Friday, October 28, 2011

Problem Solved? Or.....?




Here's Paul Craig Roberts' perspective:
Americans Awash in Spin

"...A country's consumers cannot forever draw down savings or go deeper into debt. For an economy to recover, there must be growth in consumer income. That growth is nowhere to be seen in the US. A large percentage of the goods and services sold to Americans by American corporations are now produced abroad by foreign labor. Thus, Americans no longer receive incomes from the production of the goods and services that they consume. The American consumer market is on its way out.

The Dow Jones rose 339.51 points on the phony good news, but consumer sentiment is in the basement. John Williams reports that "consumer confidence hit the lowest levels ever recorded in 2008 and 2009," and that consumer confidence has now "fallen back to that 2008 level." But the stock market boomed. Somehow, a population 23% unemployed with debt up to its eyeballs is going to spark an economic recovery.

Recovery can only happen in the delusional world created for us by the concentrated media. No longer permitted to utter one word of truth, the presstitutes proclaim non-existent recoveries and weapons of mass destruction and demonize Washington's chosen opponents.

The sovereign debt crisis in Europe has distracted Americans from the much worst crisis in their country. After two decades of exporting US manufacturing and middle-class jobs, and after a decade of consumer debt growth that has resulted in millions of foreclosed homeowners and massive credit card and student loan debt that cannot be paid, consumers have no income growth or borrowing capacity with which to fuel an economy based on consumer demand...." Read the entire piece here.

2 Comments:

Blogger Jefferson's Guardian said...

They're buying time, aren't they? They're setting us up for the biggest financial collapse in the history of civilized society. All those nations of Europe, with all their assets tied-up and awash in credit default swaps and other CDOs, are hemorrhaging while, first, our Fed shoveled their national banks trillions of dollars under the table, and now the IMF is throwing them a lead-lined life-vest which will only create a worse catastrophe when the inevitable shit-storm hits. All this created by the "too big to fail" banks of Wall Street and London's financial centre.

This is all by design; not to avert a collapse, but rather to make the predetermined breakdown even more profitable for the psychotic lunatics who are betting on failure. The quadrillion dollars of derivatives will never be able to be repaid by any country, even all combined, and thus all economic activity, worldwide, will come to a grinding halt.

Apparently, September 2008 was a dress rehearsal. I suspect we're witnessing the labor contractions of the pending birth of the "New World Order".

Gee, isn't this a great time to be alive!?

9:25 AM  
Blogger Jon said...

JG,
I refer you to my article on blondesense
http://blondesense.blogspot.com/

Seems we agree whole-heartedly!

FT

1:20 PM  

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