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Assistant Secretary to the Treasury blasts economic policy, misleading data
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Assistant Secretary of the Treasury in the Reagan Administration, Paul Craig Roberts, blasted failed and failing economic policies that compound their disservice with misleading data. Mr. Roberts is also a former editor for the Wall Street Journal and a Senior Research Fellow at Stanford's Hoover Institute.
In his article, “Marx and Lenin revisited,” Mr. Roberts validates Karl Marx’ prediction that financial capitalist elites would act as vampires and parasites to drain wealth from productive Americans. He cites data that real income has declined for all Americans in the first decade of the 21st century except for the top ten percent of income earners and especially concentrated among the top one percent (~$350,000/year and higher). Many studies extend that analysis for real income loss for each decade from the 1970s to today.
Mr. Roberts places the main cause as off-shoring productive jobs and then importing H-1B and L-1 work-visa laborers for domestic work at salaries less than American workers demand.
The ignorance of the American public is due to the mainstream media acting as an opiate to placate the masses who should be outraged by the facts. Disinformation also comes from official government sources, such as the Bureau of Labor Statistics (BLS). For example, BLS acknowledges overstating employment in 2009 by a million jobs and reporting the 9.8% unemployment rate as the rosiest spin possible on the most realistic measure of 21.4%. This outrageous statistic would be even higher if foreign visa-holders were subtracted from employment figures.
Mr. Roberts concludes that crucial news that’s also buried is the creation and transfer of trillions of American dollars to the largest banks to enable them to create more debt for the American public. I would add that this is without criminal investigation for violation of regulations that should have shut-down all banks that could not demonstrate solvency, and without interest for realistic regulations to change future outcomes. The policy alternative to end further government debt is monetary reform.
Following a brief excerpt from Mr. Roberts’ article are two video clips: a 10-minute economic interview with Alex Jones in February 2009, and then a 5-minute discussion of dissolution of government under US law.
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“Obviously, with more than one-fifth of the American work force unemployed and the remainder buried in mortgage and credit card debt, economic recovery is not in the picture.What is happening is that the hundreds of billions of dollars in TARP money given to the large banks and the trillions of dollars that have been added to the Federal Reserve’s balance sheet have been funneled into the stock market, producing another bubble, and into the acquisition of smaller banks by banks "too large to fail." The result is more financial concentration."
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