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December 22, 2012
  • Or perhaps Bernanke and Obama.

    “Deficit” is the Wrong Word and Concept

    Comment by justaluckyfool:
    “What is so rare as a perfect” remark.
    **** The problem is that both in denotation and connotation the word “deficit” is not up to the job to describe the concepts it is supposed to describe as called upon by Modern Money Theory. ***
    When a MS issues an amount of currency that is in excess of the amount collected by taxes it is not
    a deficit. What if it were an asset such as in the purchase of residential and commercial real estate loans?
    Or for that matter, the purchase of State Disaster relief bonds, or for Job Guarantee (JG), (Or as Mises says, “for prosperity, you need to reach full employment”).
    Why would you not want prosperity for yourselves and your children?
    Why would you not disprove or improve Bernanke’s road to prosperity?
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    A return to broad based prosperity will require sustained improvement in the job market, which in turn requires stronger economic growth.
    Then the Fed can produce prosperity and Ben Bernanke has shown the way-Quantitative Easing (QE).
    Justaluckyfool comments,”Ben Bernanke should receive the Noble Prize in Economics.”
    A Monetary Sovereignty can not run out of money for purchases of assets.
    Solid proof; QE 4-for as long as need and in what amount desired!!
    BUT justaluckyfool asks,
    ” WHY NOT do it for the people ? Stop doing it solely to benefit the “Private For Profit Banks” (PFPB).
    Justa example: Purchase all residential real estate loans and modify them at 2% for 36 years. This would allow for stabilization of the housing and construction sectors, increase jobs and the bettering of all citizens. And at the same time raise revenue, lower taxes, and fund “for the general welfare. A simple solution; if $100 trillion is needed ,what happens ?All that it does is take away from the PFPB a revenue(profit) of $5.5 trillion a year and turns into an income for the US Treasury.
    But , who is man enough to “free the servitude of the people” as it is the right of the people as stated in the 13th amendment.
    My God continue to bless America.
    May Ben Bernanke see this moment in history, and surely President Obama could place himself next to Lincoln in history. As Lincoln freed the slaves, Obama can free all the people from servitude.
    13th Amendment.
    Section 1. Neither slavery nor involuntary servitude, … shall exist within the United States, or any place subject to their jurisdiction.

    “Justaluckyfool” QE is also proven that it can:
    Increase employment, stabilize price, increase profits, and thereby increase production.
    J ust
    O ne
    B asic
    S tep
    JOBS created to reach full employment.
    *******Just one step, eliminate FICA , increase jobs, wages and profit all of which increase production with price stability- no increase in inflation.
    ***************What plan could simultaneously (1) cut taxes, (2) end the budget deficit, and (3) increase non-deficit spending.”?
    Any government can do all three. The solution was stated by Obama,
    ************”You can’t raise revenues by lowering taxes unless you get the money from somewhere else.”
    By Romney,
    *************Lower taxes by 25%….No increase in deficit spending…balance the budget.”
    Translated: Create a revenue stream using a way other than “federal income taxes”.
    (Added 12/21/13… Buy assets, create positive cash flow. Turn a negative into a positive.
    Translated: Create interest payments on the issuance of our own currency.
    Take away from the private for-profit banks that stream of profits and use it as funding for the people,instead of the benefits for 1% make those benefits for 100% of the people.
    Please consider, challenge and improve, then endorse by posting.
    Here is an example of where we are going wrong and how we can fix it.
    The Feds thru QE3 (QE Infinity) will be buying MBS at the rate of $40 billion per month.
    Translated: They are using our money to allow the private for-profit banks to make a profit.
    WHY NOT purchase the pure asset, the actual mortgage. Then modify all notes and set as an assumable mortgage at 2% for 36 years. If $18 trillion is needed, that would produce $1 trillion dollars a year of revenue.
    Create QE4 the people.Federal reserve to purchase “State Emergency Bonds.”
    Please, help me to understand, explain why you would not wish prosperity for yourselves and your children?
    The path is becoming more and more visible via “social media”.
    Your children await your profound reply.

    Read more:

    Bernanke Loosens Up

    Bernanke has further loosened the Fed’s monetary stance with a new $45 monthly bond-buying program, and by promising to keep interest rates around zero until its employment target is met. This drastically inflationary move is based on a fundamental misunderstanding of how wealth is created and …
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