Congress, the Executive Branch, no one can prove the need for taxes and borrowing in a Monetarily Sovereign system like ours. The House passed spending bill presents the perfect opportunity for all 535 members of Congress to display their collective illusion of knowledge. A document of thousands of pages (incl. supportive material from all agencies) cannot be understood and debated in any real depth by all of the decision makers even if restricted to their committee/subcommittee responsibilities. Psychologists call this cognitive barrier the illusion of explanatory depth. It means Congresspersons think they fully understand something that they actually don’t. In the context of budget policy they wrongly believe the premise that the Federal government must have a budget which defines expenditures and revenue with which to fund those expenditures. NOTHING IS FURTHER FROM THE TRUTH. The problem is building a financial plan based on this false premise. Getting the fundamental premise wrong at the level of National Needs has been disastrous for Americans for 45 years. To overcome this cognitive barrier leading to the illusion of knowledge Congress simply needs to understand what it means for the U.S. to be a Monetarily Sovereign Nation. This ushers in the indisputable, undeniable, operative premise upon which our government should base its spending. Namely, federal taxes for revenue are obsolete in a nation issuing its own non-convertible sovereign currency with a flexible exchange rate and all of its debt owed in its own currency. en.wikipedia.org/wiki/Monetary_sovereignty im-jus-sayin/monetary-sovereignty-2 Our spending decision-makers desperately need to grasp this INDISPUTABLE PREMISE. Doing so makes it possible to deficit spend until full employment is achieved. The objective is to reach GDP growth which improves the quality of life for all Americans rather than focusing on the irrelevant debt/GDP ratio. goo.gl/yvthTF
Posted on: Fri, 12 Dec 2014 18:44:35 +0000
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