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MOSLER'S LAW: There is no financial crisis so deep that a sufficiently large tax cut or spending increase cannot deal with it.

Romney: US could face ‘financial crisis’ like Greece, Italy if Obama is reelected

Posted by WARREN MOSLER on December 21st, 2011

In case you had any respect whatsoever for Romney’s understanding of monetary operations and fiscal policy.

In fact, no one has been invoking Greece since the S&P downgrade when interest rates went down, and pundits from both sides pointed out the difference is we ‘print our own money.’

Romney: US could face ‘financial crisis’ like Greece, Italy if Obama is reelected

By Justin Sink

Dec 20 — Mitt Romney said that the United States would experience a financial crisis similar to that of Greece or Italy if President Obama were elected to a second term, and hit rival Newt Gingrich’s plan for the federal judiciary as unconstitutional during an interview Monday night with Fox News’s Bill O’Reilly.

“I think we hit a Greece-like wall. I think before the end of his second term, if he were reelected, there’s a very high risk that we would hit a financial crisis that Greece or Italy have faced,” Romney said.

“I think it’s also very possible that we would continue to see very high levels of unemployment. I think you would see industry in this country, entrepreneurs, big and small, decide to go elsewhere, to take their investment dollars to other nations. This president has put together the most anti-investment, anti-growth and anti-job series of policies that I’ve seen since Jimmy Carter,” he added.

13 Responses to “Romney: US could face ‘financial crisis’ like Greece, Italy if Obama is reelected”

  1. Rodger Malcolm Mitchell Says:

    Once the Republican Party sold its soul to the Tea Party, the avalanche of economic misfits running for President, became inevitable. Consider that Romney may be the least crazy of all Republican candidates! It’s a cast fit for Rowan & Martin’s Laugh-In.

    Except it isn’t funny.

    Reply

  2. Adam (ak) Says:

    Who hid the golden plates?
    I think that he knows perfectly well what’s going on but it’s all written in reformed Egyptian.

    Meantime in China these unwashed communists…

    Reply

  3. Unforgiven Says:

    I want my
    I want my
    I want my MMT

    Reply

    Danny Reply:

    @Unforgiven,

    You down with MMT?

    Yeah you know me!

    Reply

    Unforgiven Reply:

    @Danny,

    Down to the ground, bro. Gearin’ up to invade Dumbfu**istan.

    Reply

  4. Bob Says:

    Well, if Obama had the right advice, this sort of stupidity could be a golden opportunity to explain how the system actually does work.

    Reply

    Charles Hayden Reply:

    The only way we are ever going to get our politicians to acknowledge sectoral balances, the realities of the US dollar account, and the government’s deficit is if the people on this board start confronting American politicians with MMT.
    I’m not suggesting we attack and denigrate those who do not agree with us. I’m saying we try and educate them. Folks can start by chiming in on the education of Buddy Roemer over on his Ruck.us page (http://www.ruck.us/profile/buddy-roemer#answered). I believe it is the patriotic duty of everyone who is against austerity and the foolish agendas to balance the budget to make a stand for working people and explain to others why these are terrible ideas.

    Reply

    Unforgiven Reply:

    @Charles Hayden,

    We’re workin’ on it, CH. If Ruckus has any of my state reps there, I’ll be all over it.

    Tastefully, of course.

    Reply

    The Anarchist Reply:

    @Bob, Here’s a scenario that is plausible; Geithner explained it to him in their preinagural briefings on the budget. He told him that solvency would never be an issue but it had to be used to keep most of Congress on the austerity bandwagon. That was the only way to get Republicans to agree to the President’s spending priorities.

    Geithner also informed the President that the Administration could not be seen as supporting policy options that left bond holders unprotected in the short and long run. Otherwise, he reasoned, investors would sit on the sidelines until the next election, leaving the Democrats begging for re-election funds for the WH down to the village outhouse, and a second term could be seriously jeopardized.

    Reply

  5. beowulf Says:

    I doubt Romney actually believes that. But between Mitt Romney blaming America’s troubles on the gays and Gingrich promising voters that as President, he’d put our independent judiciary on a leash, Romney’s absurd prediction of economic doomsday in Obama’s second term is as wholesome as a PG rated movie.
    Romney has to amp up the anger (and, for lack of the better word, stupidity) if he wants to win the this cycle’s GOP nomination. As targets of rhetorical abuse go, its commendable he’s picking on someone who can fight back, the President of the United States.

    To switch gears, David Frum links to an interesting story about Iran’s currency.
    Who is Killing Irans Currency?
    Something – or somebody – is destroying Iran’s currency. Steady decline over the past two months has turned into a “panic” over the past 72 hours.
    http://www.frumforum.com/who-is-killing-irans-currency

    Reply

    pebird Reply:

    @beowulf, Linking to David Frum is more like grinding than switching gears.

    Reply

    roger erickson Reply:

    @beowulf, They all seem to be actively promoting Ron Paul’s relative credibility. Or anyone EXCEPT a Dem/GOP candidate.

    ‘”Everybody has already agreed that the best policy is a one-year [FICA-cut] extension,” Boehner …
    But the two sides cannot agree on how best to pay for the one-year extension”
    http://www.cbsnews.com/8301-503544_162-57347091-503544/boehner-sticks-to-his-guns-as-senate-republican-leader-mcconnell-urges-swift-action/

    Doh!

    How much voting machine output can be altered, if NO ONE really votes for a party member?

    Reply

  6. rodney Says:

    perhaps accepting only euros in payment for oil was not such a good idea. are there any sanctions yet?

    Reply

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