Wednesday, February 1, 2012

"The Emperor Has No Clothes"

Paul Craig Roberts, Assistant Secretary of the Treasury in the Reagan régime, explains how "the government holds the measure of inflation down by measuring a declining standard of living," which "permits our rulers to divert cost-of-living-adjustments that should be paid to Social Security recipients to wars of aggression, police state, and banker bailouts" — Economics 101. He writes:
    Today, consumers are too indebted to borrow, and banks are too insolvent to lend. Therefore, there is no possibility of further debt expansion as a substitute for real income growth. An offshored economy is a dead and exhausted economy.

    The consequences of a dead economy when the government is wasting trillions of dollars in wars of naked aggression and in bailouts of fraudulent financial institutions is a government budget that can only be financed by printing money.

Labels: , , ,

Bookmark and Share


Blogger Pints in NYC said...

Was he like this on the inside?

Anyway - on this economic issue, Gerald Celente (a native NYer) comes to mind, too:

Celente on MF Global Crash:

February 1, 2012 at 11:03 PM  

Post a Comment

<< Home