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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.
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The ultra-rich of the world, of America and of your state, county and city, have a simple, two-pronged system for world domination: Disinformation and Privatization.
DISINFORMATION
The disinformation revolves around the federal deficit. The ultra-rich, right wing has established numerous “think tanks” (propaganda tanks) to spread The Big Lie — the lie that the finances of a Monetarily Sovereign government (as is the U.S. government) are the same as the finances of monetarily non-sovereign entities like you and me (and the states, counties and cities).
An example of this is President Obama’s oft-repeated statement: “We need a government that lives within its means.” It is, of course, an absolute, unmitigated lie.
His lie implies that the federal government is like you and me, and so should spend no more than the money it receives (in taxes).
But, a Monetarily Sovereign government, creates its sovereign currency ad hoc, by spending. It has no “means.”
The best (worst?) execution of The Big Lie was committed by John Boehner, who famously said, “Let’s face it. We’re broke.”
We weren’t “broke” then. We aren’t “broke” now. And it is 100% impossible for the United States ever to be “broke,” if being “broke” means we couldn’t pay our bills.
(Due to Boehner et al, American citizens are going broke — the inevitable result of The Big Lie.)
The Big Lie disinformation has been spread throughout the U.S. and the world, by the politicians, the media and the world, all of whom have been bribed by the ultra-rich.
The politicians have been bribed via campaign contributions and promises of lucrative employment, later. The media are owned by the ultra-rich. And the economists are employed by universities that have been bribed via donations from the ultra-rich.
Together, they constitute one prong of the ultra-rich program for world domination. The second prong is:
PRIVATIZATION:
This begins with the unproven, completely false propaganda that the private sector always is more efficient, more caring, more creative and more productive than the public sector. Time and again, that has proven not to be true.
The infamous Richard M. Daley, former mayor of Chicago (a monetarily NON-sovereign government), did not let the city live within its means. He spent recklessly, much on bribes to the unions, who helped re-elect him, thus accumulating huge, unsustainable debts.
To pay these debts, he began to privatize assets of Chicago — a toll road went first. The city’s parking meters were privatized next. In both cases, the assets were sold at a steep discount, enriching the wealthy investors who bought them.
(Chicago’s 2nd largest airport, Midway, was next in line, but thankfully, Daley retired before he could commit another larceny on behalf of the rich.)
Tolls and parking rates went up enormously, the rich will continue to rake in excessive profits for the next hundred years (the term of the contracts), Chicago no longer will receive the financial benefits of these assets, and the citizens will pay the price.
The rich right wing repeatedly has tried to privatize Social Security, so that the public would be required to invest with Wall Street brokers, rather than having an assured, safe income from the government. The economic disaster of 2008 demonstrated the folly of that approach.
Consider these excerpts from an article in the blog called “Truthdig”:
Goodbye to the U.K.’s National Health Service?
Alexander Reed Kelly; Jan 10, 2014National Health Service official Kailash Chand predicts the inexpensive and efficient nationalized system could be replaced by a largely privatized version involving worse “access, equity, health outcomes and cost” within five years.
The service is ready to be sold in pieces to private corporations by Prime Minister David Cameron and MP and Secretary of State for Health Jeremy Hunt, both members of the Conservative Party.
[Chand said,] In the past two years, £11bn worth of our NHS has been put up for sale, while 35,000 staff have been axed, including 5,600 nurses. Half of our 600 ambulance stations are earmarked for closure. One-third of NHS walk-in centres have been closed and 10% of A&E units have been shut. Waiting lists for operations are at their longest in years as hospitals are consumed by the crisis in A&E.
This privatization not only is supported by the false dictum of deficit reduction, but also by the equally false dictum of private cost efficiency vs. public cost inefficiency.
First, deficit reduction for a Monetarily Sovereign nation is a path to economic disaster. To grow economically, Monetarily Sovereign nations need to increase, not decrease, deficit spending.
Second, not only is for-profit industry often LESS cost efficient than public industry, but a Monetarily Sovereign government doesn’t need to be cost efficient.
Assume, for a moment, that a certain project could be accomplished at a cost of $1 million by a for-profit company, and that a Monetarily Sovereign government would pay $2 million for the same project. Which approach is better for the economy?
The answer: The $2 million, government approach is better, because it pumps an additional $2 million into the economy and into the pockets of the citizens.
In summary, the two-pronged plan, the two-headed monster — Disinformation and Privatization — is being sold to the middle class as a necessary, desirable and efficient program for economic progress.
It is just the opposite: an unnecessary, undesirable and inefficient program for economic regress and for widening the gap between the rich and the rest.
Deficit reduction and privatization are devices used by the rich to widen the gap between them and the non-rich. That is their sole purpose.
You won’t hear this from the politicians; the rich have bribed them. You won’t hear it from the media; the rich own them. You won’t hear it from the economists; they work for the rich in universities and right-wing think tanks.
But you heard it here, and now you know.
Rodger Malcolm Mitchell
Monetary Sovereignty
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Nine Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Federally funded 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) Or institute a reverse income tax.
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)
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10 Steps to Economic Misery: (Click here:)
1. Maintain or increase the FICA tax..
2. Spread the myth Social Security, Medicare and the U.S. government are insolvent.
3. Cut federal employment in the military, post office, other federal agencies.
4. Broaden the income tax base so more lower income people will pay.
5. Cut financial assistance to the states.
6. Spread the myth federal taxes pay for federal spending.
7. Allow banks to trade for their own accounts; save them when their investments go sour.
8. Never prosecute any banker for criminal activity.
9. Nominate arch conservatives to the Supreme Court.
10. Reduce the federal deficit and debt
No nation can tax itself into prosperity, nor grow without money growth. Monetary Sovereignty: Cutting federal deficits to grow the economy is like applying leeches to cure anemia.
Two key equations in economics:
1. Federal Deficits – Net Imports = Net Private Savings
2. Gross Domestic Product = Federal Spending + Private Investment and Consumption – Net Imports
THE RECESSION CLOCK
As the federal deficit growth lines drop, we approach recession, which will be cured only when the lines rise. Federal deficit growth is absolutely, positively necessary for economic growth. Period.
#MONETARY SOVEREIGNTY
#Monetary Sovereignty - Mitchell 