Saturday, March 27, 2010

Paul Craig Roberts Says Good Night

Excellent summary.

The past fifty years was nothing but one big bubble. A huge Ponzi scheme built on delusions and gibberish.

The truth is, as Jerry Manders once said, is that the Great Depression never really ended.


Anonymous said...

Texas Arcane, do you really believe Paul Craig Roberts' insights on international trade and labour? They seem a little shaky.

Pre-industrial England had been almost nothing but wool and timber, and it imported everything possible. Very little was actually produced in England, but it earned them enough to get everything from cheaper and more competitive regions like France and Italy. Since imported goods were cheaper, whatever was saved by each consumer was spent into a few core domestic industries and allowed them to rise.

History denies the man's analysis, and Paul Craig Roberts never bothers much for arguing his perspective. Indeed, all I see in his articles is hyperbole and righteous denunciation of CEOs for offshoring, but no real arguments about why it is bad. I doubt that labour will ever come back to US either way, considering how badly unionised it is.

Texas Arcane said...

Paul Craig Roberts is correct about all the promises of "globalization" just being a clever way to destroy the United States.

Globalization was a poison pill given to the Kwa' that worked pretty well. The U.S. was never going to be a colonial power like Britain served by it's satellites and getting rid of it's industry is exactly what it sounds like ... it got rid of all it's industry.

If the Fed hadn't poured paper and cheap credit into the system after 9-11 the collapse would have begun then. They were able to drag it out for another ten years by creating a real estate bubble, which bought them the time they needed to milk the very last penny out of the dried-up husk of the nation.

Anonymous said...

The last four paragraphs could have beet cut with nothing lost. Just a small amount of editing would have made this a much stronger column. It's always a shame when an otherwise creditable piece of writing throws out some babble about "evidence" contradicting "the government's theory" about 9/11. It's perfectly reasonable to say the government's reaction to 9/11 was atrocious, but there's not a shred of evidence of government complicity. Never ascribe to malice what is more correctly credited to mere incompetence.