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Jan 27, 2008, 11:01 AM
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even reagan's people are catching on


The Profile of a Third World Country
How Bush Destroyed the Dollar
By PAUL CRAIG ROBERTS

It is difficult to know where Bush has accomplished the most destruction, the Iraqi economy or the US economy.

In the current issue of Manufacturing & Technology News, Washington economist Charles McMillion observes that seven years of Bush has seen the federal debt increase by two-thirds while US household debt doubled.

This massive Keynesian stimulus produced pitiful economic results. Median real income has declined. The labor force participation rate has declined. Job growth has been pathetic, with 28% of the new jobs being in the government sector. All the new private sector jobs are accounted for by private education and health care bureaucracies, bars and restaurants. Three and a quarter million manufacturing jobs and a half million supervisory jobs were lost. The number of manufacturing jobs has fallen to the level of 65 years ago.

This is the profile of a third world economy.


The "new economy" has been running a trade deficit in advanced technology products since 2002. The US trade deficit in manufactured goods dwarfs the US trade deficit in oil. The US does not earn enough to pay its import bill, and it doesn't save enough to finance the government's budget deficit.

To finance its deficits, America looks to the kindness of foreigners to continue to accept the outpouring of dollars and dollar-denominated debt.

The dollars are accepted, because the dollar is the world's reserve currency.

At the meeting of the World Economic Forum at Davos, Switzerland, this week, billionaire currency trader George Soros warned that the dollar's reserve currency role was drawing to an end: "The current crisis is not only the bust that follows the housing boom, it's basically the end of a 60-year period of continuing credit expansion based on the dollar as the reserve currency. Now the rest of the world is increasingly unwilling to accumulate dollars."

If the world is unwilling to continue to accumulate dollars, the US will not be able to finance its trade deficit or its budget deficit. As both are seriously out of balance, the implication is for yet more decline in the dollar's exchange value and a sharp rise in prices.

Economists have romanticized globalism, taking delight in the myriad of foreign components in US brand name products. This is fine for a country whose trade is in balance or whose currency has the reserve currency role. It is a terrible dependency for a country such as the US that has been busy at work offshoring its economy while destroying the exchange value of its currency.

As the dollar sheds value and loses its privileged position as reserve currency, US living standards will take a serious knock.

If the US government cannot balance its budget by cutting its spending or by raising taxes, the day when it can no longer borrow will see the government paying its bills by printing money like a third world banana republic. Inflation and more exchange rate depreciation will be the order of the day.

Paul Craig Roberts was Assistant Secretary of the Treasury in the Reagan administration. He was Associate Editor of the Wall Street Journal editorial page and Contributing Editor of National Review. He is coauthor of The Tyranny of Good Intentions.He can be reached at: [email protected]
Jan 27, 2008, 03:37 PM
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splatman's Avatar
Paul Craig Roberts? Are you kidding? Here's another interesting statement from your boy.


He has said that many supporters of George W. Bush "are brownshirts with the same low intelligence and morals as Hitler's enthusiastic supporters."

Now while some bigots from the extreme left might actually agree with that statement, it certainly shows Roberts has a big bone to pick with GWB (read BIASED SOURCE).

Kinda like Greg's "It's official" thread. Another editorial hit piece.
Jan 27, 2008, 03:54 PM
Tu ne cede malis
MtnGoat's Avatar
I'm pretty sure the prescription from the former Reaganite for what to change is light years from BA's, which is why I had a giggle when I read this article. Invoking Ronaldus Magnus is not sufficient to distract from the goal for BA...tax increases.
Jan 27, 2008, 03:54 PM
Registered User
peterp1964's Avatar
Quote:
Originally Posted by splatman
Paul Craig Roberts? Are you kidding? Here's another interesting statement from your boy.


He has said that many supporters of George W. Bush "are brownshirts with the same low intelligence and morals as Hitler's enthusiastic supporters."

Now while some bigots from the extreme left might actually agree with that statement, it certainly shows Roberts has a big bone to pick with GWB (read BIASED SOURCE).

Kinda like Greg's "It's official" thread. Another editorial hit piece.
of course, can it be any other way ? the facts don't matter to you...I
find it funny that right after the, out of context, sentence you quote Roberts
wrote "And they are just as resistant to facts."
Jan 27, 2008, 04:11 PM
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splatman's Avatar
many supporters of George W. Bush "are brownshirts with the same low intelligence and morals as Hitler's enthusiastic supporters."

Out of context? You think that tacking on:

" And they are just as resistant to facts."

somehow changes the above bigoted remark?
Jan 27, 2008, 04:14 PM
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Nazareth - Razamanaz (3 min 51 sec)
Jan 27, 2008, 04:16 PM
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http://www.youtube.com/watch?v=jVyXJndxGJw
Jan 27, 2008, 04:26 PM
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A new platform to think about!!

*** WE DEMAND THAT THE GOVERNMENT UNDERTAKE THE OBLIGATION ABOVE ALL OF PROVIDING CITIZENS WITH ADEQUATE OPPORTUNITIES FOR EMPLOYMENT AND EARNING A LIVING.

*** THE ACTIVITIES OF THE INDIVIDUAL MUST NOT BE ALLOWED TO CLASH WITH THE INTERESTS OF THE COMMUNITY, BUT MUST TAKE PLACE WITHIN ITS CONFINES AND BE FOR THE GOOD OF ALL ...

*** WE DEMAND THE NATIONALIZATION OF ALL BUSINESSES WHICH HAVE BEEN AMALGAMATED (INTO TRUSTS).

*** WE DEMAND THAT THE STATE SHALL SHARE IN THE PFOFITS OF LARGE INDUSTRIES.

*** WE DEMAND THAT PROVISION FOR THE AGED SHALL BE MADE ON A VERY GREATLY INCREASED SCALE.

*** WE DEMAND A LAND-REFORM SUITABLE TO OUR NATIONAL REQUIREMENTS, THE PASSING OF A LAW FOR THE CONFISCATION OF LAND FOR COMMUNAL PURPOSES; THE ABOLITION OF INTEREST ON MORTGAGES, AND PROHIBITION OF ALL SPECULATION IN LAND.

*** WE DEMAND AN AGRARIAN REFORM SUITABLE TO OUR NATIONAL REQUIREMENTS; THE ENACTMENT OF A LAW TO EXPROPRIATE WITHOUT COMPENSATION THE OWNERS OF ANY LAND THAT MAY BE NEEDED FOR NATIONAL PURPOSES; THE ABOLITION OF GROUND RENTS; AND THE PROHIBITION OF ALL SPECULATION IN LAND.

*** ...THE STATE SHALL ORGANIZE THOROUGHLY THE WHOLE CULTURAL SYSTEM OF THE NATION . . . THE CONCEPTION OF THE STATE IDEA (THE SCIENCE OF CITIZENSHIP) SHALL BE TAUGHT IN THE SCHOOLS FROM THE VERY BEGINNING.* WE DEMAND THAT SPECIALLY TALENTED CHILDREN OF POOR PARENTS, NO MATTER WHAT THEIR STATION OR OCCUPATION, SHALL BE EDUCATED AT THE COST OF THE STATE.

*** IT IS THE DUTY OF THE STATE TO HELP RAISE THE STANDARD OF THE NATION'S HEALTH BY PROVIDING MATERNITY WELFARE CENTRES, BY PROHIBITING JUVENILE LABOUR, BY INCREASING PHYSICAL FITNESS THROUGH THE INTRODUCTION OF COMPULSORY GAMES AND GYMNASTICS. . . .

*** (WE) COMBAT THE MATERIALISTIC SPIRIT WITHIN AND OUTSIDE US, AND ARE CONVINCED THAT A PERMANENT RECOVERY OF OUR PEOPLE CAN ONLY PROCEED WITHIN ON THE FOUNDATION OF "THE COMMON GOOD BEFORE THE INDIVIDUAL GOOD."

http://laissez-fairerepublic.com/naziprog.htm
Jan 27, 2008, 05:04 PM
Heli Bouncer
Looooeeee!'s Avatar
Funny thing is the #2 point on Eljimbo's list, is the same arguement that Moe M. uses when he claims that Gays have to live by a set of community majority morals.

But that's besides the point, what Eljimbo is really doing is just another sly example of "Socialists are Nazis" name-baiting. So just so you get it straight Jimbo, Yes, it may take a Village, and the idiot from that Village has somehow been President for the last seven years, But the Village in question is still in the US, and is subject to the rules of law set by the Constitution.
Jan 27, 2008, 05:55 PM
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badaltitude's Avatar
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Quote:
Originally Posted by splatman
many supporters of George W. Bush "are brownshirts with the same low intelligence and morals as Hitler's enthusiastic supporters."

He should know.
Last edited by badaltitude; Jan 27, 2008 at 06:41 PM.
Jan 27, 2008, 06:04 PM
Go get them Meg!
lrsudog's Avatar
Quote:
Originally Posted by badaltitude
If you doubt that, you haven't been reading LTUP for very long.
He certainly has not been reading it through the same glasses that you have.
Jan 27, 2008, 07:21 PM
Parrothead Extraordinaire
Mark Gund's Avatar
Quote:
Originally Posted by lrsudog
He certainly has not been reading it through the same glasses that you have.
Good call, 'dog!
Jan 27, 2008, 07:37 PM
Trampling out the vintage
Quote:
Originally Posted by Mark Gund
Good call, 'dog!
I can't imaginge how you might cheer if the "call" actually included a solid counter-argument.

Many people (perhaps most, and almost certainly virtually all those who continue to support the war) view support for the Iraq war as having no parrallel to the type of behavior that condoned German actions in WWII. However many other people, far more than just BA, see similarities. It's not a really a 'call' to observe that both POVs exist, just a statement of fact.
Jan 27, 2008, 07:50 PM
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You don't need a solid counter argument to a group attack.
Jan 27, 2008, 09:12 PM
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badaltitude's Avatar
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Quote:
Originally Posted by Arbo
You don't need a solid counter argument to a group attack.
I anxiously await you expressing similar sentiments the next time a winger compares Democrats to 'communists' and/or 'socialists'.

That seems to be perfectly acceptable according to forum rules...but comparing right wingers to the analogous extreme of the right wing isn't.

Strange days, indeed.


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