Conservative Liberty and Freedom is nothing but an empty box wrapped in the flag that helps no one. The land of the free for only those fit to survive, the rest can and should perish for the benefit of the strong
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Seven Deadly Frauds of Fiscal Responsibility (this is a pdf, advance the pages and zoom, but my summary is below-scrolldown browser)

Mahilena Dianz's insight:

Deadly Innocent Fraud #1:
The federal government must raise funds through
taxation or borrowing in order to spend. In other
words, government spending is limited by its ability
to tax or borrow.
Fact:
Federal government spending is in no case
operationally constrained by revenues, meaning
that there is no “solvency risk.” In other words,
the federal government can always make any and all
payments in its own currency, no matter how large
the deficit is, or how few taxes it collects.

 

Deadly Innocent Fraud #2:
With government deficits, we are leaving our debt
burden to our children.
Fact:
Collectively, in real terms, there is no such
burden possible. Debt or no debt, our children get to
consume whatever they can produce.

 

Deadly Innocent Fraud #3:
Federal Government budget deficits take away
savings.
Fact:
Federal Government budget deficits ADD to
savings.

 

Deadly Innocent Fraud #4:
Social Security is broken.
Fact:
Federal Government Checks Don’t Bounce.

 

Deadly Innocent Fraud #5:
The trade deficit is an unsustainable imbalance
that takes away jobs and output.
Facts:
Imports are real benefits and exports are real
costs. Trade deficits directly improve our standard of
living. Jobs are lost because taxes are too high for a
given level of government spending, not because of
imports.

 

Deadly Innocent Fraud #6:
We need savings to provide the funds for
investment.
Fact:
Investment adds to savings.

 

Deadly Innocent Fraud #7:
It’s a bad thing that higher deficits today mean
higher taxes tomorrow.
Fact:
I agree - the innocent fraud is that it’s a bad thing,
when in fact it’s a good thing!!! 

---------------- open the pdf for the full economic report on these frauds from Mosler Modern Monetary Theory ---

 

Now, check this out as well 

 

 

The false belief that federal finances are like yours and mine"Debt hawks", "Fiscal Conservatives" and others...(maybe some Libertarians I know...)
ignorant of Monetary Sovereignty, suffer from Anthropomorphic economics disease

http://rodgermmitchell.wordpress.com/2010/06/08/anthropomorphic-economics/ — the false belief that federal finances are like yours and mine. Some debt hawks say that a Debt/GDP ratio exceeding 100% puts a nation on the brink of bankruptcy. Yet today, Japan has a Debt/GDP ratio above 200%, and this Monetarily Sovereign nation has absolutely no difficulty servicing its debt. The debt hawks, as usual, having learned nothing from this, continue to wail about the meaningless debt/GDP ratio, which because it is a classic apples/oranges comparison, is devoid of significance (the numerator is a 200-year measure of cumulative T-securities outstanding; the denominator is a one-year measure of productivity. The two are unrelated).

Because a Monetarily Sovereign nation has the unlimited ability to create its sovereign currency, that nation needs neither to tax nor to borrow. Why would it? Further, that nation does not use tax money or borrowed money to pay for spending. Federal income has no relationship to federal spending and so, taxes and borrowing are unnecessary.

When the states, counties, cities, you and I spend, we transfer dollars from our checking accounts to some other checking accounts. When the federal government spends, it creates dollars, because to pay its bills, the government instructs banks to increase the dollar amount in suppliers’ checking accounts. If U.S. federal taxes and borrowing fell to $0, or rose to $100 trillion, neither event would reduce by even one penny, the federal government’s ability to create the money to pay any size bills.

Although Monetarily Sovereign nations need neither to tax nor to borrow, they may choose to do so for many reasons unrelated to financial need. The spending by Monetarily Sovereign nations is constrained only by inflation. However, since 1971, the end of the gold standard and the beginning of Monetary Sovereignty, there has been no relationship between federal deficit spending and inflation. More about this at Inflationhttp://rodgermmitchell.wordpress.com/2009/09/09/46/
and at SUMMARY.
http://rodgermmitchell.wordpress.com/2009/09/07/introduction/


At some level, deficit spending could cause inflation. For instance, if the government were to give every American $1 trillion, I am confident we would have inflation. But we are nowhere near that point. (Debt hawks love to propose extreme circumstances, like the $1 trillion gift to each American, as “proof” deficit spending is unsustainable. But that is no more proof than the other extreme circumstance (tax every American $1 trillion) demonstrates taxes are unsustainable.)

Because taxes do not pay for federal spending, FICA does not pay for Social Security benefits. FICA could (and should) be reduced to zero, and benefits could be tripled, and this would not affect by even one penny the federal government’s ability to pay Social Security benefits.

There had been some question about whether the federal government would or should make a profit on its purchases of corporate stock (GM et al). Any such profits come out of the economy, and therefore are anti-stimulative. By reducing the money supply, federal profits = losses for the economy. Federal surpluses = economic deficits.

There also has been talk about the federal government “saving” money by firing, or reducing the pay of, federal employees. Those so-called “savings” would be money not sent into the economy, and therefore, anti-stimulative.

Politicians and the press do not yet seem to understand Monetary Sovereignty. However, no one intelligently can discuss national deficits and debt without understanding the implications of Monetarily Sovereignty. The concept is the basis for all modern economics. Monetary Sovereignty is to economics as arithmetic is to mathematics.

http://rodgermmitchell.wordpress.com/2010/08/13/monetarily-sovereign-the-key-to-understanding-economics/

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Conservative Liberty and Freedom is nothing but an empty box wrapped in the flag that helps no one. The land of the free for only those fit to survive, the rest can and should perish for the benefit of the strong
Its about time that we take care of our own! On Nov 6 2012 Americans rejected the Conservative "Fend For Yourself" religion. In a Monetarily Sovereign Nation there is no need for a balanced budget. Actually Government does not need revenue to spend, it can collect it later as a way to give value to the currency it creates. Spending > Revenue expands the economy, Spending < Revenue contracts the economy, Spending = Revenue is irrelevant and unnecessary. Fiscal Monetary reform is an important agenda for ethical, economic, and political reasons and to undo the privatized franchise by which our economy has been based upon a debt based currency. The deficit terrorism by Fiscal Conservatives threatening austerity and even deeper privatization is based upon the Gold Standard model when dollar was backed by gold and limited, thanks to Nixon, this is no longer the case since 1971, and is thereby false, fraudulent and clearly a fear tactic based upon disinformation. When we align the nature of our economics and the capacities of modern money with the policies of governance as a socializing agenda significant changes will be possible. Based on understanding how sovereign fiat money actually is used can impact Fiscal Policy allowing the Federal government to extend funding for the construction of roads, mass transit, bridges and other "hard" infrastructure to put people back to work which would increase demand for products. This same process can be applied to social infrastructure such as national health care, education, and pensions. Further, an employer of last resort (ELR) process could be established, whereby individuals who wanted to work could be provided a living wage for advancing any number of needed projects toward building communities. Modern Monetary Theory > MMT AND A GOVERNMENT FOR THE PEOPLE | <a href="http://sco.lt/8zdEO1" rel="nofollow">http://sco.lt/8zdEO1</a>; government is not a wealth taker. It is a wealth maker. What’s more, the wealth it makes is not just its own. Generally speaking, people create much more wealth with the aid of government than they do without it. We don’t first become rich and then decide to form a government. First we form governments.  Then and only then can we become rich. Without a strong government that works for all, it is not possible to have a strong economy that works for all. They go together. This important insight is actually inscribed in the preamble of the US Constitution, where “to promote the general welfare” is listed as one of the principal purposes of our federal government, along with establishing justice, insuring domestic tranquility, defending the nation and securing the blessings of liberty."
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114 Congress - 1st Confederate Congress of the 21st Century

114 Congress - 1st Confederate Congress of the 21st Century | Conservative Liberty and Freedom is nothing but an empty box wrapped in the flag that helps no one. The land of the free for only those fit to survive, the rest can and should perish for the benefit of the strong | Scoop.it

Anyways, here is the current Conservative- Libertarian, TEAPARTY CONFEDERATE view..on what the US Constitution should be as they claim in this article Articles of Confederation was preferable http://batr.org/view/122602.html

"We continually hear about restoring the meaning, intent and spirit of the Constitution. Few know that we had a far preferable blueprint for a federation before the 1789 U.S. Constitution. It was called the Articles of Confederation. Have you ever read it? If not you should. At the outset it’s opening declaration has - Articles of Confederation and Perpetual Union Between the States. Some may want to misconstrue that perpetual means subordinate. In Article II, the basis for union is stated with total clarity - Each state retains its sovereignty, freedom and independence, and every power, jurisdiction and right which is not by this Confederation expressly delegated to the United States in Congress assembled.

Concern for national defense, diplomacy and treaties, assumption of war debt, extradition to state courts, unencumbered travel and commerce, coinage and adjudicator of disputes between states are subjects of mention. Prohibitions on specific areas for states are listed, while the few sections of administration by "a Committee of the States" are noted.

No doubt the U.S. Constitution, added valuable protections against a tyrannical central government in the Bill of Rights. But, the nature of the expanded roles for the executive and judicial branches in that same - U.S. Constitution - elevating them to a theoretical and dubious co-equal status, created the inevitable usurpation of the legitimate power of the independent states. We all know the tragic history of the unimpeded executive despotism in America. Far fewer understand the catastrophic precedent in the decision of Chief Justice John Marshall in Marbury vs Madison - placing the Supreme Court as the arbiter of the constitutionality of congressional legislation. The mere restoration to the constraints in the 1789 U.S. Constitution will not revive the Republic from its demise into an absolutist oppressor. Only a systemic dismantling of that central government, returning primacy back to individual states will restore the vision of the American Revolution." SARTRE - December 26, 2002 http://batr.org/view/122602.html

Mahilena Dianz's insight:

https://www.facebook.com/groups/114congress/ ;

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Five Reasons Why A National Balanced Budget Amendment Is Lunacy

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A constitutional amendment to require a balanced federal budget is once again in the news: "Constitutional convention sparking buzz, but odds still long." As an economist, the only thing I find slightly encouraging about this is the part of the title that reads, “odds still long.” Requiring a balanced federal budget [...]
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Modern monetary theory: Managing economy the Australian way | The Indian Economist

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Sanders Supports Universal Basic Income For All US Residents

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Why we should all have a basic income

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Elon Musk says we’ll need a universal basic income when all jobs are automated

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Article: Stop the Fiscal Policy Illiterates,  including Peterson foundation and the Heritage foundation

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Article: Stop the Fiscal Policy Illiterates. - Refuting Maya MacGuineas' screed on debt and deficits. She belongs to the genus fiscal policy illiterati.
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While Donald Trump's rise wrecks the GOP, Hillary Clinton's success marks the resilience of the Democratic center
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Get the facts about Clinton's time as Secretary of State and member of the US Senate. Eye-opening to say the least: We cut through all the hearsay and hype to expose the truth about America's leading presidential candidate.
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Not all budgets are created equal – even if politicians say they are. The fed is much better off when it is short on cash
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Universal Basic Income Is Our Best Weapon Against The Rising Far Right

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Without basic economic security, people often behave selfishly and vote irresponsibly.

 
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Explainer: what is modern monetary theory?

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Modern monetary theory is gaining traction in a global economic environment that defies the efforts of policymakers to restore growth.
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On the Record: Bernie Sanders on Basic Income – Basic income

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There’s an increasing number of people asking Bernie Sanders if he supports the idea of universal basic income. You may be surprised to learn that he has in fact directly responded to these questions…
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The Debate Over Unconditional Basic Income

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MMT and Austrian Economics Walk Into a Bar...

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The Dangerous Collapse of Public Enterprise

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Global Economic Intersection's Opinion Blog - Econintersect.com blogs news, analysis and opinion.
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The bottomless incompetence of congressional Republicans

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Why is recovery taking so long—and who’s to blame?

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