Date: Oct 28, 2012 5:54 PM
Author: Paul A. Tanner III
Subject: Re: Speachless In New York (or, another OMG moment)

On Sun, Oct 28, 2012 at 1:04 PM, kirby urner <kirby.urner@gmail.com> wrote:
...
> It's very convenient to have big losses when it comes time to calculate
> taxes. Lots of big companies are going broke when Uncle Sam knocks at the
> door, himself in rags, holding that begging bowl, debtor to the world.
>
> Kirby
>


First, the US became the biggest
debtor in the world under Reagan, after
he conned so many with the conservative
lie that lower tax rates cause government
revenues to increase over and above what
they would have been with the higher rates. (Adjusted for inflation
revenues went up
around 17% under Reagan, but were
projected to go up roughly twice that
had the tax rates stayed the same.)

"Reagan Revolution Home To Roost -- In Charts"
http://www.ourfuture.org/blog-entry/2010062415/reagan-revolution-home-roost-charts

But also, all is not lost:
Here is a lesson for the gold standard
junkies showing not only the awesome
power of fiat money, but that government
debt is not necessarily bad thing - it can
actually be a good thing if done right:

http://webofdebt.wordpress.com/2012/09/05/the-myth-that-japan-is-broke-the-worlds-largest-debtor-is-now-the-worlds-largest-creditor/

Yet again, I say it: The US is not the
only country, and we would be smart
to look at the countries in the world who
are getting better results than us, to
learn from them. Like in terms of per
capita nominal GDP
http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)_per_capita
(follow the right links at the above)
the fact that for decades now, each
and every year there have been other
countries whose total economic output
is larger adjusted for population, like
Norway with its twice as large economy
adjusted for population.

Norway engages in public banking, with
its government ownership of its big banks,
this form of socialism able to cause more
"Main Street" capitalism than private banks
ever could, and here is a state here in the
US that practices this form of socialism
to the benefit of its capitalist economy - and
has done so since 1919 when it was created
because the capitalist farmers could not
get the business loans they needed from the
private banks:

http://www.usnews.com/opinion/blogs/economic-intelligence/2012/09/27/can-public-banking-finance-the-new-economy