"The Seven Deadly Innocent Frauds of Economic Policy"

"The Seven Deadly Innocent Frauds of Economic Policy" -- Warren Mosler is
the most condensed and straight forward rebuke of the current
misrepresentation of monetary economics that I have seen. It covers the
fundamentals in a mere 117 pages.

From the Prologue -------------------------------------------------

The term "innocent fraud" was introduced by Professor John Kenneth
Galbraith in his last book "The Economics of Innocent Fraud", which he
wrote a the age of ninety-four in 2004, just two years before he died.
Professor Galbraith coined the term to describe a variety of incorrect
assumptions embraced by mainstream economists, the media, and most of
all, politicians.

The presumption of innocence, yet another example of Galbraith's elegant
and biting wit, implies that those perpetrating the fraud are not only
wrong, but not clever enough to understand what they are actually doing.
And any claim of prior understanding becomes an admission of deliberate
fraud - an unthinkable self-incrimination.

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The Seven Deadly Innocent Frauds exposed and explained are:

1. The 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.

2. With government deficits, we are leaving our debt burden to our
children.

3. Government budget deficits take away savings.

4. Social Security is broken.

5. The trade deficit is an unsustainable imbalance that takes away jobs
and output.

6. We need savings to provide funds for investment.

7. It's a bad thing that higher deficits today mean higher taxes tomorrow.

I do not know Warren Mosler. I get no remuneration of financial payment
from the sales of this small book. But all who read it will profit from
the experience whether or not you find the arguments compelling.

READ IT AND LEARN

--
"Senate rules don't trump the Constitution" -- http://GreaterVoice.org/60