0.6 percentage points from annualized growth in the fourth quarter.

S&P said the shutdown took $24 billion from the economy, as hundreds of thousands of government workers stayed at home unsure of getting paid, government contracts were delayed and national parks that drive crucial tourist industries were closed.

Because of that, several economists cut their forecasts for fourth quarter growth to around 2 percent, barely enough to generate the jobs needed to pull down unemployment.

————————————————————————–

Gridlock Has Cost U.S. Billions, and the Meter Is Still Running
By Anie Lowrey, Nathaniel Popper and Nelson D. Schwartz

Containers of goods idling at ports. Reduced sales at sandwich shops in downtown Washington. Canceled vacations to national parks and to destinations abroad. Reduced corporate earnings forecasts. Higher interest payments on short-term debt.

The cost of Congress’s gridlock has already run well into the billions, economists estimate. And the total will continue to grow even after the shutdown ends, partly because of uncertainty about whether lawmakers might reach another deadlock early next year.

(It will) take a bite out of fourth-quarter growth, which will affect employment, business earnings and borrowing costs.

————————————————————————–

David Gergen, CNN Senior Political Analyst

This (shutdown) has cut off services to women and children in need, furloughed hundreds of thousands, further shaken the confidence of the public, sent a shudder through the financial world and created new storm clouds over the economy. And once again the world is wondering about our capacity for leadership.

————————————————————————–

Rep. Pete King Says Ted Cruz Will Do It Again, Threaten Other House Reps

“He’s going to be coming back, rewriting history, saying, ‘We were on the verge of victory back in October, and we could have won if we’d just stayed in there another week.’ And he’s going to have phone calls being made, and he’s going to have town hall meetings. And he’s going to have all those support groups out there, threatening to downgrade people on their scorecards and all that stuff.

————————————————————————–

John Boehner: “We fought the good fight.”

The agreement to suspend the debt ceiling and fund the federal government will create a bipartisan committee with a target of December 13 for preparing a deficit reduction plan.

The deal sets the stage for future fights. This will give lawmakers the perfect opportunity to stage more grandstanding and theatrics.

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

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
Monetary Sovereignty Monetary Sovereignty

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

#MONETARY SOVEREIGNTY

–The single reason for the repeated U.S. financial crises

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

There is one reason for our repeated financial crises. No, it is not the real estate bubble burst, though that contributed, once.

No, it is not our disfunctional Congress. In fact, Congress is functioning exactly as demanded and paid for.

No, it is not the debt limit law, which is a symptom, not a cause.

The single, underlying reason for the debt crisis is summarized in the following article:

The Financial Crisis That Could Bankrupt America & the Millennial Generation
By The Daily Ticker

In the year 2050, experts predict more than 80 million Americans will be over the age of 65, or double current levels. In the same timeframe, the number of “working age” Americans – those between 18 and 64 – will rise just 17%.

In other words, the problem we have today of too few workers trying to support too many retirees is going to get much worse.

The demographic realities of America’s aging population threatens to bankrupt the nation, which is already spending 22% of the federal budget on Social Security.

It’s downright calamitous for the youth of America, which is facing the prospect of sharply higher taxes to pay for entitlement programs.

Stan Druckenmiller, a legendary investor and founder of Duquesne Capital Management, (said): “I am not against seniors. What I am against is current seniors stealing from future seniors.”

And there you have it, all the falsities, misunderstandings, lies and myths, with which the populace has been brainwashed, compressed into in one concise article.

The truth is, federal finances are not like your personal finances:

1. The United States, being Monetarily Sovereign, cannot be forced into bankruptcy.

Our government, having created the laws that created the dollar, has the unlimited ability to create more dollars. The only way the U.S. could go bankrupt is for a corrupt Congress and President to pass laws restricting this money creation.

2. Given the government’s unlimited ability to create dollars, federal taxes do not pay for federal spending. Workers do not support retirees. If there was but one worker in all of America (or even zero workers), the federal government could continue to create the dollars to pay every bill, not only for retirees, but for everything the government wishes to support.

3. Spending 22% of the federal budget (or any other percentage) neither is bad nor good. With unlimited spending ability, there should be no concern about the size of any one budget item.

4. There is no need for the youth of America to pay higher taxes. Literally, there is no need for the youth of America to pay any federal taxes at all (though local taxes remain necessary). Federal taxes do not support federal spending.

In fact, federal tax payments are destroyed upon receipt. As soon as your tax dollars are removed from your checking account, they no longer are part of the U.S. money supply. They have disappeared. Government spending created dollars ad hoc.

5. Druckenmiller is clueless about Monetary Sovereignty. When today’s seniors receive Social Security, they do not steal from future seniors. If if FICA were eliminated (as it should be), this would not affect the government’s ability to pay for Social Security, Medicare or anything else.

In short, the very premise of today’s financial crises — the notion that federal finances are like personal finances — is dead wrong, clearly wrong, diametrically wrong.

Austerity, aka deficit reduction, aka “balanced budget,” impacts the middle and the poor far more than it impacts the rich. Austerity widens the gap between the rich and the rest.

So why do the politicians, the media and even the mainstream economists subscribe to such a damaging idea. Why do they insist on crippling America, especially the middle- and lower-income groups, for no good reason?

They have a “good” reason: They have been bribed by the rich, to widen the gap between the rich and the rest.

Being rich requires that there be a gap. If there were no gap, and everyone had the same amount of money as everyone else, no one would be “rich.” The wider the gap, the richer are the rich.

So the rich pay to have the gap widened:

They bribe the President and Congress via campaign contributions and promises of lucrative employment later.

They bribe the media via their ownership of the largest media outlets. Media writers do not bite the hand that feeds them.

They bribe the mainstream economists via contributions to major universities. Gaining and maintaining tenure requires going along with the university leaders, and with being printed in the media that — you guessed it — are owned by the rich.

So with lies being blared in a continuing fire hose of misinformation, the public has been brainwashed into believing the federal deficit should be cut — brainwashed into believing that what hurts them is a good thing.

Visualize this: When the federal government creates and spends money, where does that money go? Into the economy. Federal deficits are surpluses for the economy.

The federal government is Monetarily Sovereign, and has the unlimited ability to create dollars. But, the economy is monetarily non-sovereign, and can run short of dollars.

Why then, do media writers fret about federal deficits, when they really should worry about the economy’s deficits?

Their readers have been brainwashed, and the richest .1% have paid for the soap. Americans believe federal finances are like personal finances, so they wrongly fear the federal deficit and federal debt.

And that is why the U.S. repeatedly has financial crises.

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
Monetary Sovereignty Monetary Sovereignty

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

#MONETARY SOVEREIGNTY