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06.17 Oil companies double down on plastics as public outcry grows [Obscene!]

06.17 Ocasio-Cortez: "We’re Going to Fight to Repeal the Hyde Amendment"

06.15 'The Changes Are Really Accelerating': Alaska at Record Warm While Greenland Sees Major Ice Melt

06.15 So much plastic is being made that "recycling has no impact" [Non-recyclable plastic must be made illegal to manufacture, use]

06.15 Climate crisis: aviation industry hears clamour for electric planes

06.15 We must transform our lives and values to save this burning planet [Increased ice melt in polar latitudes has been disguising reality in the middle latitudes. This effect will soon be replaced by record heat as ice volume and seasonal melting increasingly declines.]

06.15 This all-male council in Texas just voted to ban abortion [1:59 video; Bad assumptions foment ignorant actions...]

06.14 The Trans Mountain pipeline is a disaster – but Trudeau can make it right

06.14 The Pentagon emits more greenhouse gases than Portugal, study finds

06.14 Climate crisis: Alaska is melting and it’s likely to accelerate global heating

06.13 Chemical companies at centre of Guardian's Cancer Town series face state legal action [7:56 video]

06.12 'This is not a "what if" story': Tokyo braces for the earthquake of a century

06.12 Plant Species Have Been Disappearing 500 Times Faster Than Normal, Thanks to Humans

06.12 Atmospheric carbon levels are leaping. We can't afford more years like this

06.12 Politics as Usual and Planetary Destruction

06.12 Most 'meat' in 2040 will not come from dead animals, says report

06.11 Forest twice size of UK destroyed in decade for big consumer brands – report

06.11 Twice as many plants have gone extinct than birds, mammals, and amphibians combined

06.11 NOAA forecasts very large ‘dead zone’ for Gulf of Mexico

06.10 Conservatives should change how they think about global warming. I did [Another crisis issue conservatives won't acknowledge...]

06.10 Scottish Power to build vast battery to improve wind energy supply [Who won't understand this?]

06.10 Greenpeace activists board BP oil rig as it is towed out to sea [Fossil fuel company conduct should be illegal...]

06.09 Racism as a Public Health Crisis

06.08 GreenWay Reaches 100 EV Fast Chargers In Poland!

06.07 Single-Payer Reform—“Medicare for All”

06.07 Purpose in Life Protects Against Cognitive Decline Among Older Adults

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06.17 Climate change leadership would create a new 'American century' [We must incentivize the strategic good, again, before it's too late.]

06.17 Jon Stewart takes aim at McConnell in continued fight for 9/11 victim compensation fund [2:56 C-SPAN video]

06.17 Drug Cop Worth $400 Million After Bets on Brooklyn Real Estate [A better role-model than Trump or Kushner!]

06.15 Hard Times in the Imperial Valley

06.15 Ro Khanna Forces Beltway Bandit to Refund Millions From Price Gouging

06.15 White House physicist sought aid of rightwing thinktank to challenge climate science [When your President is a quack he naturally surrounds himself with sycophants]

06.14 Do Your Jobs: Sick and Dying, They Brought Themselves Down Here to Speak - To No One

06.14 The Case for Reparations [5:31 video]

06.14 Bernie Sanders just made a brilliant defense of democratic socialism

06.14 Texas Progressive Jessica Cisneros Announces Primary Challenge to Unseat "Trump's Favorite Democrat" in Congress

06.13 Elizabeth Warren Has a Plan for Everything — Except Health Care

06.13 Where do the 2020 Democratic candidates stand on the key issues?

06.13 Hidden Figures Way: Nasa renames street to honor black female mathematicians

06.13 Why are we still pretending 'trickle-down' economics work? [We aren't ‘laffing’ now! In Trump-world all the worst people are celebrated. Ref.: 3:07 Idiocracy Courtroom Scene]

06.13 What’s actually in the Green New Deal, explained with a video [7:30 video]

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06.14 Justice Denied, Delayed, or Done Right? Serious Concerns as Prosecutors Throw Out Charges in Flint Water Crisis Cases [A very flawed prosecution using suspiciously limited evidence has been thrown out, a stronger case will be brought using newly found, voluminous evidence.]

High Crimes

06.17 'Blatant Theft': Netanyahu Unveils Illegal Settlement Named 'Trump Heights' in Occupied Syrian Territory [Great deal: the U.S. gives Israel $Billions every year, and they name an illegal settlement—to be built on Palestinian land—after Trump]

Economics & Corrupt Capitalism

06.15 'Eye-Popping': Analysis Shows Top 1% Gained $21 Trillion in Wealth Since 1989 While Bottom Half Lost $900 Billion [More equality or bring back the guillotines!]

06.13 Even the 1% Know They Aren't Paying Their Fair Share: New Poll Shows 60% of Millionaires Support Warren's Ultra-Wealth Tax

International & Futurism

06.17 Saudi Arabia May Execute Teenager for His Protests — Including When He Was 10 [America's “best ally” is psychopathically insane]

06.17 Why Venezuela Is the Vietnam of Our Time [Powerful, clear writing!]

06.17 US Attacks Russia’s Power Grid; Trump Kept in Dark

06.17 Hopes for climate progress falter with coal still king across Asia [Governments must subsidize very rapid installation of renewable energy to displace all fossil energy—aka DEATH ENERGY—power plants that must be made illegal ASAP]

06.15 Africa’s Lost Kingdoms

06.15 Homophobic and transphobic hate crimes surge in England and Wales

06.15 Extinction Rebellion protesters stop rush-hour traffic in London

06.15 Hong Kong leader suspends extradition bill amid protest pressure [1:37 video]

06.15 The US must stand with the people of Hong Kong [But this attacks Xi's authoritarianism, which Trump is most envious of for himself...]

06.14 As Angus Taylor ducks, weaves and dithers, China zooms past

06.13 What does it mean to be genetically Jewish? [Doing a mental dance with archanery: could a significant number of Russians and Palestinians be intentionally included or excluded as genetically Jewish? And why would Israel do this?]

06.13 Two oil tankers struck in suspected attacks in Gulf of Oman

06.13 Theresa May’s carbon emissions plan will fail if the chancellor remains complacent

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  Print view: The Stench of US Economic Decay Grows Stronger
ÜBER-CAPITALISM MORPHS TO ITALIAN FASCISM:

The Stench of US Economic Decay Grows Stronger

by Paul Craig Roberts
29 November 2010
Perhaps the day will come when oppressed Americans will take to the streets like the French, the Greeks, the Irish, and the British.

On Thanksgiving eve the English language China Daily and People’s Daily Online reported that Russia and China have concluded an agreement to abandon the use of the US dollar in their bilateral trade and to use their own currencies in its place. The Russians and Chinese said that they had taken this step in order to insulate their economies from the risks that have undermined their confidence in the US dollar as world reserve currency.

This is big news, especially for the news dead Thanksgiving holiday period. But I did not see it reported on Bloomberg, CNN, New York Times or anywhere in the US print or TV media. The ostrich’s head remains in the sand.

Previously, China concluded the same agreement with Brazil.

As China has a large and growing supply of dollars from trade surpluses with which to conduct trade, China is signaling that she prefers Russian rubles and Brazilian reals to more US dollars.

The American financial press finds solace in the episodes when sovereign debt scares in the EU send the dollar up against the euro and UK pound. But these currency movements are just measures of financial players shorting troubled EU-denominated debt. They are not a measure of dollar strength.

The dollar’s role as world reserve currency is one of the main instruments of American financial hegemony. We haven’t been told how much damage Wall Street fraud has inflicted on EU financial institutions, but the EU countries no longer need the US dollar for trade between themselves as they share a common currency. Once the OPEC countries cease to hold the dollars that they are paid for oil, dollar hegemony will have faded away.

Another instrument of American financial hegemony is the IMF. Whenever a country cannot make good on its debts and pay back the American banks, in steps the IMF with an austerity package that squeezes the country’s population with higher taxes and cuts in education, medical and income support programs until the bankers get their money back.

This is now happening to Ireland and is likely to spread to Portugal, Spain, and perhaps even to France. After the American-caused financial crisis, the IMF’s role as a tool of US imperialism is less and less acceptable. The point could come when governments can no longer sell out their people for the sake of the American banks.

There are other signs that some countries are tiring of America’s irresponsible use of power. Turkey’s civilian governments have long been under the thumb of the American-influenced Turkish military. However, recently the civilian government moved against two top generals and an admiral suspected of involvement in planning a coup. The civilian government further asserted itself when the prime minister announced on Thanksgiving Day that Turkey is prepared to react to any Israeli offensive against Lebanon. Here is an American NATO ally freeing itself from American suzerainty exercised through the Turkish military. Who knows, Germany could be next.

Meanwhile in America, the sheeple remain content with, or blind to, their role as sheep to be slaughtered to feed the rich. The Obama Administration has managed to come up with a Deficit Commission whose members want to pay for the multi-trillion dollar wars that are enriching the military/security complex and the multi-trillion dollar bailouts of the financial system by reducing annual cost-of-living increases for Social Security, raising the retirement age to 69, ending the mortgage interest deduction, ending the tax deduction for employer-provided health insurance, imposing a 6.5% federal sales tax, while cutting the top tax rate for the rich.

Even the Federal Reserve’s low interest rates are aimed at helping the banksters.

The low interest rates deprive retirees and those living on their savings of interest income. The low interest rates have also deprived corporate pensions of funding. To fill the gap, corporations are issuing billions of dollars in corporate bonds in order to fund their pensions. Corporate debt is increasing, but not plant and equipment that would produce earnings to service the debt. As the economy worsens, servicing the additional debt will be a problem.

In addition, America’s elderly are finding that fewer and fewer doctors will accept them as patients as a 23% cut looms in the already low Medicare payments to doctors.

The American government only has resources for wars of aggression, police state intrusions, and bailouts of rich banksters. The American citizen has become a mere subject to be bled for the ruling oligarchies.

The police state attitude of the TSA toward airline travelers is a clear indication that Americans are no longer citizens with rights but subjects without rights.

Perhaps the day will come when oppressed Americans will take to the streets like the French, the Greeks, the Irish, and the British.


Paul 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.

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



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This story was published on November 29, 2010.
 

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