Zyro0713

Politics are an engagingly motivating topic to handle. most of us have an opinion or two, and some of us...well, I don't know how to classify some of our thoughts on this subject.

I like knowing what is being said about what is going on in my country, and a forum such as this one, allows for a free and unedited exchange of those elements. No editors, or corporate supervisors to clamp the door shut on an opinion or even a truth, in deference to any political or financial concerns.

I realize that I will not always say popular things, but that is not my reason for being here; I simply want to learn, and at times, impart my own opinions into the conversation.

Hello, all!

rjoeholl

Welcome. You are free to speak your piece but I hope your skin is thick; some of the posters here get quite nasty-tongued.

MarvinSussman

Welcome to the fray! I am the house liberal. Try this on for size:

The goal of a nation’s economy is to maximize the wealth of the nation by full employment of its resources. When private industry does not fully employ all of the nation’s resources, it is the duty of a government with fiat currency and a floating exchange rate to employ its idle resources to build infrastructure for our grandchildren while avoiding harmful inflation and a serious trade imbalance.

The wealth of our nation depends only upon its resources and its productive capacity and not upon its accounts. Whatever is technically feasible is financially possible. The myth that the powers of Congress are limited by tax revenue vanishes in every crisis, corrupts political dialogue, promotes austere budgets, and destroys our infrastructure.

Our Congress does not need tax revenue for spending. On the contrary, taxpayers need Congress’ spending to pay their taxes. Congressional spending is the only source of currency.

Think about it. How did the first American taxpayer, a Pilgrim, get legal tender for the first American tax payment? At first, the colonial government was new and had no currency. Tax-anticipation warrants were the only answer and became the only legal tender for paying taxes.

The Governor of the Massachusetts colony, out of thin air, issued warrants as payment for goods and services furnished by the colonists. The warrants would also be the only legal tender for payment of taxes. Without the Governor’s warrants, the colonists would not be able to pay their taxes. The Pilgrims also used the warrants as money. The warrants became money.

Every householder or business owner ALWAYS checks his bank account before writing a large check. Before passing a spending bill, Congress NEVER checks with the treasury to see if there is enough cash in the Treasury’s account. Congress writes a check that never bounces. After cashing the check, the Treasury taxes the public. Any funds spent and not recovered by taxes (the deficit) are saved by the public and becomes its wealth. The Treasury auctions enough bonds to provide an interest-bearing asset for that wealth. Outstanding US bonds are equivalent to the wealth of the private sector.

There is no upper limit on the amount of money Congress can spend, neither in the Constitution nor in any law. The financial assets of the federal government are infinite. Our only problems are inflation and unemployment, not federal debt.

If you could legally print dollars in your attic, why would you balance your budget? You would only have to balance your desires against the well-being of your family. The government does not have to balance its budget. It has to balance inflation against unemployment. Unemployment is winning that fight thanks to austerity nuts.

^^^^^^^^^^^^^^^^^^^^^^^^^^^^
The essay above is based on works by: (books cost about $10 at Amazon)

*Frank N. Newman, former Deputy Secretary of the US Treasury, recipient of the Treasury’s annual “Alexander Hamilton” award, author of “Freedom from National Debt” (Two Harbors Press);

*Francis X. Cavanaugh, US Treasury economist for over 30 years, author of: “The Truth about the National Debt”: Five Myths and One Reality” (Harvard Business School Press);

*Warren Mosler, economist, author of “Seven Deadly Frauds of Economic Policy” (Oxford U. Press);

*Dr. Stephanie Kelton, Chair of the UMKC Economics Department, at NewEconomicPerspectives.org.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^
© 2014 Marvin Sussman All Rights Reserved. Permission granted only to copy entirely.

no propaganda please Loc: moon orbiting the third rock from the sun

Welcome to the site. Anyone who posts a photo of an Okapi on their introduction will probably have a number of thoughts worth considering.

Patty

Paper has never been money but only a promise that's value lies in confidence of the promise.
Gold and silver is the only real money and has been that way for at least 5000 years.
Currency is only a inflationary devise used to steal the wealth of the people they rule.

"Gold is money and nothing else."
J.P. Morgan 1912.

Donmac Loc: Lincoln, RI

TRILLIONS OF DOLLARS IN DEBT TO ANOTHER COUNTRY JUST DON'T SEEM RIGHT TO ME!

Zyro0713

I'm OK with nasty posters, I just want it to be known that I am here to learn a few things, and impart some of my knowledge as well.

If necessary, I can throw a little dirt, as well.

Zyro0713

I don't see how we have accumulated such debt deficits. I would like to know to whom it is, that we owe all of this debt; and how it became so.

Patty

It isn't and that is why they don't include interest in the primary deficit in relation t our national debt.
They use an equation called PDS that measures the relationship between US debt and deficit to the gross domestic product.
The equation is made up of the BRITS. B is borrowing costs R is real output. I is inflation. T is taxes and S is spending together. The numbers mean very little but is more how they line up with measuring them against the GDP. Are we sustainable on a graph or not. That is why the false stimulation packages being used to boost the economy are all fake and will not improve our real position economically.

Zyro0713

I classify myself as a "freely-thinking" citizen, who demands more than a bunch of doubletalk and partisan-based idiocy, form those who are in authority, and especially from our now "bought and paid for" media outlets.

I guess that makes me a non-conformist. I do not vote along party-lines, I vote according to my beliefs in the candidate's' stand upon the issues, I gave up on political party cronyism a long time ago.

Zyro0713

I don't trust any of them, to be honest about it. I see a lot of my state and national office--holders, getting in their face-time, showing their teeth, and speaking around the issues, as they pretend to give a damn about the people to whom they are supposed to be providing their energies; it makes me want to puke, to even hear most of anything that most of them have to say!

Donmac Loc: Lincoln, RI

I believe you are correct about politicians. Altho, I will say if they do speak clearly and to the point they are immediately classified as "right wing kkk fools" and are immediately dispelled.
The truth from "good" politicians (if there are any) is eaten up by those who obfuscate their opinions.
A discerning mind is necessary.

slatten49 Loc: Lake Whitney, Texas

Welcome to the OPP. We look forward to your contributions.

Just a note, hit "quote reply" prior to responding to another post, so all will know to whom you are addressing. :wink:
If directed to all, just hit "reply".

Patty

Just the cost of the Iraq/Afghanistan wars alone have cost us so much that they would have given every household in the US $75,000.00 if given to them instead of spent in the Middle East.
That also doesn't include the DOD missing 2.3 trillion that Rumsfeld let slip out on 9/10/2001. That issue became irrelevant after the 9/11 attack the next morning and the funds kept going into the Military Complex.
http://www.youtube.com/watch?v=xU4GdHLUHwU

no propaganda please Loc: moon orbiting the third rock from the sun

Thank you Patty for your clear concise explanations for complicated financial topics. As you know it is not my field of expertise, glad it is yours. Please keep up with the information, we all need your explanations in this field.