Why the cashless society? To track and control your life Thursday, Jul 21 2016 

Here are some excerpts from an interesting article in Bloomberg:

Could India Be the First to Get Rid of Cash?
JULY 20, 2016 By Mihir Sharma

“Black money” — the colloquial name for a vast network of off-the-book cash transactions and unbanked savings — is one of India’s biggest scourges.

Amounting to as much as $460 billion a year, bigger than the GDP of Argentina, all that money lies beyond the reach of the tax authorities, creditors, and anti-corruption investigators.

Half the country’s output comes from the small, informal sector, where cash transactions are the norm.

Meanwhile, taxes are cumbersome to pay and easy to avoid.

To collect revenue, India’s government has to rely on indirect levies such as sales and excise taxes, which are distortionary and regressive, rather than on income tax.

Direct taxes contribute only 35 percent of the take in India.

Tax evasion has been a hot-button political issue in India for at least a decade. The anti-corruption crusader Arvind Kejriwal — now chief minister of the Indian capital Delhi — made headlines when he accused top politicians and businessmen of having illegal offshore accounts.

Belgium, for example, which has the highest proportion of cashless transactions in the world — 93 percent, according to MasterCard — has banned cash payments of over 3,000 euros.

India’s many poor people and migrants still struggle to access its chronically inefficient banking system, despite the government’s efforts at reform.

If presented with an easy and frictionless way of transferring cash, there’s no reason to think consumers wouldn’t embrace it quickly.

As cash gets used for fewer and fewer transactions, it will become easier for authorities to crack down on tax evasion.

The “cashless society” is proposed as an innocent, money-saving convenience, especially for poor people, and as a way to reduce corrupt tax avoidance. Thus, the “cashless society” is described as a morally and economically good program.

But its real purpose, its insidious purpose, is control.

Consider that India is Monetarily Sovereign. Its currency is the rupee (worth about $.15).

Being Monetarily Sovereign, India has the unlimited ability to pay any bill denominated in rupees.

Even if India stopped taxing altogether, it could continue spending forever. It never would run short of rupees.

Monetarily Sovereign entities do not need income so long as their currency is widely accepted for payment and/or exchange. The rupee is such a currency.

The article gave the example of Belgium, as a nation where few bills are paid with cash. But because Belgium uses the euro, it monetarily non-sovereign. It does not have its own sovereign currency, so it does not have the unlimited ability to pay its bills. It needs income.

Similarly, our states, counties and cities are monetarily non-sovereign.  They too, need taxes to fund spending.

By contrast, India (like the U.S., Canada, Australia, China, Japan, and other Monetarily Sovereign nations) does not need to collect taxes for bill payment.

Yet all these nations collect taxes, not because they need the currency (They don’t), but for economic control.

Tax collection, together with harsh laws about tax evasion, provide a means by which a government can track and control the finances of every citizen. Tracking and controlling finances allows governments to track and control the lives of their citizens.

When you use credit cards or checks to pay your bills, you create a “paper” trail, easily followed by the government. Similarly, if you are a business that accepts credit cards or checks in payment, your finances can be tracked.

More importantly, if you fall into either of the above categories, your finances not only can be tracked, but controlled.

Having the power to levy taxes on various forms of income or purchase, allows the government to control much of your life. For instance, a simple gasoline tax can affect such decisions as: Will you drive to work, take a train, or decide to work nearby? Where will you vacation? Where will you live? What kind of vehicle will you own? Import taxes affect what you buy. Luxury taxes affect what you own. Inheritance taxes affect what you leave behind.

The arbitrary tax rates on various forms of income dramatically affect your investing and your saving. Taxes affect your charity giving and your healthcare.

The requirements to declare your income and much of your spending allow the government to trace what you do and where you go.

The operations of any business are controlled in part, by what forms of income are taxed and what expenses are tax-deductible.

Today, computerized “big data” collection, gives the government a permanent record of your life and the lives of every business. Tax laws run the world.

The tracking and control afforded by tax collections is why the federal government does not want you to understand Monetary Sovereignty.

It is why the government wants you to believe the “Big Lie” (i.e. “Federal taxes fund federal spending”). It is why you repeatedly have been told wrongly that federal obligations are taxpayer obligations, and that when the government spends, its spends “taxpayer dollars” — all part of The Big Lie.

In summary, the real effect of the “cashless society” is to ease tax collection. The real purpose of federal tax collection is to track and to control your life.

Rodger Malcolm Mitchell
Monetary Sovereignty

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

Ten Steps to Prosperity:
1. ELIMINATE FICA (Ten Reasons to Eliminate FICA )
Although the article lists 10 reasons to eliminate FICA, there are two fundamental reasons:
*FICA is the most regressive tax in American history, widening the Gap by punishing the low and middle-income groups, while leaving the rich untouched, and
*The federal government, being Monetarily Sovereign, neither needs nor uses FICA to support Social Security and Medicare.
2. FEDERALLY FUNDED MEDICARE — PARTS A, B & D, PLUS LONG TERM CARE — FOR EVERYONE (H.R. 676, Medicare for All )
This article addresses the questions:
*Does the economy benefit when the rich afford better health care than the rest of Americans?
*Aside from improved health care, what are the other economic effects of “Medicare for everyone?”
*How much would it cost taxpayers?
*Who opposes it?”
3. PROVIDE AN ECONOMIC BONUS TO EVERY MAN, WOMAN AND CHILD IN AMERICA, AND/OR EVERY STATE, A PER CAPITA ECONOMIC BONUS (The JG (Jobs Guarantee) vs the GI (Guaranteed Income) vs the EB) Or institute a reverse income tax.
This article is the fifth in a series about direct financial assistance to Americans:

Why Modern Monetary Theory’s Employer of Last Resort is a bad idea. Sunday, Jan 1 2012
MMT’s Job Guarantee (JG) — “Another crazy, rightwing, Austrian nutjob?” Thursday, Jan 12 2012
Why Modern Monetary Theory’s Jobs Guarantee is like the EU’s euro: A beloved solution to the wrong problem. Tuesday, May 29 2012
“You can’t fire me. I’m on JG” Saturday, Jun 2 2012

Economic growth should include the “bottom” 99.9%, not just the .1%, the only question being, how best to accomplish that. Modern Monetary Theory (MMT) favors giving everyone a job. Monetary Sovereignty (MS) favors giving everyone money. The five articles describe the pros and cons of each approach.
4. FREE EDUCATION (INCLUDING POST-GRAD) FOR EVERYONEFive reasons why we should eliminate school loans
Monetarily non-sovereign State and local governments, despite their limited finances, support grades K-12. That level of education may have been sufficient for a largely agrarian economy, but not for our currently more technical economy that demands greater numbers of highly educated workers.
Because state and local funding is so limited, grades K-12 receive short shrift, especially those schools whose populations come from the lowest economic groups. And college is too costly for most families.
An educated populace benefits a nation, and benefiting the nation is the purpose of the federal government, which has the unlimited ability to pay for K-16 and beyond.
5. SALARY FOR ATTENDING SCHOOL
Even were schooling to be completely free, many young people cannot attend, because they and their families cannot afford to support non-workers. In a foundering boat, everyone needs to bail, and no one can take time off for study.
If a young person’s “job” is to learn and be productive, he/she should be paid to do that job, especially since that job is one of America’s most important.
6. ELIMINATE CORPORATE TAXES
Corporations themselves exist only as legalities. They don’t pay taxes or pay for anything else. They are dollar-tranferring machines. They transfer dollars from customers to employees, suppliers, shareholders and the government (the later having no use for those dollars).
Any tax on corporations reduces the amount going to employees, suppliers and shareholders, which diminishes the economy. Ultimately, all corporate taxes come around and reappear as deductions from your personal income.
7. INCREASE THE STANDARD INCOME TAX DEDUCTION, ANNUALLY. (Refer to this.) Federal taxes punish taxpayers and harm the economy. The federal government has no need for those punishing and harmful tax dollars. There are several ways to reduce taxes, and we should evaluate and choose the most progressive approaches.
Cutting FICA and corporate taxes would be an good early step, as both dramatically affect the 99%. Annual increases in the standard income tax deduction, and a reverse income tax also would provide benefits from the bottom up. Both would narrow the Gap.
8. TAX THE VERY RICH (THE “.1%) MORE, WITH HIGHER PROGRESSIVE TAX RATES ON ALL FORMS OF INCOME. (TROPHIC CASCADE)
There was a time when I argued against increasing anyone’s federal taxes. After all, the federal government has no need for tax dollars, and all taxes reduce Gross Domestic Product, thereby negatively affecting the entire economy, including the 99.9%.
But I have come to realize that narrowing the Gap requires trimming the top. It simply would not be possible to provide the 99.9% with enough benefits to narrow the Gap in any meaningful way. Bill Gates reportedly owns $70 billion. To get to that level, he must have been earning $10 billion a year. Pick any acceptable Gap (1000 to 1?), and the lowest paid American would have to receive $10 million a year. Unreasonable.
9. FEDERAL OWNERSHIP OF ALL BANKS (Click The end of private banking and How should America decide “who-gets-money”?)
Banks have created all the dollars that exist. Even dollars created at the direction of the federal government, actually come into being when banks increase the numbers in checking accounts. This gives the banks enormous financial power, and as we all know, power corrupts — especially when multiplied by a profit motive.
Although the federal government also is powerful and corrupted, it does not suffer from a profit motive, the world’s most corrupting influence.
10. INCREASE FEDERAL SPENDING ON THE MYRIAD INITIATIVES THAT BENEFIT AMERICA’S 99.9% (Federal agencies)Browse the agencies. See how many agencies benefit the lower- and middle-income/wealth/ power groups, by adding dollars to the economy and/or by actions more beneficial to the 99.9% than to the .1%.
Save this reference as your primer to current economics. Sadly, much of the material is not being taught in American schools, which is all the more reason for you to use it.

The Ten Steps will grow the economy, and narrow the income/wealth/power Gap between the rich and you.

MONETARY SOVEREIGNTY

 

Hotter? Which risk do you prefer Wednesday, Jul 20 2016 

“Global warming” or if you wish, “climate change” has become a contentious question, when it really shouldn’t be. There are but two risks, and all we need do is choose the one we prefer. Simple enough.

If you accept the idea that it is a scientific question, and that scientific questions are best answered by scientists, the consensus of scientists is that the earth is warming due to an increase in CO2, and humans are responsible for much of this increase.

True, scientific consensus isn’t always right. In fact, scientific progress relies on the consensus being proved wrong. Every scientific development proves a previous scientific belief wrong.

Yet, at any given time, time has shown we are wiser to rely on the scientific consensus rather than on business consensus, religious consensus, or political consensus. Businesses, religions, and politicians are highly partisan observers.

Consider the words of Donald Trump, noted non-scientist and the leader of the Republican party:

“The concept of global warming was created by and for the Chinese in order to make U.S. manufacturing non-competitive.”

“This very expensive GLOBAL WARMING bullshit has got to stop. Our planet is freezing, record low temps, and our GW scientists are stuck in ice”

These statements are at odds with scientific consensus:

The increased volumes of carbon dioxide and other greenhouse gases released by the burning of fossil fuels, land clearing, agriculture, and other human activities, are believed to be the primary sources of the global warming that has occurred over the past 50 years.

Scientists from the Intergovernmental Panel on Climate carrying out global warming research have recently predicted that average global temperatures could increase between 1.4 and 5.8 °C by the year 2100.

Changes resulting from global warming may include rising sea levels due to the melting of the polar ice caps, as well as an increase in occurrence and severity of storms and other severe weather events.

There are three fundamental questions regarding global warming:

  1. Is it real?
  2. Is it being caused by the burning of fossil fuels?
  3. Is it less harmful than efforts to prevent it?

1. Donald Trump and the Republican party notwithstanding, there is zero doubt the world is growing warmer.

Record Breaking Temperatures Again in First Half of 2016

For the first six months of the year, the Earth has had its ‘warmest half-year on record,’ according to NASA’s Goddard Spaceflight Center. The planet has also seen record Arctic Sea ice shrink.

2. While many hypotheses about the causes of global warming have been put forward, CO2 definitely wis a “greenhouse” gas and that the amount of this greenhouse gas in our atmosphere is growing.

The relentless rise of carbon dioxide

monetary sovereignty

During ice ages, CO2 levels were around 200 parts per million (ppm), and during the warmer interglacial periods, they hovered around 280 ppm (see fluctuations in the graph).

In 2013, CO2 levels surpassed 400 ppm for the first time in recorded history.

This recent relentless rise in CO2 shows a remarkably constant relationship with fossil-fuel burning, and can be well accounted for based on the simple premise that about 60 percent of fossil-fuel emissions stay in the air.

While the science seems clear, people believe what they want to believe, and the Trump/Republicans want you to believe:

–The world is not growing warmer,
and anyway,
–The increased warmth is not caused by fossil-burning,
and anyway,
The cost to reduce fossil burning is not worth the benefits.

We bolded the final belief, because it is the real belief, and it is based on a very short-term view. The political right-wing, anti-science, pro-business view is that spending money today to reduce CO2 emissions is unprofitable.

And they are correct. Spending millions or billions of dollars this year to reduce CO2 emissions, will have minimal effect on global warming next year or perhaps for dozens of years.

Businesses are short-term efforts. Businesses are run by businessmen, who are far more interested in this quarter’s profits and their own personal compensation this year, than about the long-term effects of global warming on polar bears.

3. But even taking a longer view, say a few decades, is global warming less harmful than efforts to prevent it?

Too hot to work: global warming may cause loss of 20% of annual work hours in Southeast Asia alone

Rising temperatures caused by climate change may cost the world economy over $2 trillion in lost productivity by 2030 as hot weather makes it unbearable to work in some parts of the world, according to U.N. research published on Tuesday.

Across the globe, 43 countries will see a fall in their gross domestic product (GDP) due to reduced productivity, the majority of them in Asia including Indonesia, Malaysia, China, India and Bangladesh, researcher Tord Kjellstrom said.

In Southeast Asia alone, up to 20 percent of annual work hours may already be lost in jobs with exposure to extreme heat with the figures set to double by 2050 as the effects of climate change deepen.

Apparently, we are not “just” talking about polar bears, melting ice, rising seas or tropical diseases coming to the temperate zones. We are talking about lost business, today.

In discussing business, we always must return to risk/reward analysis. For any individual business, is the reward of CO2 reduction worth the spending risk?

The answer is “No.”

Any business that spends money to prevent global warming will see no return on that investment. Such an investment should be included in the “Charity” section of the balance sheet — an effort to “do the right thing” and not in anticipation of profits. While businesses may give to charity, the business purpose is good will.

From a short-term standpoint, most businesses would profit more from investments in marketing and product development than in greenhouse gas reduction.

The one entity that can and should take the long view on greenhouse gas reduction is a Monetarily Sovereign government — a government that has the unlimited capacity for financial risk, does not need profits, and whose investments in of themselves would stimulate its economy.

In evaluating risk, we should look at the risk of doing something vs. the risk of doing nothing.

For a Monetarily Sovereign nation, the primary risk of doing something (CO2 prevention and removal) is time: The research and development time necessary to create systems that do not produce CO2, or to invent CO2 storage systems — a minimal “risk.”

There will be many failures, which in the world of science are known as “learning.” The information gleaned from these efforts becomes part of the world’s scientific knowledge — the positive result of scientific failure.

But for a Monetarily Sovereign nation, the risk of doing nothing is monumental — at worst, the decline and end of life as we know it.

In summary, the “reward” from doing nothing is that Monetarily Sovereign nations will not stimulate their economies by adding their sovereign currency to their nation’s money supply, a dubious “reward” indeed.

The worst risk is that life on earth will become so stressed as to cause a massive extinction of species, impacting all life, including human life.

It is vital that Monetarily Sovereign governments absorb the costs of CO2 amelioration. If we want clean-running cars, clean electrical generation, clean heating and air conditioning, thriving ecologies, etc. governments should pay the R&D costs,rather than simply demanding that private industry pay.

Fundamentally, the global warming question boils down to our selecting which risk we prefer:

  1. The non-risk that a government will add dollars to its economy, thereby stimulating the economy, but failing to develop good solutions, or

  2. The real risk of doing nothing, and thus creating an unlivable world for our children and grandchildren.

Take your pick.

Rodger Malcolm Mitchell
Monetary Sovereignty

===================================================================================
Ten Steps to Prosperity:
1. ELIMINATE FICA (Ten Reasons to Eliminate FICA )
Although the article lists 10 reasons to eliminate FICA, there are two fundamental reasons:
*FICA is the most regressive tax in American history, widening the Gap by punishing the low and middle-income groups, while leaving the rich untouched, and
*The federal government, being Monetarily Sovereign, neither needs nor uses FICA to support Social Security and Medicare.
2. FEDERALLY FUNDED MEDICARE — PARTS A, B & D, PLUS LONG TERM CARE — FOR EVERYONE (H.R. 676, Medicare for All )
This article addresses the questions:
*Does the economy benefit when the rich afford better health care than the rest of Americans?
*Aside from improved health care, what are the other economic effects of “Medicare for everyone?”
*How much would it cost taxpayers?
*Who opposes it?”
3. PROVIDE AN ECONOMIC BONUS TO EVERY MAN, WOMAN AND CHILD IN AMERICA, AND/OR EVERY STATE, A PER CAPITA ECONOMIC BONUS (The JG (Jobs Guarantee) vs the GI (Guaranteed Income) vs the EB) Or institute a reverse income tax.
This article is the fifth in a series about direct financial assistance to Americans:

Why Modern Monetary Theory’s Employer of Last Resort is a bad idea. Sunday, Jan 1 2012
MMT’s Job Guarantee (JG) — “Another crazy, rightwing, Austrian nutjob?” Thursday, Jan 12 2012
Why Modern Monetary Theory’s Jobs Guarantee is like the EU’s euro: A beloved solution to the wrong problem. Tuesday, May 29 2012
“You can’t fire me. I’m on JG” Saturday, Jun 2 2012

Economic growth should include the “bottom” 99.9%, not just the .1%, the only question being, how best to accomplish that. Modern Monetary Theory (MMT) favors giving everyone a job. Monetary Sovereignty (MS) favors giving everyone money. The five articles describe the pros and cons of each approach.
4. FREE EDUCATION (INCLUDING POST-GRAD) FOR EVERYONEFive reasons why we should eliminate school loans
Monetarily non-sovereign State and local governments, despite their limited finances, support grades K-12. That level of education may have been sufficient for a largely agrarian economy, but not for our currently more technical economy that demands greater numbers of highly educated workers.
Because state and local funding is so limited, grades K-12 receive short shrift, especially those schools whose populations come from the lowest economic groups. And college is too costly for most families.
An educated populace benefits a nation, and benefiting the nation is the purpose of the federal government, which has the unlimited ability to pay for K-16 and beyond.
5. SALARY FOR ATTENDING SCHOOL
Even were schooling to be completely free, many young people cannot attend, because they and their families cannot afford to support non-workers. In a foundering boat, everyone needs to bail, and no one can take time off for study.
If a young person’s “job” is to learn and be productive, he/she should be paid to do that job, especially since that job is one of America’s most important.
6. ELIMINATE CORPORATE TAXES
Corporations themselves exist only as legalities. They don’t pay taxes or pay for anything else. They are dollar-tranferring machines. They transfer dollars from customers to employees, suppliers, shareholders and the government (the later having no use for those dollars).
Any tax on corporations reduces the amount going to employees, suppliers and shareholders, which diminishes the economy. Ultimately, all corporate taxes come around and reappear as deductions from your personal income.
7. INCREASE THE STANDARD INCOME TAX DEDUCTION, ANNUALLY. (Refer to this.) Federal taxes punish taxpayers and harm the economy. The federal government has no need for those punishing and harmful tax dollars. There are several ways to reduce taxes, and we should evaluate and choose the most progressive approaches.
Cutting FICA and corporate taxes would be an good early step, as both dramatically affect the 99%. Annual increases in the standard income tax deduction, and a reverse income tax also would provide benefits from the bottom up. Both would narrow the Gap.
8. TAX THE VERY RICH (THE “.1%) MORE, WITH HIGHER PROGRESSIVE TAX RATES ON ALL FORMS OF INCOME. (TROPHIC CASCADE)
There was a time when I argued against increasing anyone’s federal taxes. After all, the federal government has no need for tax dollars, and all taxes reduce Gross Domestic Product, thereby negatively affecting the entire economy, including the 99.9%.
But I have come to realize that narrowing the Gap requires trimming the top. It simply would not be possible to provide the 99.9% with enough benefits to narrow the Gap in any meaningful way. Bill Gates reportedly owns $70 billion. To get to that level, he must have been earning $10 billion a year. Pick any acceptable Gap (1000 to 1?), and the lowest paid American would have to receive $10 million a year. Unreasonable.
9. FEDERAL OWNERSHIP OF ALL BANKS (Click The end of private banking and How should America decide “who-gets-money”?)
Banks have created all the dollars that exist. Even dollars created at the direction of the federal government, actually come into being when banks increase the numbers in checking accounts. This gives the banks enormous financial power, and as we all know, power corrupts — especially when multiplied by a profit motive.
Although the federal government also is powerful and corrupted, it does not suffer from a profit motive, the world’s most corrupting influence.
10. INCREASE FEDERAL SPENDING ON THE MYRIAD INITIATIVES THAT BENEFIT AMERICA’S 99.9% (Federal agencies)Browse the agencies. See how many agencies benefit the lower- and middle-income/wealth/ power groups, by adding dollars to the economy and/or by actions more beneficial to the 99.9% than to the .1%.
Save this reference as your primer to current economics. Sadly, much of the material is not being taught in American schools, which is all the more reason for you to use it.

The Ten Steps will grow the economy, and narrow the income/wealth/power Gap between the rich and you.

MONETARY SOVEREIGNTY

Why are you required to carry a gun into the Republican convention? Monday, Jul 18 2016 

As we “good guys” know, allowing every citizen to carry a gun makes us all safer. The more people who carry guns the safer we are.

That is why courts and the U.S. Congress and all other federal and local government buildings and airports demand that people carry guns when entering. It’s a smart safety precaution.

And if carrying guns makes us safer, the open carry of high-powered, large magazine weapons makes us really safe.

If you plan to attend the Republican Convention, you not only will be allowed to carry a military-style weapon, with a 100-count magazine, you will be required to do so. Safety is a high priority where large numbers of politicians gather.

The more people at the Republican convention who have these weapons, the safer from “bad guys” everyone will be, because as we all know, “Guns don’t kill people; people kill people.”

The next time you go to the airport and get on a plane, be sure to take your Glock or AR-15 (or better yet, both), to protect yourself and your fellow passengers.

And if you need to go to court, the judge will very much appreciate your being well armed, in case a “bad guy” happens to show up.

“The only thing that can stop a bad guy with a gun is a good guy with a gun.”

Pay no attention to the few misfits who think allowing guns in public places is dangerous.

Cleveland Police Ask For Emergency Suspension Of Open Carry Laws During Republican Convention

Strangely, in the area around the convention, “tennis balls, metal-tipped umbrellas or canned goods” are prohibited. But AR-15s or other firearms are not.

But now, the Cleveland Police Union has made an emergency request to suspend open carry for the duration of the Republican convention.

“We are sending a letter to Gov. Kasich requesting assistance from him. He could very easily do some kind of executive order or something — I don’t care if it’s constitutional or not at this point,” Cleveland Police Union president Stephen Loomis told CNN.

It’s absolutely ridiculous that the police should demand an end to open carry, when it’s obvious that good guys with guns protect us from bad guys with guns.

For instance, wouldn’t you feel better knowing these good guys are nearby to protect you?

monetary sovereignty
RELY ON THESE “GOOD GUYS” TO PROTECT YOU FROM “BAD GUYS”

If a “bad guy” with a gun shows up, these folks can be depended upon to stop him, just like the people in Dallas did. (Don’t you believe all those rumors that the gun-toting people actually were running away. That’s just anti-gun propaganda. They actually were running to get more bullets — or something.)

So all you patriotic Americans, grab your guns and come into the Republican convention. Exercise your Constitutional rights while you make everyone safer.

The Republicans will thank you for protecting them.

Rodger Malcolm Mitchell
Monetary Sovereignty

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

Ten Steps to Prosperity:
1. ELIMINATE FICA (Ten Reasons to Eliminate FICA )
Although the article lists 10 reasons to eliminate FICA, there are two fundamental reasons:
*FICA is the most regressive tax in American history, widening the Gap by punishing the low and middle-income groups, while leaving the rich untouched, and
*The federal government, being Monetarily Sovereign, neither needs nor uses FICA to support Social Security and Medicare.
2. FEDERALLY FUNDED MEDICARE — PARTS A, B & D, PLUS LONG TERM CARE — FOR EVERYONE (H.R. 676, Medicare for All )
This article addresses the questions:
*Does the economy benefit when the rich afford better health care than the rest of Americans?
*Aside from improved health care, what are the other economic effects of “Medicare for everyone?”
*How much would it cost taxpayers?
*Who opposes it?”
3. PROVIDE AN ECONOMIC BONUS TO EVERY MAN, WOMAN AND CHILD IN AMERICA, AND/OR EVERY STATE, A PER CAPITA ECONOMIC BONUS (The JG (Jobs Guarantee) vs the GI (Guaranteed Income) vs the EB) Or institute a reverse income tax.
This article is the fifth in a series about direct financial assistance to Americans:

Why Modern Monetary Theory’s Employer of Last Resort is a bad idea. Sunday, Jan 1 2012
MMT’s Job Guarantee (JG) — “Another crazy, rightwing, Austrian nutjob?” Thursday, Jan 12 2012
Why Modern Monetary Theory’s Jobs Guarantee is like the EU’s euro: A beloved solution to the wrong problem. Tuesday, May 29 2012
“You can’t fire me. I’m on JG” Saturday, Jun 2 2012

Economic growth should include the “bottom” 99.9%, not just the .1%, the only question being, how best to accomplish that. Modern Monetary Theory (MMT) favors giving everyone a job. Monetary Sovereignty (MS) favors giving everyone money. The five articles describe the pros and cons of each approach.
4. FREE EDUCATION (INCLUDING POST-GRAD) FOR EVERYONEFive reasons why we should eliminate school loans
Monetarily non-sovereign State and local governments, despite their limited finances, support grades K-12. That level of education may have been sufficient for a largely agrarian economy, but not for our currently more technical economy that demands greater numbers of highly educated workers.
Because state and local funding is so limited, grades K-12 receive short shrift, especially those schools whose populations come from the lowest economic groups. And college is too costly for most families.
An educated populace benefits a nation, and benefiting the nation is the purpose of the federal government, which has the unlimited ability to pay for K-16 and beyond.
5. SALARY FOR ATTENDING SCHOOL
Even were schooling to be completely free, many young people cannot attend, because they and their families cannot afford to support non-workers. In a foundering boat, everyone needs to bail, and no one can take time off for study.
If a young person’s “job” is to learn and be productive, he/she should be paid to do that job, especially since that job is one of America’s most important.
6. ELIMINATE CORPORATE TAXES
Corporations themselves exist only as legalities. They don’t pay taxes or pay for anything else. They are dollar-tranferring machines. They transfer dollars from customers to employees, suppliers, shareholders and the government (the later having no use for those dollars).
Any tax on corporations reduces the amount going to employees, suppliers and shareholders, which diminishes the economy. Ultimately, all corporate taxes come around and reappear as deductions from your personal income.
7. INCREASE THE STANDARD INCOME TAX DEDUCTION, ANNUALLY. (Refer to this.) Federal taxes punish taxpayers and harm the economy. The federal government has no need for those punishing and harmful tax dollars. There are several ways to reduce taxes, and we should evaluate and choose the most progressive approaches.
Cutting FICA and corporate taxes would be an good early step, as both dramatically affect the 99%. Annual increases in the standard income tax deduction, and a reverse income tax also would provide benefits from the bottom up. Both would narrow the Gap.
8. TAX THE VERY RICH (THE “.1%) MORE, WITH HIGHER PROGRESSIVE TAX RATES ON ALL FORMS OF INCOME. (TROPHIC CASCADE)
There was a time when I argued against increasing anyone’s federal taxes. After all, the federal government has no need for tax dollars, and all taxes reduce Gross Domestic Product, thereby negatively affecting the entire economy, including the 99.9%.
But I have come to realize that narrowing the Gap requires trimming the top. It simply would not be possible to provide the 99.9% with enough benefits to narrow the Gap in any meaningful way. Bill Gates reportedly owns $70 billion. To get to that level, he must have been earning $10 billion a year. Pick any acceptable Gap (1000 to 1?), and the lowest paid American would have to receive $10 million a year. Unreasonable.
9. FEDERAL OWNERSHIP OF ALL BANKS (Click The end of private banking and How should America decide “who-gets-money”?)
Banks have created all the dollars that exist. Even dollars created at the direction of the federal government, actually come into being when banks increase the numbers in checking accounts. This gives the banks enormous financial power, and as we all know, power corrupts — especially when multiplied by a profit motive.
Although the federal government also is powerful and corrupted, it does not suffer from a profit motive, the world’s most corrupting influence.
10. INCREASE FEDERAL SPENDING ON THE MYRIAD INITIATIVES THAT BENEFIT AMERICA’S 99.9% (Federal agencies)Browse the agencies. See how many agencies benefit the lower- and middle-income/wealth/ power groups, by adding dollars to the economy and/or by actions more beneficial to the 99.9% than to the .1%.
Save this reference as your primer to current economics. Sadly, much of the material is not being taught in American schools, which is all the more reason for you to use it.

The Ten Steps will grow the economy, and narrow the income/wealth/power Gap between the rich and you.
========================================================================================================================================================================================================================================================================================================

MONETARY SOVEREIGNTY

 

Boo hoo. Crocodile tears for Dallas police. A message to the people of Texas Sunday, Jul 10 2016 

A message to the people of Texas:

Five of your Dallas police officers were shot down. Boo hoo. Crocodile tears.

Who the hell cares? Certainly, not you.

The City of Dallas Is Coming Together to Mourn Last Night’s Tragedy

People began bringing flowers to the Dallas police department the same night of the attack, and on Friday some came out in support for the slain officers, placing bouquets on top of two squad cars that had been set up as a memorial.

Wah, wah. Are you among the grieving phonies who voted to allow every fool in Texas to carry a gun, and now you display your pretend sadness that one of those guns actually was used?

Are you among the shocked! — shocked! — people who parrot the gun lobby’s mouthpiece, the National Rifle Association, when it pronounces the idiocy that, “The only way to stop a bad guy with a gun is a good guy with a gun.”

But wait. Wasn’t Micah Johnson, the Dallas shooter, a “good guy”?

He was a soldier who served his country in Afghanistan and worked with special needs children. He could have been your neighbor.

Johnson grew up in Mesquite, a middle-class suburb of Dallas, living with his mother Delphene in a four-bedroom, $220,000 detached house next to a large field.

It was an All-American neighborhood with pick-up trucks and basketball hoops in the drives. The white family next door would sell cookies for the Girl Scouts and Johnson would pop round to buy them.

Johnson’s stepmother appeared proud of his decision to join the Army, posting pictures of him in uniform on her Facebook page.

She and Johnson’s father were part of the local neighborhood watch group and well liked by neighbors.

As a child at John Horn High School in Mesquite, the gunman had been an enthusiastic member of the Junior Reserve Officer Training Corps and loved basketball.

Friends described him as “fun-loving and goofy” and “a sweet-hearted joker”.

Johnson was just a regular guy, a “good guy.” He legally could have bought any gun he wanted in Texas.

And that’s the point, isn’t it.

When it comes to guns, every “good guy” suddenly can become a “bad guy.”

Like when he gets drunk.
Or you cut him off on the road.
Or if you give him a bad grade in school.
Or you ticket him for speeding.
Or you talk to his girlfriend.
Or you call “Ball!” when he thinks it’s a strike.
Like when he doesn’t like his wife’s smart mouth.
Like when he hates her nagging about drinking with the guys.

And now, you put flowers on police cars to show how oh-so-sad you are about your police officers, when you were the one who killed them.

Yes, you killed those police just a surely as if you had shot them yourself.

You put the gun into the killer’s hands. In fact, you’ve put a lot of guns into a lot of killers’ hands.

And still you whine, “Don’t take my gun. Not my gun. I want my gun. I need my gun. I’m John Wayne. “Wah, wah, wah.”

And more phony “wah, wah, wah” for the dead policemen, whom you killed with your vote against gun control.

Go ahead, pile on the flowers. It isn’t the first time. It won’t be the last time. Nothing will change because you won’t change.

You want every damn fool in Texas to carry a gun, and you believe all those damn fools are “good guys” and will remain “good guys” throughout their lives, and never will get angry.

Oh, you need your gun for protection? Will you shoot first and go to jail, or will you shoot second, and die? What about your wife?

Will your children carry guns to protect themselves at school or on the way?

Really? Are you really that stupid? No.

So is it that you just don’t give a damn as long as you can have your gun?

Is it that you don’t give a damn that you are putting yourself and your loved ones in danger by giving guns to all your neighbors and all the strangers around you.

You don’t really trust that all the people in all the stores where your spouse shops are forever “good guys,” do you?

You don’t really trust that all the people your kids pass, on the way to school, are “good guys,” do you?

You don’t really trust that the driver of the car behind you — the guy who just flipped you the bird — is a good guy, do you?

No, you really aren’t that stupid. It’s just that you don’t give a damn, so long as you can pack your heat.

So cry your crocodile tears. Demonstrate your phony grief. Vote to allow everyone to carry a death machine, then mourn when they use it.

And make sure you have a good supply of flowers and phony tears for the innocent people you will kill.

You’ll need them.

Or, maybe the “good guy” who kills your family can use them.

Phony.

Rodger Malcolm Mitchell

Next Page »

Follow

Get every new post delivered to your Inbox.

Join 739 other followers