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Miscellaneous See other Miscellaneous Articles Title: President Bill Bonner - a fantasy As you know, we have renounced all political involvement here at The Daily Reckoning. We are smirking observers...not earnest world- improvers, nor even willing participants in the political process. And if, by some accident, we were suddenly elected president we would immediately demand a recount! But what a great thing it would be to be president of the USA today! Such a great opportunity... ..we would go on TV...nationwide...Prime Time...and, with gravity in our voice and mischief in our heart...announce: My fellow citizens. We are faced with a choice. Either we continue with our program of trying to police the entire world. Or we give it up. If we continue, we will go broke. And our armies will be destroyed...along with our economy and our currency. If we stop now, we can save our currency...our economy...and our way of life. Which will it be? Guns or butter? A respectable nation...or an empire with a death wish? I know which I will choose. Effective immediately, as Commander-in-Chief, I am ordering all US troops stationed overseas to come home. We will defend our nation to the death, but we will no longer meddle in other countries’ affairs. We will be a decent nation, a good nation; we will no longer be a great empire. Most Americans never wanted it anyway. I am also submitting a balanced budget for next year. You will see in it that I am closing all foreign bases and eliminating all military spending that is not directly related to our real national defense. That alone would spare the USA the misery of its inevitable comeuppance. But if we were president...why not go further? How could we resist? More below... And more thoughts... It is not our place to give advice to anyone. If the US government wants our advice, it will have to at least send us invitations to fancy parties and let us go through the ‘diplomatic passport’ line in airports. Yes, it’s true, had it asked our advice about the Great Reckoning, the US could have saved itself trillions of dollars...and now the economy might already be in a genuine recovery, instead of staggering towards bigger and bigger problems. But the phone never rang. Our feelings were hurt. Still, civic minded as we are, we can’t help but offer a little counsel – at no expense – to our leaders. First, let’s look at the problem we are becoming: Japan! Yes, dear reader, as incredible as it seems...we were right 10 years ago. Very long term DR sufferers will recall that we so often warned about “following in Japan’s footsteps” that readers got sick of hearing about it. We had to promise never to mention it again. But now we’re breaking our promise. Yes, we were 10 years too early. Yes, we didn’t expect the biggest bubble in human history. Yes, we were probably wrong about all sorts of things...but here we are...following in Japan’s footsteps! Why? Because we have a sick, debt-disabled economy...and because the feds won’t let it die. In Japan, they’ve kept it alive for 20 years...consuming the savings of an entire generation in order to keep it on life-support. And now the US is on life support too – with deficits equal to 10% of GDP...as far as the eye can see. Ben Bernanke has already pledged to keep the key lending rate at zero for the next 2 years...so the IV drip will continue...just as it has in Japan. So, welcome to a Japan-like zombie economy. But at least Japan didn’t have to pay for military zombies stationed all over the world too! Okay, those are the facts on the ground, as we see them... So, let’s go back to POTUS. The decider. The chief exec. And let’s imagine that he were we...or we were he...or some such thing.... And we were on TV... We had just announced that we had saved the Republic...by cutting off the Empire. And then, how could we help ourselves...? But wait. There’s more. My fellow Americans, I don’t know about you, but I’m tired of supporting all these zombies. Why are there so many zombies? Because there’s so much meat for them... You wanted change...I’ll give you change... Here’s how to get rid of zombies. I’m proposing to scrap the entire tax code. From now on, Americans will pay 10% of their income...no deductions...no nonsense. You’ll fill out your tax return on a postcard. Serfs in the Dark Ages were only required to work one day in 10 for their lords and masters. You shouldn’t have to do more. The federal government will have to get by on that. That’s all. I’m proposing a Balanced Budget Amendment...with a permanent 10% tax rate. No ifs. No buts. No zombies. You all know what a 10% flat tax will do? It will make the US the most dynamic economy in the world. And what about all the debt? Simple. We’re raising interest rates. Yep. To 5%. It will drive all these deadbeats into bankruptcy. The debt will disappear...almost overnight. So will a lot of these big, zombie banks. And by the way, by executive order I’m hanging George W. Bush, Dick Cheney, Joe Biden, Alan Greenspan, Paul Krugman and Thomas L. Friedman. Some of them for war crimes. The others...well...just because the world will be a better place without them. Thanks for listening. Bill Bonner, for The Daily Reckoning Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest Begin Trace Mode for Comment # 6.
#4. To: all (#0)
2. And by the way, by executive order I’m hanging George W. Bush, Dick Cheney, Joe Biden, Alan Greenspan, Paul Krugman and Thomas L. Friedman. Some of them for war crimes. The others...well...just because the world will be a better place without them. 1. Nope. What Mr. Bonner doesn't seem to recognize is that the term "income" has been bastardized to the point that people have given it a meaning which was never intended (well supposedly anyway). Despite what people have been brainwashed into believing, "income" doesn't mean "everything that comes in." If it had been the intent of Congress to tax things other than PROFITS (which is what the word income means) then they could have easily said so. What people earn when they exchange their labor, which is their property, for another type of property (money) is "compensation," not profit and therefore not "income." In section 3 of the Constitution it plainly says that the judges "...shall, at stated Times, receive for their Services a Compensation which shall not be diminished during their Continuance in Office." The founders didn't call the wages or salaries of the judges "income" because they knew the difference. And would it not indeed "diminish" the judge's "compensation" to tax it? Stevie Wonder and Ray Charles could see that it would. 2. While I am not normally a fan of "executive orders" I think I could make an exception in this case.
If you will act in my next movie, I will give you a share of the profits.
#8. To: Prefrontal Vortex (#6)
Have your people call my people.
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