Economy

October 20, 2009

ECONOMY

The Roots of our current Great Recession have 3 Principal components:
The exporting of American jobs under the misnomer ‘Free Trade’, the deregulation of American communications and financial industries under the misnomer ‘Free Markets’, and the promotion of American hegemony in the Iraq War under the misnomer ‘Spreading Democracy’ …or whatever the reason was that we supposedly went into that country.

The Iraq War, a conflict originating in lies perpetrated upon earnest but ignorant American citizens by a big government faux conservative administration, is now on its way to becoming the most expense war in US history. At $3 trillion, its out-of-pocket, out-of-budget costs, and incurred future obligations match those of World War II, in inflation-adjusted dollars. But unlike the Second World War, which lifted the US out of the Great Depression, the Iraq war, a W. Bush policy error that blundered into a trap that had been preset by Osama bin Laden, ignited the spiraling energy costs that accelerated our economy’s 4th Quarter 2007 - 0.5 percent contraction to -2.7% by 3d Q of 2008; a condition that further worsened with the 4th Q 2008 credit paralysis that followed the demise of Lehman Brothers.
This nation will not see meaningful economic recovery until these 3 problems are fundamentally addressed.

In the following link, Oxford educated economist Paul Craig Roberts, the celebrated ‘The Father of Reaganomics’, points toward a reasonable solution to the ‘free trade’ troubles that are decimating America’s Middle Class PAUL CRAIG ROBERTS: 94 Years of Serfdom

military-expenses

The current military spending of the United States totals more than the rest of the world’s nations combined, a state of affairs that never before existing in the history of civilization. After 8 Years, Obama’s Military Spending will be 20 Percent Higher, in Inflation Adjusted Dollars, than were the 8 years of Ronald Reagan’s defense spending aganst the collosal military might of the Soviet State; and that projection of Obama’s spending does not even include the 2 wars in which we are presently engaged – Military Budget Analyst Winslow Wheeler Counterpunch

50 years ago, economists believed technology would raise productivity levels and people would be living in near utopian conditions by the year 2000; What Happened? – Michael Hudson

How Goldman Sachs and Citi Run the White House - ANDREW COCKBURN

How Goldman Sachs engineers major market manipulations - MATT TAIBBI, Rolling Stone

After being bailed out last year at an average cost of sixty-six cents for every dollar the taxpayers and their government’s Chinese financial backers loaned to them, Goldman Sachs is back to business as usual and the average Goldman broker will earn about $770,000 this year. That’s 30 percent better than last year when they were helping al Qaeda and Wall Street create the Great Recession - Margareta Pagano, Business Editor, The Independent

America’s $974 billion Military Budget – Winslow T. Wheeler, National Security Analyst

Pull Out of Iraq This Year and Begin Healing Our Own Bankrupted Land - GEORGE McGOVERN

Geithner’s Public-Private Investment Program is a rip-off of public funds which uses confusing rules and guidelines to conceal the shift of toxic garbage onto the public’s balance sheet – Mike Whitney

The trick is to keep the population from understanding the financial dynamics and the underlying fraudulent character of the debts with which it has been saddled – Michael Hudson

PEROT CHARTS — Charting Government Fiscal Irresponsibility [PerotCharts.com is designed to provide information about the economy and its relationship to Federal Government spending and borrowing]

The reason we need new rules is that a generation of Democrats and Republicans systematically repealed or gutted the regulatory controls enacted eighty years ago to remedy the Great Depression – William Greider

President Barack Obama on the Federal Budget: Four Principles – President Barack Obama

The “free American” starts off with a 30 per cent tax rate, the same position as a medieval serf – Paul Craig Roberts

Geithner’s Plan Taxes Main Street to Make Wall Street Richer - Dean Baker, t r u t h o u t

Compulsory financing of U.S. military spending is built into the global financial system – Michael Hudson

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