Friends of politiwrap, if you’ve browsed this site for a minute or two in the past, you know that one of the main themes of this blog is to spread the word about how our modern economy works. Of particular importance is the understanding of fiat money (govt paper money) and the inherent aspects of it. Without going into too much detail, please take time to read this post, Deficit Spending 101 by professor Bill Mitchell in which he explains two very important things: Deficit spending by govt equals public savings. It is impossible for a country who buys and trades in its own currency to run out of money. Period.
The Neoliberals and CONservatives in both wings of the UniParty continue to beat the deficit fear mongering drum in order to artificially contract the economy, propose cuts to programs like Social Security, Medicare and Medicaid, all with the express purpose of funneling more money to the top 1% and to further weaken the working class of the U.S. It is the ultimate privatization scheme, to privatize government completely so that it exists ONLY to subsidize and fork over money to wealthy corporations and individuals. Please read this article which contains a petition by one of my companeros over at Firedoglake. Basically it’s asking the U.S. govt to mint a 60 trillion dollar coin (which it can do any time it wishes) pay off the Natl debt and use the remainder to fund all social programs and to make them better and more robust. A link straight to the petition is here which you can read before deciding to sign or not.
Folks we are not naive, a petition is not likely to accomplish the actual stated goal. However, a large number of signatures Will send the message that we are wise to the game of deficit fear mongering being used as an excuse to cut social programs and funnel even more money to the rich and powerful, all at the expense of the working class. Send the message that we are wise to this game and have no intention of accepting it anymore. Please sign the petition.
Song: Small Axe Bob Marley and the Wailers