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02.18 Tesla big battery is holding its own in a burgeoning energy storage market

02.18 Trump administration condemned over delaying action on toxic drinking water

02.16 New experimental drug rapidly repairs age-related memory loss and improves mood

02.16 Toxic black snow covers Siberian coalmining region [0:49 video; If its killing us, stop doing it]

02.16 Renewable energy will be world's main power source by 2040, says BP [But in America's capitalistic bubble, bribed-to-be-biased media and government defy reality]

02.16 My generation trashed the planet. So I salute the children striking back

02.16 US coastal businesses hit by everyday impact of climate change, study shows

02.16 What the pesticides in our urine tell us about organic food [What does inaction tell us about capitalism and our government?]

02.14 Exposure to Glyphosate-Based Herbicides and Risk for Non-Hodgkin Lymphoma: A Meta-Analysis and Supporting Evidence [If its killing us, make it illegal]

02.14 To avoid environmental catastrophe, everything must change [Consider why this headline is laughable or confusing to many, if not most, Americans...]02.13 Study Shows Toxic Pesticide Levels in Families Dropped by 60% After One-Week Organic Diet [2:10 video; Produce and canned vegetables laced with toxic chemicals—from fertilizers and herbicides, too—must be quickly phased out to use safe organic alternatives]

02.12 Biggest offshore windfarm to start UK supply this week

02.12 Scientists Are Totally Rethinking Animal Cognition

02.12 Politicians are complicit in the killing of our insects – we will be next

News Media Matters

02.16 We Shouldn't Stick Our Heads In The Sand, But We Do It Anyway [26:46 audio; Fear like Trump & Fox News incite makes us avoid unpleasant information we need to know]

02.16 The Realized Temptations of NPR and PBS [With bribed-to-be-biased media and government, we all live in a "Truman Show"-style concentration camp]

02.15 Samantha Bee: Fox News 'soiling themselves over the Green New Deal' [video clips from Samantha Bee, Seth Meyers and Stephen Colbert]

Daily: FAIR Blog
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US Politics, Policy & 'Culture'

02.18 With the Green New Deal, Democrats Present a Radical Proposition for Combatting Climate Change

02.18 Dictator Trump

02.18 With Americans Outraged Over Trump's 'Power Grab Based on Lies,' Nearly 250 President's Day Protests Planned Across the Country

02.16 ‘A Parkland every five days’: project tells stories of the children lost to gun violence [What does inaction tell us about capitalism and our government?]

02.16 Rambling Trump calls an emergency in speech that goes on and on and on [1:42 video; an incoherent president just paraphrases lies and distortion from Fox News and Rush Limbaugh...]

02.16 Calling Emergency Declaration a 'Patently Illegal Power Grab,' ACLU Sues Trump [Empathy and fairness are scarce when your President is a psychopath]

02.15 Bernie Sanders Wants to Expand Social Security

02.15 Progressives Need to Ignore the Noise and Stay Ambitious

02.15 Jayapal Says Medicare for All Bill Coming in Two Weeks as Expert Calls Plan 'Astonishingly Strong' [Corporate control of government and media must be limited to allow efficient programs for the public good]

02.15 To Be Crystal Clear: 'Medicare for All' Does Not Mean 'Medicare for Some'

Justice Matters
High Crimes?

02.16 Elliott Abrams Defends War Crimes As Happening Back In The ’80s When Everyone Was Doing It

Economics & Corrupting-Capitalism

02.13 The Green New Deal offers radical environmental and economic change [For the survival of life on earth, capitalism must be effectively regulated or banned]

02.12 Climate and economic risks 'threaten 2008-style systemic collapse' [Willfull ignorance of Trump, Republicans, corporate-media and corporate-Democrats is steadfast, if not worsening]

02.11 Trump offers socialism for the rich, capitalism for everyone else [and the poor will die out like the insects]

02.10 Green New Deal Targets Link Between Trade Policy and Climate Change

International & Futurism

02.18 Hate-Fest in Warsaw

02.18 They Used To Hold Hands Through the Wall. Now, There’s Razor Wire.

02.15 Who Is Really A Socialist? [Who is really a Republican, etc.?]

02.15 In Germany, the Green New Deal Actually Works

02.14 House passes bill to end US support for Saudi war in Yemen [Congress does something good again!]

02.14 Millions Flowed From Venezuelan Oil Firm to Small Bulgarian Bank [Transactions like Manafort performed for Trump. Which Venezuelan political leader is likely behind this—Maduro or Trump-supported Guaidó?]

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  Rule by the Rich

THE AMERICAN IDIOCRACY:

Rule by the Rich

Don't Look to Washington for Help

by Paul Craig Roberts
Originally published on 27 January 2010

The enormous damage done to the U.S. economy by jobs offshoring, work visas, and financial deregulation cannot be offset by government stimulus plans, which expand the debt burdens that are crushing Americans.

The election of Republican Scott Brown to the U.S. Senate by Democratic voters in Massachusetts sends President Obama a message. Voters perceive that Obama’s administration has morphed into a Bush-Cheney government. Obama has reneged on every promise he made, from ending wars, to closing Gitmo, to providing health care for Americans, to curtailing the domestic police state, to putting the interests of dispossessed Americans ahead of the interests of the rich banksters who robbed Americans of their homes and pensions.

But what can Obama do other then spout more rhetoric?

The Democrats were destroyed as an independent party by jobs offshoring and so-called free trade agreements such as NAFTA. The effect of "globalism" has been to destroy the industrial and manufacturing unions, thus leaving the Democrats without a power base and source of funding.

Obama and the Democrats cannot be an opposition party, because Democrats are as dependent as Republicans on corporate interest groups for campaign funding.

The Democrats have to support war and the police state if they want funding from the military/security complex. They have to make the health care bill into a subsidy for private insurance if they want funding from the insurance companies. They have to abandon the American people for the rich banksters if they want funding from the financial lobby.

Now that the five Republicans on the Supreme Court have overturned decades of U.S. law and given corporations the ability to buy every American election, Democrats and Republicans can be nothing but pawns for a plutocracy.

Most Americans are hard pressed, but the corporations have only begun to milk them.

Wars are too profitable for the armaments industry to ever end. High unemployment is now a permanent state in the U.S., thus coercing job seekers into military service.

The security industry profits from the police state and regards civil liberties as a hindrance to profits. By announcing that he intends to continue the Bush policy of indefinite detention, a violation of the Constitution and U.S. legal procedures, Obama has granted the Democratic Party’s consent to the Republicans’ destruction of habeas corpus, the main bastion of individual liberty.

Jobs offshoring is too profitable for U.S. corporations for Obama to be able to save American jobs and restart the broken economy.

Americans are being squeezed out of health care not only by the loss of job benefits, but also by corporate takeover of medical practice from physicians. Today medical doctors are wage slaves of corporate health providers that leverage doctors by turning them into supervisors of physician assistants, lower paid people without medical degrees who perform the services that doctors once provided. As neither doctor nor physician assistant has any independence, there is no one to represent the patient’s care against the profits of the corporation.

Even environmental concerns are being used to create "cap and trade" rights to buy and sell the ability to pollute. Wall Street is licking its lips over a new source of leveraged derivative instruments.

The American public cannot even get reliable information about their plight as the "mainstream media" has been concentrated into a few corporate hands that do not permit independent reporting. The media is as dependent on corporate money as are politicians.

How can President Obama restart an economy that has been moved offshore? Millions of manufacturing jobs are gone, as are millions of jobs for college graduates, such as software engineering, Information Technology--indeed, any intellectual skill the product of which can be conveyed via the Internet. Even those intellectual skill jobs that do remain in the U.S. are filled increasingly by foreigners brought in on work visas.

The wipeout of blue collar and middle class job growth has stopped the growth of American incomes except, of course, those of the super rich. For a decade American consumers substituted increased personal indebtedness for income growth. In order to maintain and to increase their consumption, Americans consumed their assets, such as their home equity. Americans reached their maximum debt load just as the real estate bubble burst and just as the banksters highly-leveraged, toxic financial instruments brought down the stock market and the values of Americans’ pensions.

The enormous damage done to the U.S. economy by jobs offshoring, work visas, and financial deregulation cannot be offset by government stimulus plans, which expand the debt burdens that are crushing Americans. The federal government’s massive budget deficits and the Federal Reserve’s easy monetary policy are setting the stage for an inflationary depression to follow a deflationary depression.

The Federal Reserve chairman says not to worry about inflation, because the Fed can take the money back out of the economy. But can the Fed take the money out without contracting the economy?

The Federal Reserve says not to worry about financing the federal budget deficit. Banksters are buying the Treasury bonds with the proceeds from their sales of their toxic derivatives to the Fed.

So what is happening to the Federal Reserve’s balance sheet? And when will the Fed have no recourse but to print new money in order to finance the federal deficit?

How long can the dollar retain its reserve currency role in such circumstances, and how does the U.S. pay for its imports when this role is lost?

Don’t look to Washington for answers to these questions.


Paul Craig RobertsPaul Craig Roberts is an economist who served as an Assistant Secretary of the Treasury in the Reagan Administration earning fame as the "Father of Reaganomics". He is a former editor and columnist for the Wall Street Journal, Business Week, and Scripps Howard News Service. He is the author of Supply-Side Revolution: An Insider's Account of Policymaking in Washington; Alienation and the Soviet Economy: The Collapse of the Socialist Era and Meltdown: Inside the Soviet Economy, and is the co-author with Lawrence M. Stratton of The Tyranny of Good Intentions: How Prosecutors and Law Enforcement Are Trampling the Constitution in the Name of Justice.

And recently Roberts has written another book, How the Economy was Lost, just published by CounterPunch / AK Press.

This article is published in the Baltimore Chronicle with permission of the author.



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This story was published on January 22, 2010.

 

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