Paul Craig Roberts - search results
Hell Unleashed Paul Craig Roberts This is what the arrogant morons who comprise the US government have stirred up: https://www.youtube.com/watch?v=rrSzCnz9Sic#t=2141 Watch this video for its entire 1 hour 20 minutes, and then ask yourself if Washington is making a good…
Seymour Hersh Succumbs To Disinformation Paul Craig Roberts Seymour Hersh has published a long account of the homicide of Osama bin Laden: http://www.lrb.co.uk/v37/n10/seymour-m-hersh/the-killing-of-osama-bin-laden Hersh concludes that the Obama regime’s account of the killing of bin Laden is a total fabrication…
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War Threat Rises As Economy Declines Paul Craig Roberts, Keynote Address to the Annual Conference of the Financial West Group, New Orleans, May 7, 2015 The defining events of our time are the collapse of the Soviet Union, 9/11, jobs…
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Economic Disinformation Keeps Financial Markets Up Paul Craig Roberts May 8. Today’s payroll jobs report is more of the same. The Bureau of Labor Statistics claims that 223,000 new jobs were created in April. Let’s accept the claim and see…
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US Intelligence: Russia Didn’t Do It Paul Craig Roberts After days of placing hostile blame for the downing of the Malaysian airliner on Russia, the White House permitted US intelligence officials to tell reporters that there is no evidence of…
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The New Republic Is Queen of the Presstitutes Paul Craig Roberts UPDATE: According to the latest reports, the separatists in Donetsk have handed over to Malaysian authorities the black boxes from the downed Malaysian airliner, which indicates that those who…
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What Happened to the Malaysian Airliner? Paul Craig Roberts Washington’s propaganda machine is in such high gear that we are in danger of losing the facts that we do have. One fact is that the separatists do not have the…
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Sanctions and Airliners Paul Craig Roberts NOTE: Photos are now available of the wreckage from the Malaysian airliner crash. Notice the extensive debris and the large section of fuselage. You are observing remains of an airliner that was hit with…
Virtual Economy’s Phantom Job Gains Are Based on Statistical Fraud And More Fraud Is in the Works Paul Craig Roberts Washington can’t stop lying. Don’t be convinced by last Thursday’s job report that it is your fault if you don’t…
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Washington’s War Crimes Spread from Africa and the Middle East to Ukraine Paul Craig Roberts A person might think that revulsion in “the world community” against Washington’s wanton slaughter of civilians in eight countries would have led to War Crimes…
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Cold War Renewed With A Vengeance While Washington Again Lies Paul Craig Roberts The Cold War made a lot of money for the military/security complex for four decades dating from Churchill’s March 5, 1946 speech in Fulton, Missouri declaring a…
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A New Recession and a New World Devoid of Washington’s Arrogance? Paul Craig Roberts June 25, 2014. A final number for real US GDP growth in the first quarter of 2014 was released today. The number is not the 2.6%…
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Can Putin’s Diplomacy Prevail Over Washington’s Coercion? Paul Craig Roberts June 24, 2014. Russia’s President Vladimir Putin is trying to save the world from war. We should all help him. Today Putin’s presidential press secretary Dmitry Peskov reported that President…
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Washington Is Beating The War Drums Paul Craig Roberts I wish I had only good news to bring to readers, or even one item of good news. Alas, goodness has ceased to be a feature of US policy and simply…
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Washington’s Iraq “Victory” Paul Craig Roberts The citizens of the United States still do not know why their government destroyed Iraq. “National Security” will prevent them from ever knowing. “National Security” is the cloak behind which hides the crimes of…
The People Struggle to Find and Retain Representation Paul Craig Roberts Dave Brat, a professor of economics at Virginia’s Randolph-Macon College, is a marked man. Professor Brat defeated Republican House Majority Leader Eric Cantor, a prime trophy of the Israel…
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World War II: The Unknown War Paul Craig Roberts In my June 6 column, “The Lies Grow More Audacious,” I mentioned that Obama and the British prime minister, who Obama has as a lap dog, just as George Bush had…
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Washington Caught Again In A Lie Paul Craig Roberts In case you didn’t hear from the presstitute media, Syrian president Assad was just re-elected with 88.7% of the vote. Assad is the “brutal dictator” that Obama claims the Syrian people…
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The Lies Grow More Audacious Paul Craig Roberts If there were any doubts that Western “leaders” live in a fantasy make-believe world constructed out of their own lies, the G-7 meeting and 70th anniversary celebration of the Normandy landing dispelled…
Whatever Became Of Morality? — Paul Craig Roberts What are we to make of this? http://edition.cnn.com/2014/06/03/justice/wisconsin-girl-stabbed/index.html Two 12 year-old white American girls who look perfectly normal stabbed their 12-year old friend 19 times in a murder attempt. By murdering their…
Interest Rate Puzzle Paul Craig Roberts and Dave Kranzler One of the biggest puzzles in the financial markets this year has been the considerable fall in interest rates despite the Fed’s program of tapering or cutting back the Fed’s bond…
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Are You Ready For Nuclear War? Paul Craig Roberts Pay close attention to Steven Starr’s guest column, “The Lethality of Nuclear Weapons.” http://www.paulcraigroberts.org/2014/05/30/lethality-nuclear-weapons/ Washington thinks nuclear war can be won and is planning for a first strike on Russia, and…
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What Obama Told Us At West Point Paul Craig Roberts At West Point Obama told us, to the applause of West Point cadets, that “American exceptionalism” is a doctrine that justifies whatever Washington does. If Washington violates domestic and international…
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Dear friends, It is time for my quarterly request for donations. As we agreed, my columns and this site will continue as long as your support is forthcoming. My column below for this Memorial Day makes it clear what is…
Russia’s Rise To Global Power Paul Craig Roberts This article first appeared in Strategic Culture Foundation http://www.strategic-culture.org/news/2014/05/22/russia-rise-to-global-power.html Western propaganda about events in Ukraine has two main purposes. One is to cover up, or to distract from, Washington’s role in overthrowing…
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The Social Cost of GMOs Paul Craig Roberts Ecological economists such as Herman Daly write that the more full the world becomes, the higher are the social or external costs of production. Social or external costs are costs of production…
Militarist Bunkum Paul Craig Roberts Did you know that 85 to 90 percent of war’s casualties are non-combatant civilians? That is the conclusion reached by a nine-person research team in the June 2014 issue of the American Journal of Public…
The second the news broke that Belgium purchased $141 billion in Treasury bonds within a three month period in 2014, almost everyone understood who was really behind it and why, because Belgium simply does not have the resources to make a purchase of that volume.
The federal reserve is behind Belgium's extraordinary purchase, in order to disguise the financial downfall after Russia dumped a fifth of it's treasury holdings.
Russia has offloaded a fifth of its holdings of US Treasury debt in March at a time of heightened speculation that its assets would be frozen as part of sanctions over the crisis in Ukraine.
It was the largest seller during the month while Belgium extended its big buying streak, according to US Treasury International Capital data released on Thursday.
A decline of $25.8bn in Russia’s Treasury holdings to $100.4bn involved the selling of short-term bills.
Russia isn't the only one that has been dumping US Treasury bonds. Back in December China sold the second largest amount of US Treasury bonds, and once again, who jumped in?
More from Greg Hunter and Dr. Paul Craig Roberts, who holds a PhD in economics, explains, via USAWatchDog:
We know that Belgium didn’t have any money to buy $141 billion worth of bonds over a three month period. That sum comes to 29% of the Belgium GDP. So, they don’t have a surplus in their budget that is 29% of their GDP, and they don’t have trade or current account surplus in that amount. In fact, everything is in the red. Their budget deficit is in the red, and their trade and current accounts are in the red. So, Belgium didn’t have the money, and yet, they managed to pick up $141.2 billion in U.S. Treasuries over a three month period. So, where did they get the money?
We know their central bank couldn’t have printed euros to buy the bonds with because the Belgium central bank can’t print euros. Belgium is part of the euro system and has lost the ability to create its own money. So, the only source for that kind of money would have been the Federal Reserve. The Federal Reserve thought it needed to hide the fact it was buying $141 billion in bonds over a three month period when it was officially reducing or tapering the quantitative easing down to $65 billion. It didn’t want to have to admit it was really purchasing $112 billion a month, almost double the announced purchases.”
Dr. Roberts also says, “I think also the Fed did not want it to get out that some large country is unloading Treasuries. Somebody dropped over $100 billion in Treasuries in one week. If that was a large holder and that became known, it could panic smaller holders and you could see a stampede, and the Fed could lose control of interest rates. So, I think the Fed thought the best thing to do is launder its purchase through a different country; and, thereby, disguise what is actually happening.”
The fact is the US Dollar and economy is being propped up simply by being the reserve currency and countries are tired of the US using that to print money out of thin air with nothing to back it up. The economy is not growing, as is also explained in the video below, but to maintain the illusion, the administration, via the Federal Reserve, is actually laundering purchases through other countries in order to hide the impending downfall.
The entire interview below is a must-see.
The Great Deceiver — The Federal Reserve Paul Craig Roberts and Dave Kranzler Is the Fed “tapering”? Did the Fed really cut its bond purchases during the three month period November 2013 through January 2014? Apparently not if foreign holders…
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Gangster State America Where Is America’s Democracy? Paul Craig Roberts Anyone who looks carefully behind the veil of words cannot find democracy in America. For years I have been writing that the US government is no longer accountable to law…
Washington Intends Russia’s Demise Paul Craig Roberts Washington has no intention of allowing the crisis in Ukraine to be resolved. Having failed to seize the country and evict Russia from its Black Sea naval base, Washington sees new opportunities in…
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US Economy Is A House Of Cards Paul Craig Roberts The US economy is a house of cards. Every aspect of it is fraudulent, and the illusion of recovery is created with fraudulent statistics. American capitalism itself is an illusion.…
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Moving Closer To War Paul Craig Roberts The Obama regime, wallowing in hubris and arrogance, has recklessly escalated the Ukrainian crisis into a crisis with Russia. Whether intentionally or stupidly, Washington’s propagandistic lies are driving the crisis to war. Unwilling…
Washington’s Corruption and Mendacity Is What Makes America “Exceptional” — Paul Craig Roberts World events permitting, I am going to take a few days off. Many of you write to me asking for financial advice or for explanations of the…
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Privatization Is A Ramp For Corruption and Insouciance Is a Ramp for War The New York Times has acquired a new Judith Miller Paul Craig Roberts Libertarian ideology favors privatization. However, in practice privatization is usually very different in result…
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Washington Drives The World To War Paul Craig Roberts The CIA director was sent to Kiev to launch a military suppression of the Russian separatists in the eastern and southern portions of Ukraine, former Russian territories for the most part that…
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Washington Is Humanity’s Worst Enemy Paul Craig Roberts How does Washington get away with the claim that the country it rules is a democracy and has freedom? This absurd claim ranks as one of the most unsubstantiated claims in history.…
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Is the US or the World Coming to an End? It will be one or the other Paul Craig Roberts 2014 is shaping up as a year of reckoning for the United States. Two pressures are building on the US…
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How The CIA Made Dr. Zhivago Into A Weapon Paul Craig Roberts American Cold War propaganda had little, if anything, to do with the collapse of the Soviet Union. However, by dramatizing Soviet mendacity it made the world blind to…
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Obama Issues Threats To Russia And NATO Paul Craig Roberts The Obama regime has issued simultaneous threats to the enemy it is making out of Russia and to its European NATO allies on which Washington is relying to support sanctions…
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Another Fraudulent Jobs Report Paul Craig Roberts The March payroll jobs report released April 4 claims 192,000 new private sector jobs. Here is what John Williams has to say about the claim: “The Bureau of Labor Statistics (BLS) deliberately publishes…
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Western Looting Of Ukraine Has Begun Paul Craig Roberts It is now apparent that the “Maiden protests” in Kiev were in actuality a Washington organized coup against the elected democratic government. The purpose of the coup is to put NATO…
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Pushing Toward The Final War Paul Craig Roberts Does Obama realize that he is leading the US and its puppet states to war with Russia and China, or is Obama being manipulated into this disaster by his neoconservative speech writers…
How Much War Does Washington Want? Paul Craig Roberts “America does not at the moment have a functioning democracy.” Former US President Jimmy Carter I doubt that the Ukraine crisis precipitated by Washington’s overthrow of the democratic government is over.…
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Three Who Made A War Paul Craig Roberts The Spanish-American War was caused by three people: Teddy Roosevelt, Henry Cabot Lodge, and William Randolph Hearst. The war, which killed a number of Spaniards and Americans, including some prominent Harvard “Swells,”…
Two Steps Forward, One Step Back Paul Craig Roberts Washington’s plan to seize Ukraine and to evict Russia from its Black Sea naval base has come amiss. But to turn around Lenin’s quote, “two steps forward, one step back.” Do…
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The BBC: Washington’s Mouthpiece Paul Craig Roberts Once upon a time the BBC was a news organization, but that was before the organization sold out to Washington. Today the BBC is a liar for Washington. Indeed, the BBC is a…
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95.7% of Crimeans Give The Finger To The White House Tyrant Paul Craig Roberts Update: The latest figures released are: 83.1% voter turnout, 96.77% vote to join the Russian Federation. In an unprecedented turnout unmatched by any Western election, Crimeans…
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Obama Declares Self-Determination To Be A Threat To US National Security Paul Craig Roberts In his March 6 Executive Order, “Blocking Property of Certain Persons Contributing to the Situation in Ukraine,” Obama declares that support for Crimean self-determination constitutes “an…
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Washington Has Set The World On A Path To War Paul Craig Roberts Why is Washington so opposed to Crimean self-determination? The answer is that one of the main purposes of Washington’s coup in Kiev was to have the new…
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World War 1 All Over Again The same fools play the same game Paul Craig Roberts “If you reduce the lie to a scientific system put it on thick and heavy, and with great effort and sufficient finances scatter it…
Dear Readers, now that US Secretary of State John Kerry has issued an ultimatum to Russia, telling Putin that he has until Monday to follow Washington’s orders or else, hopefully everyone can see the repeat of the March of Folly…
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Obama Regime’s Hypocrisy Sets New World Record Paul Craig Roberts From the moment that Washington launched its orchestrated coup in Kiev, Washington has been accusing Russia of “intervening in Ukraine.” This propaganda ploy succeeded. The Western presstitute media reported (nonexistent)…
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The Western Media Is A Lie Factory Someone is lying to us. Is it the New York Times and the Guardian, or is it Julie Hyland? Julie Hyland describes the neo-nazi forces that Washington’s Ukrainian coup either by intention or…
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Dear Readers, Several of you have told me that you are tired of reading about the deplorable state of affairs in Ukraine produced the by idiots that comprise “our” government. In this current posting you can read instead about the…
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Obama Comes Out Against Self-Determination Paul Craig Roberts The White House Fool has repeatedly declared erroneously and foolishly that it is “against international law” for Crimea to exercise self-determination. Self-determination, as used by Washington, is a propaganda term that serves…
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Propaganda Rules The News Paul Craig Roberts Gerald Celente calls the Western media “presstitutes,” an ingenuous term that I often use. Presstitutes sell themselves to Washington for access and government sources and to keep their jobs. Ever since the corrupt…
March 3, 2014 The end could be nearer than you think Readers: We are having trouble today with the website. I do not know if it is problems caused by the typical incompetence of US business enterprises, including those who…
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The Crisis In Ukraine Paul Craig Roberts In 2004 Hungary joined the EU, expecting streets of gold. Instead, four years later in 2008 Hungary became indebted to the IMF. The rock video by the Hungarian group, Mouksa Underground sums up…
Amerikan Stasi Police State Staring Us In The Face American sheeple stick heads in the sand, pretend to be ostriches Paul Craig Roberts Note: The Lorde story is likely a hoax, but it nevertheless captures the truth of the situation. American taxpayers have built an entire city in Virginia so that the Pentagon, can practice…
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Global Capitalism Has Written Off The Human Race Paul Craig Roberts Economic theory teaches that free price and profit movements ensure that capitalism produces the greatest welfare for the greatest number. Losses indicate economic activities where costs exceed the value of production, thus investment in these activities is curtailed. Profits indicate economic activities where the…
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US and EU Are Paying Ukrainian Rioters and Protesters Paul Craig Roberts A number of confirmations have come in from readers that Washington is fueling the violent protests in Ukraine with our taxpayer dollars. Washington has no money for food stamps or to prevent home foreclosures, but it has plenty of money with which to…
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Russia Under Attack Paul Craig Roberts In a number of my articles I have explained that the Soviet Union served as a constraint on US power. The Soviet collapse unleashed the neoconservative drive for US world hegemony. Russia under Putin,…
Should The Minimum Wage Be Raised? Paul Craig Roberts Some years ago when I was Business Week’s columnist an up-and-coming academic economist published his conclusions that raising the minimum wage did not cause unemployment. An implication was that labor unions…
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What Is Supply-Side Economics? Paul Craig Roberts Supply-side economics is an innovation in macroeconomic theory and policy. It rose to prominence in congressional policy discussions in the late 1970s in response to worsening Phillips Curve trade-offs between inflation and unemployment.…
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How Junk Economists Help The Rich Impoverish The Working Class Paul Craig Roberts Last week, I explained how economists and policymakers destroyed our economy for the sake of short-term corporate profits from jobs offshoring and financial deregulation. http://www.paulcraigroberts.org/2014/01/25/economists-policymakers-murdered-economy-paul-craig-roberts/ That same…
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How Economists and Policymakers Murdered Our Economy Paul Craig Roberts The economy has been debilitated by the offshoring of middle class jobs for the benefit of corporate profits and by the Federal Reserve’s policy of Quantitative Easing in order to…
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No Jobs For Americans Paul Craig Roberts The alleged recovery took a direct hit from Friday’s payroll jobs report. The Bureau of Labor Statistics reported that the economy created 74,000 net new jobs in December. Wholesale and retail trade accounted…
The Case of the Missing Recovery Paul Craig Roberts Have you seen the economic recovery? I haven’t either. But it is bound to be around here somewhere, because the National Bureau of Economic Research spotted it in June 2009, four…
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2014 Will Bring More Social Collapse Paul Craig Roberts 2014 is upon us. For a person who graduated from Georgia Tech in 1961, a year in which the class ring showed the same date right side up or upside down,…
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Dear Readers, thank you for your support in 2013. Although you have kept me working past retirement age, I find it encouraging that there are some Americans who can think independently and who want to know. As Margaret Mead said,…
Manipulations Rule The Markets Paul Craig Roberts The Federal Reserve’s announcement on December 18 that beginning in January its monthly purchases of mortgage-backed financial instruments and US Treasury bonds would each be cut by $5 billion is puzzling, as is the financial press’s account of the market’s response. The Federal Reserve conveys a contradictory message.…
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Dear Readers, you have kept your end of the bargain, and I will keep mine. Washington Drives the World Toward War Paul Craig Roberts Washington has had the US at war for 12 years: Afghanistan, Iraq, Somalia, Libya, Pakistan, Yemen, and almost Syria, which could still happen, with Iran waiting in the wings. These wars…
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Dear Readers, Readership has doubled, but donations in response to the current quarterly request are less than when the site had far fewer readers. Perhaps I have had my 15 minutes of fame and it is time to retire. Writing these columns does not benefit me. I already know the information that I provide to…
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The Money Changers Serenade: A New Plot Hatches Paul Craig Roberts Former Treasury Secretary Timothy Geithner, a protege of Treasury Secretaries Rubin and Summers, has received his reward for continuing the Rubin-Summers-Paulson policy of supporting the “banks too big to fail” at the expense of the economy and American people. For his service to the…
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The Dying Dollar Federal Reserve and Wall Street Assassinate US Dollar Since 2006, the US dollar has experienced a one-quarter to one-third drop in value to the Chinese yuan, depending on the choice of base. Now China is going to let the dollar decline further in value. China also says it is considering undermining the…
http://www.counterpunch.org/2013/11/05/an-interview-with-paul-craig-roberts/print ￼ This copy is for your personal, non-commercial use only. CounterPunch NOVEMBER 05, 2013 Escape From The Dollar An Interview with Paul Craig Roberts by MIKE WHITNEY Paul Craig Roberts thinks the Fed has backed itself into a corner. A rise in interest rates would strengthen the dollar, give the dollar new life as…
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Is Paul Krugman a Voodoo Economist? Paul Craig Roberts Readers ask me if Paul Krugman could be correct that deficits don’t matter and that neither does printing endless reams of money with which to purchase the Treasury’s debt instruments that finance the deficits. If people at home and abroad who hold dollars and dollar denominated…
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Ignored Reality Is Going To Wipe Out The Human Race Paul Craig Roberts To inform people is hard slugging. Everything is lined up against the public being informed, or the policymakers for that matter. News is contaminated by its service to special interests and hidden agendas. Many scientists or their employers are dependent on federal…
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A Potpourri Week-end reading list Paul Craig Roberts The Man Who Usurped The Constitution Just as you think the Republicans have destroyed themselves with their government shutdown/default antics, along comes Obama and appoints a fascist murderer head of Homeland Security. RT http://rt.com/usa/obama-jeh-johnson-dhs-378/ reports that Jeh Johnson, a drone proponent and the Pentagon General Counsel who…
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Stand Up Americans Paul Craig Roberts In less than 2 days, if the Treasury secretary can be believed, the Treasury will not have enough money to pay all its bills and will have to prioritize. This doesn’t mean default, as interest on Treasury bonds, notes, and bills will be right up there with the military…
Update Oct.15, 2013 (Reuters) – Shares in Royal Mail peaked 48 percent above their privatisation price on Tuesday as a committee of MPs said it planned to summon bankers and the business minister to a parliamentary inquiry into the sale. The government, which last week priced the hugely oversubscribed sale of the near 500-year-old postal…
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What Happens If The Shutdown Causes The Treasury To Run Out Of Money Paul Craig Roberts In a speech to the Commonwealth Club, San Francisco, November 23, 2010, Peter Dale Scott gave a history of the various directives concerned with government continuity during a state of emergency. He showed that these directives could be used…
The Real Crisis Is Not The Government Shutdown Paul Craig Roberts The inability of the media and politicians to focus on the real issues never ceases to amaze. The real crisis is not the “debt ceiling crisis.” The government shutdown is merely a result of the Republicans using the debt limit ceiling to attempt to…
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NOTE TO READERS: Some readers have received via RSS feed an old interview with RT announcing my retirement. This interview was several years ago. It must be some kind of glitch. I am not retiring. This interview is not a new notice of retirement. PCR Washington’s Tyranny Paul Craig Roberts The war criminal barack obama…
PAKISTANI NATIONAL TV REVEALS THAT OBAMA’S CLAIM TO HAVE KILLED OSAMA BIN LADEN IS “AN AMERICAN HOAX.” By readers’ request, this is a reposting of a translation of a Pakistani National TV interview with an eyewitness to the alleged SEAL Team Six attack that allegedly killed Osama bin Laden. I made the translation available two…
The goon thug psychopaths no longer only brutalize minorities–it is open season on all of us –the latest victim is a petite young white mother of two small children http://www.informationclearinghouse.info/article36211.htm Police Are More Dangerous To The Public Than Are Criminals Paul Craig Roberts The worse threat every American faces comes from his/her own government. At…
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Putin Steps Into World Leadership Role Paul Craig Roberts Putin’s article in the September 11 New York Times has the stuck pigs squealing. The squealing stuck pigs are just who you thought they would be–all those whose agendas and profits would be furthered by an attack on Syria by the obama Stasi regime. Included among…
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The rule of zombies Why Are Obama and Kerry So Desperate to Start a New War? Paul Craig Roberts What is the real agenda? Why is the obama Regime so desperate to commit a war crime despite the warnings delivered to the White House Fool two days ago by the most important countries in the…
The West Dethroned Paul Craig Roberts “The European race’s last three hundred years of evolutionary progress have all come down to nothing but four words: selfishness, slaughter, shamelessness and corruption.” Yan Fu It only took the rest of the world 300 years to catch on to the evil that masquerades as “western civilization,” or perhaps…
How to Stop Obama’s Military Aggression Against Syria Paul Craig Roberts Many are asking what can be done to stop the pending US attack on Syria. Two things can be done. One is for the US Congress to realize that it does not save America’s face for Congress to endorse a policy that has been…
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Will Congress Now Save Obama’s Face By Selling Out Democracy and the Syrian People and Setting the Stage for World War III ? Paul Craig Roberts As I observed in previous columns, obama was pushed out onto the end of the limb by Israel and the neoconservatives. The UN, NATO, the British Parliament, and the…
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Obama Has Decided That It Is Safer To Buy Congress Than To Go It Alone Paul Craig Roberts While still claiming dictatorial powers to start a war on his own authority, Obama put his unilateral attack on Syria on hold when he received a letter from more than 160 members of the House of Representatives…
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Obama Reveals His Dictatorship the isolation of America Paul Craig Roberts Washington preens itself on being “the world’s greatest democracy.” Washington uses the claim that it is spreading democracy as a justification for its naked aggression–a clear and unambiguous war crime–against other countries. Washington cloaks its illegality in democratic rhetoric despite the obvious fact that…
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America Totally Discredited Paul Craig Roberts A foolish President Obama and moronic Secretary of State Kerry have handed the United States government its worst diplomatic defeat in history and destroyed the credibility of the Office of the President, the Department of State, and the entire executive branch. All are exposed as a collection of third-rate…
Will Obama Doom Himself As A War Criminal Paul Craig Roberts Obama, pushed by his Israeli and neocon masters, especially his National Security Advisor, Susan Rice, who, in effect, functions as an Israeli agent, crawled far out on the limb, only to have it sawed off by the British Parliament. In response, the “socialist” president…
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Syria: Another Western War Crime In The Making Paul Craig Roberts UPDATE AUGUST 29 The British Parliament has rejected British military intervention in Syria. The US puppet, Cameron, who serves as Prime Minister was forced to admit that he had no evidence that Assad had used chemical weapons, and Parliament said, no evidence, no war.…
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Gangster State US/UK Paul Craig Roberts On July 23 I wrote about how the US reversed roles with the USSR and became the tyrant that terrifies the world. We have now had further confirmation of that fact. It comes from two extraordinary actions by Washington’s British puppet state. David Miranda, the Brazilian partner of Glenn…
Things Are Bad And Getting Worse Paul Craig Roberts Terrible things are happening faster than we can keep up with them. Monsanto, widely regarded as a criminal enterprise, is expanding its monopoly over seeds and food production into Chile and Latin America. http://rt.com/news/chile-protest-monsanto-law-634/ Monsanto has given up for now on monopolizing Europe’s agriculture, but has…
Humanity Is Drowning In Washington’s Criminality Paul Craig Roberts Americans will soon be locked into an unaccountable police state unless US Representatives and Senators find the courage to ask questions and to sanction the executive branch officials who break the law, violate the Constitution, withhold information from Congress, and give false information about their crimes…
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My thanks to donors in North and South America, Europe, Asia, South Africa, New Zealand and Australia who support this site. Every reader is invited to join this illustrious group. Washington’s Drive For Hegemony Is A Drive To War Paul Craig Roberts It was five years ago that the president of Georgia, Mikheil Saakashvilli, who…
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My thanks to donors in North and South America, Europe, Asia, South Africa, New Zealand and Australia who support this site. Every reader is invited to join this illustrious group. Washington Thinks You Are Stupid Paul Craig Roberts There’s the old saying that if the government fears the people, there is liberty, but if the…
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Dear Readers, I am flattered by the traffic on this site, and by the generosity of donors from across the United States–large cities and small villages–and the world. We have donations from Indonesia, Russia, Taiwan, Hong Kong, Mexico, most countries in Europe and from Canada, Australia, and New Zealand. It is exciting to me that…
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Triple-Feature: “America Discredited,” “Bradley Manning Verdict Convicts Washington,” and “Hiding Economic Depression With Spin”...
Triple-Feature: “America Discredited,” “Bradley Manning Verdict Convicts Washington,” and “Hiding Economic Depression With Spin” — Paul Craig Roberts Quarterly Call For Donations This is your site. This site will continue as long as you support it. There is nothing on this site except information and explanations that the media does not provide. There is no…
Quarterly Call For Donations and a new column This is your site. This site will continue as long as you support it. There is nothing on this site except information and explanations that the media does not provide. There is no political, social, economic, or ideological agenda associated with this site. For the most part,…
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Role Reversal: How the US Became the USSR Paul Craig Roberts I spent the summer of 1961 behind the Iron Curtain. I was part of the US-USSR student exchange program. It was the second year of the program that operated under auspices of the US Department of State. Our return to the West via train…
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Coup d’etat Paul Craig Roberts The American people have suffered a coup d’etat, but they are hesitant to acknowledge it. The regime ruling in Washington today lacks constitutional and legal legitimacy. Americans are ruled by usurpers who claim that the executive branch is above the law and that the US Constitution is a mere “scrap…
Lawlessness Is The New Normal Paul Craig Roberts In various articles and in my latest book, The Failure of Laissez Faire Capitalism And Economic Dissolution Of The West, I have pointed out that the European sovereign debt crisis is being used to terminate the sovereignty of the countries that are members of the EU. There…
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Has Washington’s Arrogance Undone Its Empire? Paul Craig Roberts No one likes a bully, and Washington’s NATO puppets have been bullied for six decades. British prime ministers, German chancellors, and French presidents have to salute and say “yes sir.” They all hate it, but they love Washington’s money; so they prostitute themselves and their countries…
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Washington Is Driving The World To The Final War Paul Craig Roberts “V For Vendetta,” a film that portrays evil in a futuristic England as a proxy for the evil that exists today in America, ends with the defeat of evil. But this is a movie in which the hero has super powers. If you…
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A New Beginning Without Washington’s Sanctimonious Mask Paul Craig Roberts It is hard to understand the fuss that Washington and its media whores are making over Edward Snowden. We have known for a long time that the National Security Agency (NSA) has been spying for years without warrants on the communications of Americans and people…
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Stasi in the White House Paul Craig Roberts, June 21, 2013 On June 19, 2013, US President Obama, hoping to raise himself above the developing National Security Agency (NSA) spy scandals, sought to associate himself with two iconic speeches made at the Brandenburg Gate in Berlin. Fifty years ago, President John F. Kennedy pledged: “Ich…
The Rational Market Myth armageddon without nukes Paul Craig Roberts One of the myths of economics is that markets are rational. Theories are based on this assumption, and the belief that markets are rational fuels the argument against regulation. The market response to the Federal Reserve’s June 19 statement that it will taper off its…
Washington Is Insane Paul Craig Roberts In the 21st century the two hundred year-old propaganda that the American people control their government has been completely shattered. Both the Bush and Obama regimes have made it unmistakenly clear that the American people don’t even influence, much less control, the government. As far as Washington is concerned,…
What is the Government’s Agenda? Paul Craig Roberts It has been public information for a decade that the US government secretly, illegally, and unconstitutionally spies on its citizens. Congress and the federal courts have done nothing about this extreme violation of the US Constitution and statutory law, and the insouciant US public seems unperturbed. In…
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June 7, 2013. The payroll jobs report for May released today continues the fantasy. Goods producing jobs declined, with manufacturing losing another 4,000 jobs, but the New Economy produced 179,000 service jobs. Are these jobs the high-powered, high-wage “innovation jobs” that economists promised would be our reward from Globalism. I’m afraid not. According to the…
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The article below is reprinted from CounterPunch, January 12, 2011. Since the article was first published, Washington has added the slaughter of Libyans, Yemeni, and Syrians along with that of wolves to its accomplishments. An addendum describes the wicked new “sport” of “canned hunting.” Hribal’s “Fear of the Animal Planet” A Brief for Animals by…
When Gerald Celente branded the American media “presstitutes,” he got it right. The US print and TV media (and NPR) whore for Washington and the corporations. Reporting the real news is their last concern. The presstitutes are a Ministry of Propaganda and Coverup. This is true of the entire Western media, a collection of bought-and-paid-for…
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When I was a graduate student in economics, the social cost of capitalism was a big issue in economic theory. Since those decades ago, the social costs of capitalism have exploded, but the issue seems no longer to trouble the economics profession. Social costs are costs of production that are not born by the producer…
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Have you ever wondered how the government’s misinformation gains traction? What I have noticed is that whenever a stunning episode occurs, such as 9/11 or the Boston Marathon bombing, most everyone whether on the right or left goes along with the government’s explanation, because they can hook their agenda to the government’s account. The leftwing…
You know that gold bear market that the financial press keeps touting? The one George Soros keeps proclaiming? Well, it is not there. The gold bear market is disinformation that is helping elites acquire the gold. Certainly, Soros himself doesn’t believe it, as the 13-F release issued by the Securities and Exchange Commission on May…
Over the past month there has been a statistically improbable concurrence of events that can only be explained as a conspiracy to protect the dollar from the Federal Reserve’s policy of Quantitative Easing (QE). Quantitative Easing is the term given to the Federal Reserve’s policy of printing 1,000 billion new dollars annually in order to…
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There are many signs of gangster state America. One is the collusion between federal authorities and banksters in a criminal conspiracy to rig the markets for gold and silver. My explanation that the sudden appearance of an unprecedented 400 ton short sale of gold on the COMEX in April was a manipulation designed to protect…
Over the last several years I have watched the rise of an important new intellect on the American scene. Ron Unz, publisher of The American Conservative, has demonstrated time and again the extraordinary ability to reexamine settled issues and show that the accepted conclusion was incorrect. One of his early achievements was to dispose of…
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It Is Time to Call Radio “Liberty” What It Is: Radio Gestapo Amerika Paul Craig Roberts Radio “Liberty” has always been a propaganda ministry. Formerly its propaganda was directed against the Soviet Union. Today it is directed against distinguished Americans…
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Guilt By Insinuation How American propaganda works. Paul Craig Roberts Why hasn’t Washington joined Russian President Putin in calling for an objective, non-politicized international investigation by experts of the case of the Malaysian jetliner? The Russian government continues to release…
Paul Craig Roberts and Dave Kranzler July 16, 2014. The first two days this week gold was subjected to a series of computer HFT-driven “flash crashes” that were aimed at cooling off the big move higher gold has made since…
Washington’s Arrogance Will Destroy Its Empire Washington reeks of the stench of evil Paul Craig Roberts Alone among the governments in the world, Washington requires sovereign governments to follow Washington’s laws even when Washington’s laws contradict the laws of sovereign…
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Washington Murders Countries, the US Constitution, and the Presstitute Media Makes Americans Complicit
Washington Murders Countries, the US Constitution, and the Presstitute Media Makes Americans Complicit Paul Craig Roberts Having Murdered Iraq, Afghanistan, Libya, Syria, and the US Constitution, Washington is now Murdering Ukraine. Thanks to Op-Ed News contributor Eric Zuesse, I can…
July 4th Militarist Bunkum (an encore by request) Paul Craig Roberts Did you know that 85 to 90 percent of war’s casualties are non-combatant civilians? That is the conclusion reached by a nine-person research team in the June 2014 issue…
Professor Francis Boyle on Impeachment of Bush and Obama — Paul Craig Roberts Paul Craig Roberts As Democratic Representative Nancy Pelosi, the Richest Representative of the One Percent in the House of Representatives, said: “Impeachment is off the table.” Nevertheless,…
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More Phantom Jobs Created–All In The Wrong Places education is not the answer Paul Craig Roberts Last April I saw a report that 83% of May’s college graduates did not have a job. I remarked that in my day most…
More on the Belgium Treasury Purchase Paul Craig Roberts and Dave Kranzler In response to our account of the mysterious large rise in Belgium’s Treasury purchases http://www.paulcraigroberts.org/2014/05/12/fed-great-deceiver-paul-craig-roberts/ , it was suggested that the transaction would show up on the Fed’s…
Mass public opposition is needed. It's time enough ordinary people stepped up to the plate and acted.
Judicial Watch Played Into The Government’s Hands Americans Are Blinded By Agendas Paul Craig Roberts Disinformation succeeds because so many people and interest groups across the political spectrum find that it serves their agendas as well as the agenda of…
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Paul Craig Roberts and Dave Kranzler As we documented in previous articles, the gold price is driven down in the paper futures market by naked short selling by the Fed’s dependent bullion banks. Some people have a hard time accepting…
THE FAILURE OF GERMAN LEADERSHIP Merkel Whores For Washington Paul Craig Roberts Washington, enabled by its compliant but stupid NATO puppets, is pushing the Ukrainian situation closer to war. German Chancellor Merkel has failed her country, Europe, and world peace.…
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Putin Speaks Paul Craig Roberts You can read an English translation of Vladimir Putin’s March 4 press conference here: http://www.informationclearinghouse.info/article37889.htm Americans have not experienced political leadership or an independent media for such a long time that they will be amazed…
The Looting Of Ukraine Has Begun Paul Craig Roberts According to a report in Kommersant-Ukraine, the finance ministry of Washington’s stooges in Kiev who are pretending to be a government has prepared an economic austerity plan that will cut Ukrainian…
Washington’s Arrogance, Hubris, and Evil Have Set the Stage for War Paul Craig Roberts In some quarters public awareness is catching up with Stephen Lendman, Michel Chossudovsky, Rick Rozoff, myself and a few others in realizing the grave danger in…
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Ukrainian Neo-Nazis Declare that Power Comes Out of the Barrels of their Guns Paul Craig Roberts Reality on the ground in Ukraine contradicts the incompetent and immoral Obama regime’s portrait of Ukrainian democracy on the march. To the extent that…
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Democracy Murdered By Protest Ukraine Falls To Intrigue and violence Paul Craig Roberts Who’s in charge? Certainly not the bought-and-paid-for-moderates that Washington and the EU hoped to install as the new government of Ukraine. The agreement that the Washington and…
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Sleepwalking Again Paul Craig Roberts On the 100th Anniversary of World War 1, the Western powers are again sleepwalking into destructive conflict. Hegemonic ambition has Washington interfering in the internal affairs of Ukraine, but developments seem to be moving beyond…
Is Ukraine Drifting Toward Civil War And Great Power Confrontation? Paul Craig Roberts People ask for solutions, but no solutions are possible in a disinformed world. Populations almost everywhere are dissatisfied, but few have any comprehension of the real situation. Before there can be solutions, people must know the truth about the problems. For those…
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The Five Criminals In America, the Gestapo Has Replaced the Rule of Law Paul Craig Roberts RT is the best English language news source available to Americans. On January 29, RT published a photo of 5 presidential appointees lying through…
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Washington Orchestrated Protests Are Destabilizing Ukraine Paul Craig Roberts The protests in the western Ukraine are organized by the CIA, the US State Department, and by Washington- and EU-financed Non-Governmental Organizations (NGOs) that work in conjunction with the CIA and…
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Paul Craig Roberts and Dave Kranzler In two recent articles we explained the hows and whys of gold price manipulation. The manipulations are becoming more and more blatant. On February 6 the prices of gold and stock market futures were…
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Washington Destabilizes Ukraine Only Washington Knows Best Paul Craig Roberts The control freaks in Washington think that only the decisions that Washington makes and imposes on other sovereign countries are democratic. No other country on earth is capable of making…
Why is the Fed tapering? Paul Craig Roberts and Dave Kranzler On January 17, 2014, we explained “The Hows and Whys of Gold Price Manipulation.” http://www.paulcraigroberts.org/2014/01/17/hows-whys-gold-price-manipulation/ In former times, the rise in the gold price was held down by central…
Paul Craig Roberts and Dave Kranzler. The deregulation of the financial system during the Clinton and George W. Bush regimes had the predictable result: financial concentration and reckless behavior. A handful of banks grew so large that financial authorities declared…
Washington Has Discredited America Paul Craig Roberts Years ago when I described the George W. Bush regime as a police state, right-wing eyebrows were raised. When I described the Obama regime as an even worse police state, liberals rolled their eyes. Alas! Now I am no longer controversial. Everybody says it. According to the UK…
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December 23rd marks the 100th anniversary of the Federal Reserve. Dissatisfaction with its track record has prompted calls to audit the Fed and end the Fed. At the least, Congress needs to amend the Fed, modifying the Federal Reserve Act to give the central bank the tools necessary to carry out its mandates.
The Federal Reserve is the only central bank with a dual mandate. It is charged not only with maintaining low, stable inflation but with promoting maximum sustainable employment. Yet unemployment remains stubbornly high, despite four years of radical tinkering with interest rates and quantitative easing (creating money on the Fed’s books). After pushing interest rates as low as they can go, the Fed has admitted that it has run out of tools.
At an IMF conference on November 8, 2013, former Treasury Secretary Larry Summers suggested that since near-zero interest rates were not adequately promoting people to borrow and spend, it might now be necessary to set interest at below zero. This idea was lauded and expanded upon by other ivory-tower inside-the-box thinkers, including Paul Krugman.
Negative interest would mean that banks would charge the depositor for holding his deposits rather than paying interest on them. Runs on the banks would no doubt follow, but the pundits have a solution for that: move to a cashless society, in which all money would be electronic. “This would make it impossible to hoard cash outside the bank,” wrote Danny Vinik in Business Insider, “allowing the Fed to cut interest rates to below zero, spurring people to spend more.” He concluded:
. . . Summers’ speech is a reminder to all liberals that he is a brilliant economist who grasps the long-term issues of monetary policy and would likely have made an exemplary Fed chair.
Maybe; but to ordinary mortals living in the less rarefied atmosphere of the real world, the proposal to impose negative interest rates looks either inane or like the next giant step toward the totalitarian New World Order. Business Week quotes Douglas Holtz-Eakin, a former director of the Congressional Budget Office: “We’ve had four years of extraordinarily loose monetary policy without satisfactory results, and the only thing they come up with is we need more?”
Paul Craig Roberts, former Assistant Secretary of the Treasury, calls the idea “harebrained.” He is equally skeptical of quantitative easing, the Fed’s other tool for stimulating the economy. Roberts points to Andrew Huszar’s explosive November 11th Wall Street Journal article titled “Confessions of a Quantitative Easer,” in which Huszar says that QE was always intended to serve Wall Street, not Main Street. Huszar’s assignment at the Fed was to manage the purchase of $1.25 trillion in mortgages with dollars created on a computer screen. He says he resigned when he realized that the real purpose of the policy was to drive up the prices of the banks’ holdings of debt instruments, to provide the banks with trillions of dollars at zero cost with which to lend and speculate, and to provide the banks with “fat commissions from brokering most of the Fed’s QE transactions.”
A Helicopter Drop That Missed Its Target
All this is far from the helicopter drop proposed by Ben Bernanke in 2002 as a quick fix for deflation. He told the Japanese, “The U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost.” Later in the speech he discussed “a money-financed tax cut,” which he said was “essentially equivalent to Milton Friedman’s famous ‘helicopter drop’ of money.” Deflation could be cured, said Professor Friedman, simply by dropping money from helicopters.
But there has been no cloudburst of money raining down on the people. The money has gotten only into the reserve accounts of banks. John Lounsbury, writing in Econintersect, observes that Friedman’s idea of a helicopter drop involved debt-free money printed by the government and landing in people’s bank accounts. “He foresaw the money entering the economy through bank deposits, not through bank reserves which was the pathway available to Bernanke. . . . [W]hen Ben Bernanke fired up his helicopter engines he took the only path available to him.”
Bernanke created debt-free money and bought government debt with it, returning the interest to the Treasury. The result was interest-free credit, a good deal for the government. But the problem, says Lounsbury, is that:
The helicopters dropped all the money into a hole in the ground (excess reserve accounts) and very little made its way into the economy. It was essentially a rearrangement of the balance sheets of the creditor nation with little impact on the debtor nation.
. . . The fatal flaw of QE is that it delivers money to the accounts of the creditors and does nothing for the accounts of the debtors. Bad debts remain unserviced and the debt crisis continues.
Thinking Outside the Box
Bernanke delivered the money to the creditors because that was all the Federal Reserve Act allowed. If the Fed is to fulfill its mandate, it clearly needs more tools; and that means amending the Act. Harvard professor Ken Rogoff, who spoke at the November 2013 IMF conference before Larry Summers, suggested several possibilities; and one was to broaden access to the central bank, allowing anyone to have an ATM at the Fed.
Rajiv Sethi, Barnard/Columbia Professor of Economics, expanded on this idea in a blog titled “The Payments System and Monetary Transmission.” He suggested making the Federal Reserve the repository for all deposit banking. This would make deposit insurance unnecessary; it would eliminate the need to impose higher capital requirements; and it would allow the Fed to implement monetary policy by targeting debtor rather than creditor balance sheets. Instead of returning its profits to the Treasury, the Fed could do a helicopter drop directly into consumer bank accounts, stimulating demand in the consumer economy.
John Lounsbury expanded further on these ideas. He wrote in Econintersect that they would open a pathway for investment banking and depository banking to be separated from each other, analogous to that under Glass-Steagall. Banks would no longer be too big to fail, since they could fail without destroying the general payment system of the economy. Lounsbury said the central bank could operate as a true public bank and repository for all federal banking transactions, and it could operate in the mode of a postal savings system for the general populace.
Earlier Central Bank Ventures into Commercial Lending
That sounds like a radical departure today, but the Fed has ventured into commercial banking before. In 1934, Section 13(b) was added to the Federal Reserve Act, authorizing the Fed to “make credit available for the purpose of supplying working capital to established industrial and commercial businesses.” This long-forgotten section was implemented and remained in effect for 24 years. In a 2002 article on the Minneapolis Fed’s website called “Lender of More Than Last Resort,” David Fettig noted that 13(b) allowed Federal Reserve banks to make loans directly to any established businesses in their districts, and to share in loans with private lending institutions if the latter assumed 20 percent of the risk. No limitation was placed on the amount of a single loan.
Fettig wrote that “the Fed was still less than 20 years old and many likely remembered the arguments put forth during the System’s founding, when some advocated that the discount window should be open to all comers, not just member banks.” In Australia and other countries, the central bank was then assuming commercial as well as central bank functions.
Section 13(b) was eventually repealed, but the Federal Reserve Act retained enough vestiges of it in 2008 to allow the Fed to intervene to save a variety of non-bank entities from bankruptcy. The problem was that the tool was applied selectively. The recipients were major corporate players, not local businesses or local governments. Fettig wrote:
Section 13(b) may be a memory, . . . but Section 13 paragraph 3 . . . is alive and well in the Federal Reserve Act. . . . [T]his amendment allows, “in unusual and exigent circumstances,” a Reserve bank to advance credit to individuals, partnerships and corporations that are not depository institutions.
In 2008, the Fed bailed out investment company Bear Stearns and insurer AIG, neither of which was a bank. Bear Stearns got almost $1 trillion in short-term loans, with interest rates as low as 0.5%. The Fed also made loans to other corporations, including GE, McDonald’s, and Verizon.
In 2010, Section 13(3) was modified by the Dodd-Frank bill, which replaced the phrase “individuals, partnerships and corporations” with the vaguer phrase “any program or facility with broad-based eligibility.” As explained in the notes to the bill:
Only Broad-Based Facilities Permitted. Section 13(3) is modified to remove the authority to extend credit to specific individuals, partnerships and corporations. Instead, the Board may authorize credit under section 13(3) only under a program or facility with “broad-based eligibility.”
What programs have “broad-based eligibility” is not clear from a reading of the Section, but it isn’t individuals or local businesses. It also isn’t state and local governments.
No Others Need Apply
In 2009, President Obama proposed that the Fed extend its largess to the cash-strapped cities and states battered by the banking crisis. “Small businesses and state and local governments are having serious difficulty obtaining necessary financing from debt markets,” Obama said. He proposed that the Fed buy municipal bonds to cut their rising borrowing costs.
The proposed municipal bond facility would have been based on the Fed program to buy commercial paper, which had almost single-handedly propped up the market for short-term corporate borrowing. Investors welcomed the muni bond proposal as a first step toward supporting the market.
But Bernanke rejected the proposal. Why? It could hardly be argued that the Fed didn’t have the money. The collective budget deficit of the states for 2011 was projected at $140 billion, a drop in the bucket compared to the sums the Fed had managed to come up with to bail out the banks. According to data released in 2011, the central bank had provided roughly $3.3 trillion in liquidity and $9 trillion in short-term loans and other financial arrangements to banks, multinational corporations, and foreign financial institutions following the credit crisis of 2008. Later revelations pushed the sum up to $16 trillion or more.
Bernanke’s reasoning in saying no to the muni bond facility was that he lacked the statutory tools.. The Fed is limited by statute to buying municipal government debt with maturities of six months or less that is directly backed by tax or other assured revenue, a form of debt that makes up less than 2% of the overall muni market.
The Federal Reserve Act was drafted by bankers to create a banker’s bank that would serve their interests. It is their own private club, and its legal structure keeps all non-members out. A century after the Fed’s creation, a sober look at its history leads to the conclusion that it is a privately controlled institution whose corporate owners use it to direct our entire economy for their own ends, without democratic influence or accountability. Substantial changes are needed to transform the Fed, and these will only come with massive public pressure.
Congress has the power to amend the Fed – just as it did in 1934, 1958 and 2010. For the central bank to satisfy its mandate to promote full employment and to become an institution that serves all the people, not just the 1%, the Fed needs fundamental reform.
Ellen Brown is an attorney, president of the Public Banking Institute, and author of twelve books, including the best-selling Web of Debt. In The Public Bank Solution, her latest book, she explores successful public banking models historically and globally. Her blog articles are at EllenBrown.com.
Filed under: Ellen Brown Articles/Commentary
The Kennedy Assassination (November 22, 1963) 50 Years Later Paul Craig Roberts November 22, 2013, is the 50th anniversary of the assassination of President John F. Kennedy. The true story of JFK’s murder has never been officially admitted, although the conclusion that JFK was murdered by a plot involving the Secret Service, the CIA, and…
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By James F. Tracy
In October a debate ensued on Memory Hole and at Project Censored regarding Alex Jones and Infowars’ legitimacy and trustworthiness as news sources. The exchange began when Nolan Higdon presented various predictions made by Jones that were not borne out by subsequent events.
Yet it looks as if the gloom and doom-style Jones has been taken to task for is being appropriated and given a “liberal” spin by Thom Hartmann–also a longtime proponent anthropogenic global warming theory. The progressive-left author and talk show host has begun touting his new conspiracy-flavored book, The Great Crash of 2016: The Plot to Destroy America–and What We Can Do to Stop It.
Hartmann and Jones are well-acquainted, having on occasion simulcast their weekday radio programs where they once expressed mutual appreciation of each others’ views and work. For example, on April 15, 2009 the two personalities co-hosted a remarkable hour-length segment in which they generally found common ground on numerous issues–civil liberties, the financial industry’s gigantic influence over federal governance, the growing militarized police state, and even local militias.
Indeed, at one point during the above referenced broadcast Hartmann remarked, “I think that actually as Americans, Alex, who believe in the Constitution and the Bill of Rights, there’s more that unites [libertarians and progressives] than divides us” (Alex Jones and Thom Hartmann 3/4 at 8:55).
Yet in subsequent years, the two personalities drifted apart. As the reality of Obama’s presidency and shifting political winds set in Hartmann went on to host a program at RT where he increasingly disparaged Jones and the Truth movement, and from this perch even seemed to vie for a post at MSNBC.
Unlike Jones’ hillbilly-meets-DARPA-whistleblower rants, Hartmann consciously plays the bespectacled scholarly-type, appealing to his self-styled dispassionate and rational progressive audience. Appearing on Democracy Now! this week, the liberal talker’s sturm und drang economic forecast at first glance resembles not only Jones, but also Texas Congressman Ron Paul, libertarian talk show host Peter Schiff and “Father of Reaganomics” Paul Craig Roberts. Among others, these economic analysts argue that the private Federal Reserve bank’s incessant and fervent money printing will inevitably lead to and intensify the coming economic cataclysm.
Hartmann appears to “borrow” from these observers by arguing that such a crash is indeed unavoidable. Yet in a clear sleight of hand the pedantic doomsayer completely evades the problem of monetary profligacy by suggesting how the Obama administration and Fed are earnestly staving off the final reckoning. Is this White House-inspired (or perhaps sponsored) propaganda? Here are some outtakes and reinterpretations from the recent interview below (beginning at about 2:05).
“Obama was successful in the first few months of his administration by putting enough of a band aid on it that they’re holding this back with bailing wire and bubble gum.”
[Translation: The Federal Reserve (US Taxpayer) shoveled untold trillions to the bankers and corporatists to temporarily prop up the economy with another gigantic stock market bubble, yet the Fed can't print forever.]
Hartmann: “But, Bush had hoped—he saw this coming, the Bush administration—had hoped [sic] that he could wait until November 2008 so that it would be after the election so that it wouldn’t hurt the Republican candidate. He was unsuccessful.”
[Translation: The two party system is continuously at odds and competing to represent the popular will. There’s absolutely no chance that such a crash was engineered by Wall Street financiers to ensure an Obama-Biden victory. Or, “free markets capitalism” inevitably leads to dire crises.]
Hartmann: “The Obama administration is now—because they’re not doing the real structural changes necessary—they’re hoping they can push it off until 2016 and that’s why we chose that date [in the book’s title]. Now there’s an enormous amount of effort in our government and in the Fed to try to hold this off ‘til after the election of 2016. Whether they’re successful or not I don’t know [sic]. This literally could happen overnight.”
[Translation: We are doomed! Again, any conflict worthy of public attention takes place directly on the political stage. The good guys—you know, the Democratic Party, the Federal Reserve, and the prevailing economic scheme controlled by central banking--aren't fleecing taxpayers and the economic system but rather saving them.]
Some representatives of the “fanatical right wing” that progressives so readily point to in arguments about the deficit and economy argue that such a crash is in fact being intensified by the careless monetary policies of the Fed, which continue and intensify with the tacit approval of the US Congress and Obama administration. In fact, the federal debt has grown seventy percent under Obama–from $10 to $17 trillion. Such a reckless monetary policy is tailor-made for politicians who cannot resist a money-printing press that allows them to “kick the can down the road,” while leaving Americans with the ever-expanding tab.
Hartmann attempts to commandeer the economic thesis long-articulated by libertarians and their advocacy for “sound money,” while tempering it for those who hang on every word uttered by Paul Krugman. The upshot of Hartmann’s (and the overall Keynesian) version, however, is that profligate monetary policy is not the cause of the present problem, but remains to a large degree its solution. Nevermind the fact that America’s industrial base has been thoroughly gutted.
For example, Hartmann argues how the buildup to the next disaster is a replay of the prelude to the 1929 crash and, moreover, how both are rooted in “conspiracies” and “plots” developed by “economic royalists,” “banksters,” and “globalism,” against which the federal bureaucracy (FDR and his postwar successors) wages a valiant struggle.
Yet Hartmann’s sensationalism doesn’t end there. He goes on to reference his previous anthropogenic climate change propaganda, describing the deathly carbon-based greenhouse gases destined to do us all in should they be allowed to increase even minutely over the next several decades. But wait! The scenario is even more dire. According to Hartmann (at around 12:35 in the DN! interview video above), such apocalyptic climate change could take place almost overnight, and is something the (some would argue fraudulant) United Nations Intergovernmental Panel on Climate Change “is not talking about.”
“It’s a very significant stressor,” Hartmann somberly informs Goodman in the November 12 interview. “Scientists [and] people are hysterical or very concerned” about the imminent release of
trillions of tons of methane hydrate–methane frozen up in ice, in the arctic and around continental shelves. If that melts, then there will be a sudden global warming. And when you look at the five past extinctions on planet earth every single one was triggered by one of these methane releases.
This will come to pass unless, of course, we can drastically reform our behavior and energy consumption … and assuming the forthcoming economic crash doesn’t get us first, or both don’t hit simultaneously.
But, hey, whoever said that a talk show host should be held accountable for making extravagant claims and suggesting that the modern situation is almost completely hopeless? Further, is the promotion of unfounded conspiracy theories and historical revisionism really all that bad? If you’re championing the “correct” political stances then negativity appears to become prophetic, shadowy plots constitute accurate economic and historical analysis and projections, and UN-distilled interpretations of climate science and “green” advocacy literature are embraced as genuine climatological research. Taken as a whole, Thom Hartmann delivers the entire package in an absolute war on your mind that is without parallel.
Washington Brinksmanship Resolution. The US Senate Approved the “Reopening of the Government”. What Next?
Beltway theatrics don’t surprise.
Late Wednesday, 16 days of government shutdown ended. Denouement came with a whimper, not a bang.
The Senate approved reopening government 81 – 18. The House followed suit 285 – 144. Obama signed the measure shortly after midnight.
HR 2775: Continuing Appropriations Act, 2014 authorizes funding through January 15. It raises the debt ceiling through February 7.
It maintains $986.3 billion for five appropriation bills. It includes other unreported provisions. It’s standard Washington sausage-making. It makes the real thing look good by comparison.
Section 122 “(e)xtends authority for activities to counter Lord’s Resistance Army” activities. It’s a Ugandan guerrilla force. It’s waging low intensity war against repressive governance.
Section 123 “Extends authorization for construction of Olmsted Locks and Dams included within the President’s FY 14 budget request, FY 14 House-passed and Senate-reported Energy and Water Appropriations bills and similar to language included in the Water Resources Development Act.”
Doing so earmarks about $3 billion for Kentucky. It’s Senate Minority Leader Mitch McConnell’s home state. Critics call it the “McConnell Kickback.”
They do so for good reason. He and Majority Leader Harry Reid (D. NV) agreed on legislative terms. A few billion for constituents is common Capitol Hill practice. Doing so reflects business as usual.
Section 126 provides $26 million in judiciary funding. Other sections provide additional funding for Interior Department and Forest Service firefighting.
Section 146 provides Senator Frank Lautenberg’s widow a $174,000 gratuity. Numerous other sections include other add-ons.
Note: Five versions of HR 2775 were introduced:
“1. To condition the provision of premium and cost-sharing subsidies under the Patient Protection and Affordable Care Act upon a certification (to) program to verify household income… (Introduced in House).
2. No Subsidies Without Verification Act (Engrossed in House) (Passed House).
3. No Subsidies Without Verification Act (Placed on Calendar Senate – PCS).
4. Continuing Appropriations Act, 2014 (Engrossed Amendment Senate – EAS).
(5) Continuing Appropriations Act, 2014 (Enrolled Bill) (Passed House and Senate).”
In three months, high drama repeats. On Thursday, federal employees went back to work.
Shutdown theatrics left America more than ever discredited. Brinksmanship masked what’s going on.
Real crisis conditions persist. They aren’t addressed. Venal politicians ignore them. So do media scoundrels.
Poverty, real unemployment, underemployment, hunger, homelessness, and overall deprivation persists at Depression era levels.
America is permanently at war. Imperial direct and proxy ones rage out-of-control. New conflicts are planned.
Police state harshness targets whistleblowers, journalists who report their disclosures, and other right over wrong defenders.
Industrial America is being hollowed out. It’s disappearing in plain sight. Offshoring high pay/good benefit jobs lowers household income. It reduces US tax revenue. It erodes economic growth.
It continues America’s decline. Out-of-control militarism, police state harshness, and corporate favoritism bear full responsibility for today’s deficit.
It approaches $17 trillion. It’s nearly $54,000 for every US citizen. It’s impossible to repay. Fed money printing madness masks a growing debt crisis.
Creating a trillion dollars annually out of thin air debases the currency. It’s the basis of dollar hegemony. It’s why China urges de-Americanizing.
It wants a new world order. It wants out from under beltway banditry. It’s tired of US perniciousness. It wants an entirely new financial architecture. It’s not alone.
According to Paul Craig Roberts, America’s economy isn’t “salvageable in its present form.” It’s too far gone to be fixed.
Collapse “seems the most likely forecast,” he says. Perhaps rebuilding from ruins will change things, he hopes. Not without entirely changing America’s political process.
Duopoly power subverts responsible governance. It bears full responsibility for crisis conditions. Rogues, crooks and morons run America.
They’re suffocating it. They’re hollowing it out. They’re destroying it. They’re doing it for power, self-enrichment and other benefits they enjoy. They’re doing it at the expense of ordinary Americans.
They’re ruthlessly exploited. The worst is yet to come. What’s emerging is similar to what happened in August 2011 and December 2012.
The debt ceiling was increased in exchange for a $1 trillion in social spending cuts. Another $1.2 trillion in sequestered ones became effective January 2013.
Around $4 trillion of Bush’s $4.6 trillion tax cuts were permanently extended. Bipartisan duplicity agreed on $6.2 trillion irresponsibly. Rich elites benefitted hugely. They did so at the expense of ordinary Americans.
Bipartisan double-dealing intends more massive social spending cuts on top of earlier ones.
At the same time, expect generous corporate tax cuts. They’re agreed on. They’re not discussed. Enacting them under the radar is planned. Don’t expect major media headlines explaining them.
The difference between now and earlier will be enacting more of what corporate America wants. In exchange, the debt ceiling will be increased.
A political armistice will persist through November 2014 mid-term elections. Business as usual will continue.
Cutting Obamacare was a ruse. It was smoke and mirrors. It was red meat rhetoric for Tea Party conservatives. It was never part of resolving things.
Both parties are in lockstep on massive social spending cuts. Details and timing alone separate them. Social Security and Medicare are prime targets.
They’re erroneously called entitlements. They’re insurance programs. They’re funded by worker/employer payroll tax deductions.
They’re contractual federal obligations. They’re for eligible recipients who qualify. Targeting them reflects grand theft.
Robbing poor Peter to benefit rich Paul is official bipartisan policy. Obama’s as hardline as most Republicans. Public squabbles mask double-dealing complicity.
Social America is being destroyed in plain sight. It’s on the chopping block for elimination. Disadvantaged households are out of luck. So are seniors and retirees.
Washington reform is deform. Neoliberal force-fed austerity reflects it. America is the world’s richest country. It isn’t broke. It misallocates its resources.
Expect much greater misallocation ahead. It’ll be phased in incrementally. It’ll hammer ordinary Americans hugely. They’ll be increasingly on their own.
Millions will be entirely out of luck. A decade from now or earlier, New Deal/Great Society benefits no longer will exist. Dark age harshness will replace them.
Wall Street crooks demand it. Whatever they want they get. Ripping off ordinary Americans benefits them hugely. Market manipulation lets them use added riches to make more of them.
The dirty game continues. Grand theft America is policy. Venal politicians are in league with corporate crooks.
The more they get, the more they want, the more political Washington obliges. Brinkmanship theatrics mask it. Public pain is real.
Media scoundrels don’t explain. They support business as usual. They’re in lockstep with what demands condemnation.
Union bosses are just as duplicitous. No one represents Main Street. Ordinary Americans are increasingly on their own sink or swim. Harder than ever hard times loom.
Stephen Lendman lives in Chicago. He can be reached at [email protected].
His new book is titled “Banker Occupation: Waging Financial War on Humanity.”
Visit his blog site at sjlendman.blogspot.com.
Listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network.
It airs Fridays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.
“Pakistan TV Exposes bin Laden Killing Hoax” and Documentary Exposes 9/11 Official Story”
Original Bashir interview that contradicts Washington’s account of killing bin Laden
A website in the UK, themindrenewed.com, that downloaded the video from the link in my original report of the Pakistani TV interview with Mohammad Bashir has posted the interview with the original English subtitles. You can view it here:
This interview of an eyewitness to the entire event is powerful evidence that the Obama regime’s story of the killing of Osama bin Laden and his burial at sea is a hoax and a lie. Pakistani Samaa TV confirms that Bashir is who he says he is and that he lives next to the alleged bin Laden compound. Samaa TV also confirms that neighbors knew the residents of the “compound.” There has never been any mention of the Bashir interview in the presstitute media.
Published on Oct 16, 2013
Mohammad Bashir, Abbottabad resident and neighbour to the alleged “compound” of Osama bin Laden, gives his eyewitness account of what he saw happen on 2 May 2011 (local time), when – according to the official story – US Navy SEALs assassinated Osama bin Laden. In this interview, soon after the event, with a Pakistan national TV station (Samaa.tv), Bashir gives an account which fundamentally contradicts the official story.
For a transcript of the interview, please see: http://paulcraigroberts.org/2013/09/16/pakistani-national-tv-reveals-that-obamas-claim-to-have-killed-osama-bin-laden-is-an-american-hoax-paul-craig-roberts/
For a detailed interview with Dr. Paul Craig Roberts, former Assistant Secretary to the US Treasury for Economic Policy, who obtained the translation, please see: www.themindrenewed.com 
This video is being made public for the purposes of education. It provides documentary evidence with respect to the transcript and interview mentioned above; it is thus posted here in the spirit of Fair Use.
Massimo Mazzucco’s 9/11 Documentary
The extraordinary 5-hour film by Massimo Mazzucco exposing the 9/11 official explanation is now available (see below). Information and documentation continue to pile up that 21st century history is largely an orchestrated disinformation event.
Review of “September 11 – The New Pearl Harbor.” A documentary by Massimo Mazzucco.
David Ray Griffin
There have been several good films and videos about 9/11. But the new film by award-winning film-maker Massimo Mazzucco is in a class by itself.
For those of us who have been working on 9/11 for a long time, this is the film we have been waiting for.
Whereas there are excellent films treating the falsity of particular parts of the official account, such as the Twin Towers or WTC 7, Mazzucco has given us a comprehensive documentary treatment of 9/11, dealing with virtually all of the issues.
There have, of course, been films that treated the fictional official story as true. And there are films that use fictional stories to portray people’s struggles after starting to suspect the official story to be false.
But there is no fiction in Mazzucco’s film – except in the sense that it clearly and relentlessly exposes every part of the official account as fictional.
Because of his intent at completeness, Mazzucco has given us a 5-hour film. It is so fascinating and fast-paced that many will want to watch it in one sitting. But this is not necessary, as the film, which fills 3 DVDs, consists of 7 parts, each of which is divided into many short chapters.
These 7 parts treat Air Defence, The Hijackers, The Airplanes, The Pentagon, Flight 93, The Twin Towers, and Building 7. In each part, after presenting facts that contradict the official story, Mazzucco deals with the claims of the debunkers (meaning those who try to debunk the evidence provided by the 9/11 research community).
The Introduction, reflecting the film’s title, deals with 12 uncanny parallels between Pearl Harbor and September 11.
The film can educate people who know nothing about 9/11 (beyond the official story), those with a moderate amount of knowledge about the various problems with the official story, and even by experts. (I myself learned many things.)
Mazzucco points out that his film covers 12 years of public debate about 9/11. People who have been promoting 9/11 truth for many of these years will see that their labors have been well-rewarded: There is now a high-quality, carefully-documented film that dramatically shows the official story about 9/11 to be a fabrication through and through.
This is truly the film we have been waiting for.
Availability: The film is freely available to the world at:
1. The film-maker’s own website, complete with detailed index:http://www.luogocomune.net/site/modules/sections/index.php?op=viewarticle&artid=167 
2. On YouTube: http://www.youtube.com/watch?v=O1GCeuSr3Mk (Preview) 
Dear Readers, normally this would be in the Guest section, but it is too good not be be on the home page. Watch Glenn Greenwald Tear a BBC Pressitute to pieces http://www.informationclearinghouse.info/article36423.htm About Dr. Paul Craig Roberts Paul Craig Roberts was Assistant Secretary of the Treasury for Economic Policy and associate editor of the Wall…
Obamacare Is Another Private Sector Rip-Off Of Americans The private sector allied with government is a second IRS Paul Craig Roberts The government of the “world’s only superpower,” the “exceptional,” the “indispensable” country, claims to know what is best for Syria, Iraq, Afghanistan, Libya, Yemen, Pakistan, Somalia, Mali, Russia, Venezuela, Bolivia, Ecuador, Brazil, China, indeed…
The post Obamacare Is Another Private Sector Rip-Off Of Americans appeared first on PaulCraigRoberts.org.
The US Government Stands Revealed to the World as a Collection of War Criminals and Liars Paul Craig Roberts Does the American public have the strength of character to face the fact that the US government stands before the entire world revealed as a collection of war criminals who lie every time that they open…
The post The US Government Stands Revealed to the World as a Collection of War Criminals and Liars appeared first on PaulCraigRoberts.org.
After reading my account of today’s payroll jobs report, please proceed to today’s main article, “Lawlessness Is The New Normal.” No Hope On The Jobs Front Paul Craig Roberts Do you remember the promise of the New Economy that was going to replace the lost “dirty fingernail” manufacturing jobs with innovative highly paid New Economy…
I receive numerous questions from readers about our economic situation and the condition of civil liberty.
There is no way I can answer so many inquiries, and no need. I have written two books that provide the answers, and they are inexpensive. I have done my job. It is up to you to inform yourself. Kindle Reader software is available as a free online download that permits you to read ebooks in your own web browser.
My latest, The Failure Of Laissez Faire Capitalism And Economic Dissolution of the West , is available as an ebook in English as of March 2013 from Amazon.com and from Barnes&Noble.
My book is endorsed by Michael Hudson and Nomi Prims and has a 5 star rating from Amazon reviewers (as of March 23, 2013). Pam Martens’ review at Wall Street On Parade is available here
Libertarians who have not read the book have had an ideological knee-jerk reaction to the title. They demand to know how can I call the present system of crony capitalism laissez faire. I don’t. The current system of government supported crony capitalism is the end result of a 25-year process of deregulation.
Deregulation did not produce libertarian nirvana. It produced economic concentration and crony capitalism.
Amazon provides as a free read the introduction by Johannes Maruschzik to the German edition. Below is my Introduction to my book.
Paul Craig Roberts, March 27, 2012
Not only has your economy been stolen from you but also your civil liberties. My coauthor Lawrence Stratton and I provide the scary details of the entire story in The Tyranny of Good Intentions . In the US law is no longer a shield of the people against arbitrary government. Instead, law has been transformed into a weapon in the hands of the government.
Josie Appleton documents that in England also law has been turned into a weapon against the people. http://www.spiked-online.com/site/printable/13420/  Anglo-American law, the foundation of liberty and one of the greatest human achievements, lies in ruins.
Libertarians think that liberty is a natural right, and some Christians think that it is a God-given right. In fact, liberty is a human achievement, fought for by Englishmen over the centuries. In the late 17th century, the achievement of the Glorious Revolution was to hold the British government accountable to law. William Blackstone heralded the achievement in his famous Commentaries On The Laws Of England, a bestseller in pre-revolutionary America and the foundation of the US Constitution.
In the late 20th century and early 21st century, governments in the US and Great Britain chafed under the requirement that government, like the people, is ruled by law and took steps to free government from accountability to law.
Appleton says that the result is a “tectonic shift in the relationship between the state and the citizen.” Citizens of the US and UK are once again without the protection of law and subject to arbitrary arrests and indictments or to indefinite detention in the absence of indictments.
In the US, citizens can be detained indefinitely and even executed without due process of law. There is no basis in the US Constitution for these asserted powers. The unconstitutional powers exist only because Congress, the judiciary and the American people have accepted the lie that the loss of civil liberty is the price paid for protection against terrorists.
In a very short time the raw power of the state has been resurrected. Most Americans are oblivious to this outcome. As long as government is imprisoning and killing without trials demonized individuals whom Americans have been propagandized to fear, Americans approve. Americans do not understand that a point is reached when demonization becomes unnecessary and that precedents have been established that revoke the Bill of Rights.
If you are educated by these two books, you will be better able to understand what is happening and, thus, you will be in a better position to survive what is coming.
Introduction to The Failure of Laissez Faire Capitalism and Economic
Dissolution of the West: Towards a New Economics for a Full World
The collapse of the Soviet Union in 1991 and the rise of the high speed Internet have proved to be the economic and political undoing of the West. “The End Of History” caused socialist India and communist China to join the winning side and to open their economies and underutilized labor forces to Western capital and technology. Pushed by Wall Street and large retailers, such as Wal-Mart, American corporations began offshoring the production of goods and services for their domestic markets. Americans ceased to be employed in the manufacture of goods that they consume as corporate executives maximized shareholder earnings and their performance bonuses by substituting cheaper foreign labor for American labor. Many American professional occupations, such as software engineering and Information Technology, also declined as corporations moved this work abroad and brought in foreigners at lower renumeration for many of the jobs that remained domestically. Design and research jobs followed manufacturing abroad, and employment in middle class professional occupations ceased to grow. By taking the lead in offshoring production for domestic markets, US corporations force the same practice on Europe. The demise of First World employment and of Third World agricultural communities, which are supplanted by large scale monoculture, is known as Globalism.
For most Americans income has stagnated and declined for the past two decades. Much of what Americans lost in wages and salaries as their jobs were moved offshore came back to shareholders and executives in the form of capital gains and performance bonuses from the higher profits that flowed from lower foreign labor costs. The distribution of income worsened dramatically with the mega-rich capturing the gains, while the middle class ladders of upward mobility were dismantled. University graduates unable to find employment returned to live with their parents.
The absence of growth in real consumer incomes resulted in the Federal Reserve expanding credit in order to keep consumer demand growing. The growth of consumer debt was substituted for the missing growth in consumer income. The Federal Reserve’s policy of extremely low interest rates fueled a real estate boom. Housing prices rose dramatically, permitting homeowners to monetize the rising equity in their homes by refinancing their mortgages.
Consumers kept the economy alive by assuming larger mortgages and spending the equity in their homes and by accumulating large credit card balances. The explosion of debt was securitized, given fraudulent investment grade ratings, and sold to unsuspecting investors at home and abroad.
Financial deregulation, which began in the Clinton years and leaped forward in the George W. Bush regime, unleashed greed and debt leverage. Brooksley Born, head of the federal Commodity Futures Trading Commission, was prevented from regulating over-the-counter derivatives by the chairman of the Federal Reserve, the Secretary of the Treasury, and the chairman of the Securities and Exchange Commission. The financial stability of the world was sacrificed to the ideology of these three stooges that “markets are self-regulating.” Insurance companies sold credit default swaps against junk financial instruments without establishing reserves, and financial institutions leveraged every dollar of equity with $30 dollars of debt.
When the bubble burst, the former bankers running the US Treasury provided massive bailouts at taxpayer expense for the irresponsible gambles made by banks that they formerly headed. The Federal Reserve joined the rescue operation. An audit of the Federal Reserve released in July, 2011, revealed that the Federal Reserve had provided $16 trillion–a sum larger than US GDP or the US public debt–in secret loans to bail out American and foreign banks, while doing nothing to aid the millions of American families being foreclosed out of their homes. Political accountability disappeared as all public assistance was directed to the mega-rich, whose greed had produced the financial crisis.
The financial crisis and plight of the banksters took center stage and prevented recognition that the crisis sprang not only from the financial deregulation but also from the expansion of debt that was used to substitute for the lack of growth in consumer income. As more and more jobs were offshored, Americans were deprived of incomes from employment. To maintain their consumption, Americans went deeper into debt.
The fact that millions of jobs have been moved offshore is the reason why the most expansionary monetary and fiscal policies in US history have had no success in reducing the unemployment rate. In post-World War II 20th century recessions, laid-off workers were called back to work as expansionary monetary and fiscal policies stimulated consumer demand. However, 21st century unemployment is different. The jobs have been moved abroad and no longer exist. Therefore, workers cannot be called back to factories and to professional service jobs that have been moved abroad.
Economists have failed to recognize the threat that jobs offshoring poses to economies and to economic theory itself, because economists confuse offshoring with free trade, which they believe is mutually beneficial. I will show that offshoring is the antithesis of free trade and that the doctrine of free trade itself is found to be incorrect by the latest work in trade theory. Indeed, as we reach toward a new economics, cherished assumptions and comforting theoretical conclusions will be shown to be erroneous.
This book is organized into three sections. The first section explains successes and failures of economic theory and the erosion of the efficacy of economic policy by globalism. Globalism and financial concentration have destroyed the justifications of market capitalism. Corporations that have become “too big to fail” are sustained by public subsidies, thus destroying capitalism’s claim to be an efficient allocator of resources. Profits no longer are a measure of social welfare when they are obtained by creating unemployment and declining living standards in the home country.
The second section documents how jobs offshoring or globalism and financial deregulation wrecked the US economy, producing high rates of unemployment, poverty and a distribution of income and wealth extremely skewed toward a tiny minority at the top. These severe problems cannot be corrected within a system of globalism.
The third section addresses the European debt crisis and how it is being used both to subvert national sovereignty and to protect bankers from losses by imposing austerity and bailout costs on citizens of the member countries of the European Union.
I will suggest that it is in Germany’s interest to leave the EU, revive the mark, and enter into an economic partnership with Russia. German industry, technology, and economic and financial rectitude, combined with Russian energy and raw materials, would pull all of Eastern Europe into a new economic union, with each country retaining its own currency and budgetary and tax authority. This would break up NATO, which has become an instrument for world oppression and is forcing Europeans to assume burdens of the American Empire.
Sixty-seven years after the end of World War II, twenty-two years after the reunification of Germany, and twenty-one years after the collapse of the Soviet Union, Germany is still occupied by US troops. Do Europeans desire a future as puppet states of a collapsing empire, or do they desire a more promising future of their own?
Shanghai Gold Exchange Sees Volumes Jump 24% In Year
Today’s AM fix was USD 1,582.50, EUR 1,216.37and GBP 1,065.30 per ounce.
Yesterday’s AM fix was USD 1,577.50, EUR 1,213.28 and GBP 1,058.37 per ounce.
Silver is trading at $29.18/oz, €22.53/oz and £19.71/oz. Platinum is trading at $1,605.25/oz, palladium at $773.00/oz and rhodium at $1,200/oz.
Gold rose $3.00 or 0.19% and closed yesterday at $1,581.10/oz. Silver rose to $29.09 and finished +0.1%.
Gold gained for the third straight session, the longest rally this year, on the realisation that the European crisis may worsen. Fitch Ratings cut Italy’s credit rating by one level on Friday. Fitch downgrading Italy is likely providing support as is robust demand in Asia, particularly China.
Average daily trading combined volumes on the three main gold contracts on the Shanghai Gold Exchange in the first two months of the year jumped 24% on the year, according to Reuter’s calculations.
"The strong physical demand in China is the main reason behind gold's resilience," a Beijing-based trader told Reuters. Physical demand prospects out of China remain positive in the weeks ahead, UBS AG said according to Bloomberg.
China is very vulnerable to a property crash and its own economic crisis. The Chinese stock market has performed very poorly in recent years and Chinese people realise the importance of gold as a store of value.
The market continues to digest the better than expected U.S. jobs data with the risks still emanating from Italy and the Euro zone. Contagion in the Eurozone and indeed currency crises remain real risks – risks which are being completely ignored ... for now.
Sentiment is as bad as we have seen it in recent years which suggests to us that while gold may go lower in the short term - we are close to a bottom.
The global debt crisis is far from over and when it erupts anew, gold's appeal as an important diversification and safe haven will be appreciated once again.
Gold futures log highest close of month – Market Watch
Staring Armageddon In The Face But Hiding It With Official Lies –Paul Craig Roberts – Paul Craig Roberts
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Truthdigger of the Week: Anonymous Obamacare Explainer
Posted on Feb 9, 2013
|LaDawna's pics (CC BY 2.0)|
The best journalists are also teachers who, mindful of the bewildering complexity of the issues they report, patiently explain their deep meanings and consequences in language literate audiences can understand.
President Obama’s devoted supporters hailed the passage of his 2010 Affordable Care Act as a legislative victory for the public over a pro-corporate Republican Party. What many of them did not and still don’t seem to know is that the measure, which will go into full effect in 2014, is another instance of government and business coming together to pick the pockets of the American people. An anonymous writer on the website of former Assistant Treasury Secretary Paul Craig Roberts explains how.
“The ACA was not selflessly designed with the intent of providing affordable and equitable medical services to those in need,” the author writes, “but rather to acquire taxpayer money for the private insurance companies under the seemingly helpful guise of health care and the ideological excuse of personal responsibility. It takes money from ordinary people and gives it to a medical insurance industry that profits handsomely from this legally-enforced corporate welfare—all while keeping Americans locked in the same broken system that puts profit before patients.”
As should be expected from a bill fashioned by hordes of lobbyists (in 2009, the health insurance industry had six lobbyists for every member of Congress), mere mortals hoping to understand how the Affordable Care Act works have to find their way through “a complex, convoluted maze of regulations and procedures.” With Americans working longer and harder than they have in previous decades, or suffering the overwhelming, mind-sapping anxiety that comes with being un- or underemployed, who has the time and sophistication to devote to such study? Aside from a few intellectual and independently wealthy oddballs, only those who are paid to, that’s who. It’s from this understanding that Roberts’ anonymous author must have written his or her explanation, which, while lengthy and demanding of some time, appears to be one of the most concise attempts to clarify in sufficient detail how the law will contribute to the already considerable “financial distress” of many Americans.
Although “a few websites” contain explanations of the law, often “very important details have either been left out or glossed over,” the author says. “These details are well worth understanding so you will know what’s at stake for you and your family.”In the article, the author discusses the roles that the following factors play in the Affordable Care Act: 1. Modified Adjusted Gross Income, 2. tax credits, 3. the customer’s share of the insurance premium, 4. the return of tax credits to the IRS, 5. the expansion of Medicaid and estate recovery, 6. inadequate coverage in most subsidized plans, 7. penalties and 8. exemptions and more.
“The way this law works is fundamentally unfair and will not bring medical care to the many,” the author explains, “but, instead will progress to greater personal debt for individuals and families who can’t afford the ‘affordable’ insurance as well as those who must keep an eye on their income to avoid the many traps and false ends this law creates. At their expense, the forced purchase of health insurance will bring increased revenue to the industry, not to mention more kickbacks to Congress, and in the very near future, the health insurance industry will be ‘too big to fail.’ ”
Rather than leading Americans to quality, low-cost health care, the Affordable Care Act was passed to enrich the executives and stockholders of the corporations that wrote it, evidence-based accounts indicate. For giving the much-needed medicine of information to his or her audience, we honor the anonymous author of Roberts’ Obamacare clarification as our Truthdigger of the Week. Read it here.
Hear Bill Moyers explain how lobbyists tanked the public option—a proposed government-run program that would have forced health insurers into competition—below.
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The years march on as we slip further and further from the World Trade Center attacks of September 11, 2001. Mainstream media won’t touch it, unless it’s in shameless defense of the neverending War on Terrorism that is used even today to “justify” attacks on countries around the globe.
9/11 and the media disinformation that has plagued it have set into motion over a decade of war, and there are still many unanswered questions surrounding that fateful day. But if we really want to understand why the world is at war, we must not let these important events slip into obscurity. After years of repeated lies, the truth is still out there.
In 2011, experts and scientists from around the world gathered in Toronto, Canada to present new and established evidence that questions the official story of 9/11. This evidence was presented to a distinguished panel of experts over a 4 day period.
Through their analysis and scientific investigations, they hope to spark a new investigation into the attacks of September 11, 2001.
As Dr. Paul Craig Roberts wrote:
“In the US on September 11, 2011, the tenth anniversary of 9/11, politicians and their presstitute media presented Americans with “A Day of Remembrance,” a propaganda exercise that hardened the 9/11 lies into dogma. Meanwhile, in Toronto, Canada, at Ryerson University the four-day International Hearings on the Events of September 11, 2001, came to a close at 5pm.
During the four days of hearings, distinguished scientists and scholars and professional architects and engineers presented the results of years of their independent research into all aspects of 9/11 to a distinguished panel consisting of the honorary president of the Italian Supreme Court who was an investigative judge who presided over terrorism cases and three distinguished scholars of high renown and judgment. The distinguished panel’s task is to produce a report with their judgment of the evidence presented by the expert witnesses.
The Toronto Hearings were streamed live over the Internet. I was able to watch many of the presentations over the four days. I was impressed that the extremely high level of intelligence and scientific competence of the witnesses was matched by a high level of integrity, a quality rare in US politics and totally absent in the American media…
Press For Truth and The International Center for 9/11 Studies Present:
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An over 5 hour DVD, with comprehensive coverage of the 4 day Toronto Hearings from September 2011.
Featuring expert witness testimony from:
David Ray Griffin
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Produced By: Press for Truth
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Release Date: April 2012
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Liberty and Justice Are Not Irreconcilable
I voted for Gary Johnson (and am a huge fan of Ron Paul), and respect and fully-support the libertarian passions for freedom and free markets.
But I am also a tireless crusader for enforcing the rule of law.
You might assume that these are opposite philosophies. For example, a reader asks:
Your work on the dangers of the American nuclear industry has been really comprehensive, and you have drawn attention to the deception, manipulation, neglect, and willful ignorance of the nuclear industry. For example, I just watched the Al Jazeera video you posted earlier this year (3/12), in which the NRC and the nuclear industry are (rightly) criticized for waiting for harm to happen, instead of preventing it. At the same time, you identify as libertarian, and I believe you supported Gary Johnson in the presidential election. He is opposed to public regulation of industry and has said that post-harm lawsuits -- for example, in medical contexts -- are sufficient to encourage businesses to self-regulate for public safety. Could you please explain how you reconcile the libertarian position against regulation with your clear recognition that too-loose self-regulation of the nuclear industry imperils the public?
Nuclear Power Would Not Exist In a Free Market
Initially, it is undisputed that nuclear power plants would not exist if operators had to obtain funding and insurance through the free market. Private insurers won’t touch nuclear energy. Investors run the other way, because the odds of losing all of their investment are so high.
No private company in the world would operate a nuclear plant unless the government put a very low cap on liability. In many parts of the world, governments cap liability at a mere $13 billion dollars.
This is a little insane, given that “the risk of a nuclear catastrophe … could total trillions of dollars and even bankrupt a country”.
If there was a free market in energy, nuclear power would be over … immediately.
Nuclear power is a viable source for cheap energy only if it goes uninsured.
Governments that use nuclear energy are torn between the benefit of low-cost electricity and the risk of a nuclear catastrophe, which could total trillions of dollars and even bankrupt a country.
The cost of a worst-case nuclear accident at a plant in Germany, for example, has been estimated to total as much as €7.6 trillion ($11 trillion), while the mandatory reactor insurance is only €2.5 billion.
“The €2.5 billion will be just enough to buy the stamps for the letters of condolence,” said Olav Hohmeyer, an economist at the University of Flensburg who is also a member of the German government’s environmental advisory body.
The situation in the U.S., Japan, China, France and other countries is similar.
“Around the globe, nuclear risks — be it damages to power plants or the liability risks resulting from radiation accidents — are covered by the state. The private insurance industry is barely liable,” said Torsten Jeworrek, a board member at Munich Re, one of the world’s biggest reinsurance companies.
In financial terms, nuclear incidents can be so devastating that the cost of full insurance would be so high as to make nuclear energy more expensive than fossil fuels.
Ultimately, the decision to keep insurance on nuclear plants to a minimum is a way of supporting the industry.
“Capping the insurance was a clear decision to provide a non-negligible subsidy to the technology,” Klaus Toepfer, a former German environment minister and longtime head of the United Nations Environment Programme (UNEP), said.
U.S. News and World Report reports:
The disaster insurance for nuclear power plants in the United States is currently underwritten by the federal government, Cooper says. Without that safeguard, “nuclear power is neither affordable nor worth the risk. If the owners and operators of nuclear reactors had to face the full liability of a Fukushima-style nuclear accident or go head-to-head with alternatives in a truly competitive marketplace, unfettered by subsidies, no one would have built a nuclear reactor in the past, no one would build one today, and anyone who owns a reactor would exit the nuclear business as quickly as possible.”
In other words, this is not a free market. Instead, the public has funded the nuclear industry. As such, we - the owners - should get some control over how nuclear plants operate.
Free Market Champions Demand Prosecution of Fraud
Nuclear meltdowns, the financial crisis and the Gulf oil spill all happened for the same reason: fraud to make a few more pennies, and a subsequent cover-up to try to protect the wrongdoers and continue "business as usual". And see this.
This is not free market economics.
Indeed, the father of free market economics - Adam Smith - leading Austrian economists, and other free market advocates are for the prosecution of fraud:
There is a widespread myth that free market supporters are against regulation or prosecuting fraud.
In fact, Adam Smith – the father of free market capitalism – was for regulation of banks, and believed that trust is vital for a healthy economy. Because strong enforcement of laws against fraud is a basic prerequisite for trust, Smith would be disgusted by the lack of prosecution of Wall Street fraudsters today.
Smith railed against monopolies and their corrupting influence. And Smith was pro-regulation, so long as the regulation benefited the little guy, as opposed to the wealthiest:
When the regulation, therefore, is in support of the workman, it is always just and equitable; but it is sometimes otherwise when in favour of the masters.
Richard Posner – one of the leading proponents over the course of many decades for removing the reach of the law from the economy – has now changed his mind.
So has another leading proponent of deregulation and turning a blind eye towards fraud: Alan Greenspan.
While some promoters of a fake version of Austrian economics are anti-regulation and against prosecuting fraud, the main Austrian economists were unambiguously for them.
William K. Black – professor of economics and law, and the senior regulator during the S&L crisis – notes that leading Austrian free market economists said that fraud must be prosecuted:
Real Austrian economists … hate elite frauds and want them prosecuted vigorously. Ludwig von Mises and Friederich Hayek are the two most famous Austrian economists.
Hayek, F.A. The Road to Serfdom
To create conditions in which competition will be as effective as possible, to prevent fraud and deception, to break up monopolies— these tasks provide a wide and unquestioned field for state activity.
The Constitution of Liberty
There remains, however, one other kind of harmful action that is generally thought desirable to prevent and which at first might seem distinct. This is fraud and deception. Yet, though it would be straining the meaning of words to call them ‘coercion,’ on examination it appears that the reasons why we want to prevent them are the same as those applying to coercion. Deception, like coercion, is a form of manipulating the data on which a person counts, in order to make him do what deceiver wants him to do. Where it is successful, the deceived becomes in the same manner the unwilling tool, serving another man’s ends without advancing his own. Though we have no single word to cover both, all we have said of coercion applies equally to fraud and deception.
With this correction, it seems that freedom demands no more than that coercion and violence, fraud and deception, be prevented, except for the use of coercion by government for the sole purpose of enforcing known rules intended to ensure the best conditions under which the individual may give his activities a coherent, rational pattern…..
Liberty not only means that the individual has both the opportunity and the burden of choice; it also means that he must bear the consequences of his actions…. Liberty and responsibility are inseparable.
Government ought to protect the individuals within the country against the violent and fraudulent attacks of gangsters, and it should defend the country against foreign enemies.
Black also notes that fraud is a leading cause of financial bubbles and malinvestment – two of the greatest sins which Austrian economists rightly fight against.
Unless financial fraud is prosecuted, bubbles will be blown … and when they burst, the economy will tank. Fraud – along with bad Federal Reserve policy – is what causes bubbles in the first place.
The Proof Is In the Pudding: Fewer Prosecutions Equals a Worse Economy
The economy is worse than it has been since the Great Depression, if not before.
Everyone Supports Laws Protecting Contract and Private Property Rights
Even the most radical free market advocates support laws protecting contract and private property rights. In other words, they support the judicial branch of government and the basic laws Congress passes to support such rights.
There are obviously good, pro-competitive laws and bad, anti-competitive laws.
Paul Craig Roberts – a true conservative, who was a Wall Street Journal editor and Assistant Secretary of the Treasury under Ronald Reagan, and is widely credited with being the “father of supply-side economics” – points out:
Regulation can increase economic efficiency and … without regulation external costs can offset the value of production.
Thirty-three years ago in an article in the Journal of Monetary Economics (August 1978), “Idealism in Public Choice Theory,” I developed a model to assess the benefits and costs of regulation. I argued that well-thought-out regulation could be a factor of production that increases GNP. For example, regulation that contributed to the quality and safety of food and medicines contributed to specialization in production and lower costs, and regulations enforcing contracts and private property rights add to economic efficiency.
On the other hand, bureaucracies build their empires and extend their regulations into the realm of negative returns. Moreover, as regulations increase, economic managers spend more time in red tape and less in productive activity. As rules proliferate, they become contradictory and result in paralysis.
I had hopes that my analysis would result in a more thoughtful approach to regulation, but to no avail. Liberals continued to argue that more regulation was better, and libertarians maintained than none was best.
Do Anti-Law Advocates Really Want Anarchy?
All sports need a referee. Some players will be bigger or more talented than others, which is great. They have a better chance of outcompeting the other guy and winning.
But without basic rules and referees, ruthless players might use a knife or kick the other guy in the knee. Perhaps we could suspend all rules, and maybe everyone would whip out a knife break the other guy’s kneecap. That’s fine … but that’s not the game of football.
Radicals who believe that we should not have any laws against fraud are implicitly arguing for anarchy. They might not use that word, but that is what they’re arguing for.
But the same Founding Father who argued for periodic revolutions to keep the government honest also argued against tearing down something unless you have something better in mind to replace it? Thomas Jefferson, the most vocal advocate of the citizens’ right to revolt to ensure honest government also cautioned against tearing something down unless it was for the express purpose of replacing it with something better.
Real, deep-thinking anarchists (as opposed to those using fake anarchy philosophy in order to promote lawlessness by the super-elite) are not for destroying all organization. Instead, they argue for self-organization and self-regulation. See this, this and this.
JP Morgan and Goldman Sachs aren’t reining in one another’s fraud. Bank of America and MF Global didn’t police each other’s fraud. Tepco and BP didn’t make sure the companies made accurate reports about their safety measures. Solyndra and Koch Industries didn’t guard against abuse by the other company.
So if one wants to argue that the Federal government should not regulate financial players, fine (perhaps our country is too big and complex to manage, and the federal government has become too corrupt) … but who should?
The states? Cities? Communities? Neighbors?
Human beings have the ability to form social contracts. Our D.C. government has largely breached it social contract with the people.
But we shouldn’t tear down the federal government unless we replace it with something better.
No one wants to tear down the state of organization so completely that we go back to monkeys (without the ability to talk), or one-celled critters . . . so the question is how do we want to organize?
Do you want to live as a “savage”? In reality, the natives had survival skills, cultural traditions, and knowledge developed over many hundreds or thousands of years (including knowledge gained before the migration from Asia to America), stored in the database of oral traditions. The settlers had traditions and knowledge as well. If we tear away all of that organization, life is going to be pretty challenging.
It is easy for a teenager to criticize his parents, but a lot harder to actually create a better adult life for himself. A teenager looks silly and immature when he criticizes everything his parents do without understanding the challenges he’ll face as an adult. But a young person who rebels against his parents and then creates a better adult life is doing important and heroic work.
In other words, anarchy as an economic model could work if economic players organized in such a way as to police against fraud and criminal behavior (the equivalent of pulling out a knife or taking out someone’s kneecap in the middle of a football game).
This is a long-winded way of saying that we should not stop the government from enforcing fraud laws unless we come up with a more effective way to stop fraud.
The Real Problem ...
While liberals tend to distrust big corporations and conservatives tend to distrust the federal government, it is really the malignant, symbiotic relationship between the two is the root problem.
Maybe ... but the root problem is that corrupt government officials and corrupt corporate fatcats have merged into a crime syndicate.
Do you get it? Before we can have a real free market, we need to burst the bubble of fraud.
We all need to step out of the left-right dichotomy which is distracting us and dumbing us down.
We need liberty and justice.
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