Is This Recovery for Real?
Paul Craig Roberts, Assistant Treasury Secretary under President Ronald Reagan, says that this recovery won’t last.
Why not?
“As I have emphasized for years, an economy that moves its high productivity, high value-added jobs offshore is going nowhere but down.”
Moreover, he says the government's likely target for more money is a levy on all private pension funds and the gutting of Social Security and Medicare. Why not? People generally don’t know or try to find out what’s happening to their private pension money, Social Security and Medicare. These have been successfully raided before without much of a consequence to the people responsible.
What’s the reason for the raid this time?
“The reason is that the dollar’s role as reserve currency is at stake. If the Federal Reserve has to monetize the federal deficit, the world will turn its back on a rapidly depreciating dollar. The minute the dollar loses the reserve currency role, the U.S. can no longer pay its bills in its own currency, and its days as a superpower come to a sudden end”
Read more . . . [VDare]
- Login to post comments