The Vinny Eastwood Show
  • HOME
  • LATEST
  • MP3 DOWNLOADS
  • VENDETTAS MUSIC
  • Bio
  • Merch
  • Donate
  • Contact
  • HOME
  • LATEST
  • MP3 DOWNLOADS
  • VENDETTAS MUSIC
  • Bio
  • Merch
  • Donate
  • Contact

The Ecstasy of Empire

17/8/2010

0 Comments

 
Picture
Without a revolution, Americans are history.
Paul Craig Roberts
Infowars.com

The United States is running out of time to get its budget and trade deficits under control.  Despite the urgency of the situation, 2010 has been wasted in hype about a non-existent recovery.  As recently as August 2 Treasury Secretary Timothy F. Geithner penned a New York Times column, “Welcome to the Recovery.”

As John Williams (shadowstats.com) has made clear on many occasions, an appearance of recovery was created by over-counting employment and undercounting inflation. Warnings by Williams, Gerald Celente, and myself have gone unheeded, but our warnings recently had echoes from Boston University professor Laurence Kotlikoff and from David Stockman, who excoriated the Republican Party for becoming big-spending Democrats.

It is encouraging to see some realization that, this time, Washington cannot spend the economy out of recession. The deficits are already too large for the dollar to survive as reserve currency, and deficit spending cannot put Americans back to work in jobs that have been moved offshore.

However, the solutions offered by those who are beginning to recognize that there is a problem are discouraging. Kotlikoff thinks the solution is savage Social Security and Medicare cuts or equally savage tax increases or hyperinflation to destroy the vast debts.

Perhaps economists lack imagination, or perhaps they don’t want to be cut off from Wall Street and corporate subsidies, but Social Security and Medicare are insufficient at their present levels, especially considering the erosion of private pensions by the dot com, derivative and real estate bubbles. Cuts in Social Security and Medicare, for which people have paid 15 per cent of their earnings all their lives, would result in starvation and deaths from curable diseases.

Tax increases make even less sense. It is widely acknowledged that the majority of households cannot survive on one job. Both husband and wife work and often one of the partners has two jobs in order to make ends meet. Raising taxes makes it harder to make ends meet–thus more foreclosures, more food stamps, more homelessness. What kind of economist or humane person thinks this is a solution?

Ah, but we will tax the rich. The rich have enough money. They will simply stop earning.

Let’s get real.  Here is what the government is likely to do.  Once  Washington realize that the dollar is at risk and that they can no longer finance their wars by borrowing abroad, the government will either levy a tax on private pensions on the grounds that the pensions have accumulated tax-deferred, or the government will require pension fund managers to purchase Treasury debt with our pensions. This will buy the government a bit more time while pension accounts are loaded up with worthless paper.

The last Bush budget deficit (2008) was in the $400-500 billion range, about the size of the Chinese, Japanese, and OPEC trade surpluses with the US. Traditionally, these trade surpluses have been recycled to the US and finance the federal budget deficit. In 2009 and 2010 the federal deficit jumped to $1,400 billion, a back-to-back trillion dollar increase. There are not sufficient trade surpluses to finance a deficit this large. From where comes the money?
The answer is from individuals fleeing the stock market into “safe” Treasury bonds and from the bankster bailout, not so much the TARP money as the Federal Reserve’s exchange of bank reserves for questionable financial paper such as subprime derivatives. The banks used their excess reserves to purchase Treasury debt.

These financing maneuvers are one-time tricks. Once people have fled stocks, that movement into Treasuries is over. The opposition to the bankster bailout likely precludes another. So where does the money come from the next time?
The Treasury was able to unload a lot of debt thanks to “the Greek crisis,” which the New York banksters and hedge funds multiplied into “the euro crisis.” The financial press served as a financing arm for the US Treasury by creating panic about European debt and the euro. Central banks and individuals who had taken refuge from the dollar in euros were panicked out of their euros, and they rushed into dollars by purchasing US Treasury debt.

Do goods and services expand by the same amount?  Imports will increase as US jobs have been offshored and given to foreigners, thus worsening the trade deficit.  When the Federal Reserve purchases the Treasury’s new debt issues, the money supply will increase by more than the supply of domestically produced goods and services. Prices are likely to rise.

How high will they rise? The longer money is created in order that government can pay its bills, the more likely hyperinflation will be the result.

The economy has not recovered. By the end of this year it will be obvious that the collapsing economy means a larger than $1.4 trillion budget deficit to finance. Will it be $2 trillion? Higher?
Whatever the size, the rest of the world will see that the dollar is being printed in such quantities that it cannot serve as reserve currency. At that point wholesale dumping of dollars will result as foreign central banks try to unload a worthless currency.

The collapse of the dollar will drive up the prices of imports and offshored goods on which Americans are dependent. Wal-Mart shoppers will think they have mistakenly gone into Neiman Marcus.

Domestic prices will also explode as a growing money supply chases the supply of goods and services still made in America by Americans.

The dollar as reserve currency cannot survive the conflagration. When the dollar goes the US cannot finance its trade deficit. Therefore, imports will fall sharply, thus adding to domestic inflation and, as the US is energy import-dependent, there will be transportation disruptions that will disrupt work and grocery store deliveries.
Panic will be the order of the day.

Will farms will be raided? Will those trapped in cities resort to riots and looting?
Is this the likely future that “our” government and “our patriotic” corporations have created for us?
To borrow from Lenin, “What can be done?”

Here is what can be done. The wars, which benefit no one but the military-security complex and Israel’s territorial expansion, can be immediately ended. This would reduce the US budget deficit by hundreds of billions of dollars per year.  More hundreds of billions of dollars could be saved by cutting the rest of the military budget which, in its present size, exceeds the budgets of all the serious military powers on earth combined.
 
US military spending reflects the unaffordable and unattainable crazed neoconservative  goal of US Empire and world hegemony. What fool in Washington thinks that China is going to finance US hegemony over China?

The only way that the US will again have an economy is by bringing back the offshored jobs. The loss of these jobs impoverished Americans while producing oversized gains for Wall Street, shareholders, and corporate executives. These jobs can be brought home where they belong by taxing corporations according to where value is added to their product. If value is added to their goods and services in China, corporations would have a high tax rate. If value is added to their goods and services in the US, corporations would have a low tax rate.

This change in corporate taxation would offset the cheap foreign labor that has sucked jobs out of America, and it would rebuild the ladders of upward mobility that made America an opportunity society.

If the wars are not immediately stopped and the jobs brought back to America, the US is relegated to the trash bin of history.

Obviously, the corporations and Wall Street would use their financial power and campaign contributions to block any legislation that would reduce short-term earnings and bonuses by bringing jobs back to America. Americans have no greater enemies than Wall Street and the corporations and their prostitutes in Congress and the White House.
The neocons allied with Israel, who control both parties and much of the media, are strung out on the ecstasy of Empire.
 
The United States and the welfare of its 300 million people cannot be restored unless the neocons, Wall Street, the corporations, and their servile slaves in Congress and the White House can be defeated.
Without a revolution, Americans are history.

Dr. Paul Craig Roberts is the father of Reaganomics and the former head of policy at the Department of Treasury. He is a columnist and was previously an editor for the Wall Street Journal. His latest book, “How the Economy Was Lost: The War of the Worlds,” details why America is disintegrating.
0 Comments



Leave a Reply.

    REMEMBER TO LIKE! SHARE! SUBSCRIBE! DONATE! www.thevinnyeastwoodshow.com

    ALL DONORS GET:
    Unlisted Content!
    Exclusive Club Access!
    And So Much More!
    (Special Rewards Below)

    Picture
    Kiwibank: 38-9010-0455296-00
    VMAN COMPANIES LIMITED
    (For NZ Gifts and AP's use your email as reference)
    Recommended AP
    $5 Per Week - $100 Per Month

    Gifts
    Weekly & Monthly Gifts

    ALREADY DONATED?
    CLICK HERE FOR YOUR SPECIAL REWARDS!

    Picture
    Vinny Updates Every Day!
    Picture
    Watch Vinnys Videos

    Author

    Vincent Eastwood (AKA MR. NEWS) was born in the ominous year of 1984, the same year set out in Orwells masterpiece and the year of New Zealands neoliberal economic reforms. 

    Vinny is a media activist, syndicated talk show host. 

    A dynamic personality with a strong commitment to bringing different factions of the truth movement together.

    We are all in this together!

    Archives

    August 2021
    August 2020
    December 2018
    November 2018
    September 2018
    August 2018
    July 2018
    June 2018
    April 2018
    March 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    May 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    December 2014
    November 2014
    September 2014
    August 2014
    July 2014
    May 2014
    April 2014
    January 2014
    June 2013
    January 2012
    December 2011
    September 2011
    April 2011
    March 2011
    February 2011
    January 2011
    December 2010
    November 2010
    October 2010
    September 2010
    August 2010
    July 2010

    Categories

    All
    1080
    2011
    2012
    2015
    2016
    2017
    2018
    420 Banks Demand 1 World Currency
    5 Eyes
    911
    9/11
    911 Conspiracy Theory New Zealand America Freedom Of Speech
    911 Fluoride Climate Change
    99%
    9's
    Aaron Dykes
    Adam Kokesh
    AE911 Truth
    Aerosol
    After America
    Agenda 2030
    Agenda 21
    Alan Gurden
    ALCP
    Alex Jones
    ALLCAPS Podcast
    America
    American Freedom Radio
    American History
    Antarctica
    Anti Corruption Watchdog
    Aotearoa
    Aotearoaawiderperspective
    Aotearoa A Wider Perspective
    Aotearoa Legalise Cannabis Party
    Aotearoa Legalize Cannabis Party
    Architects And Engineers For 9/11 Truth
    Argument
    Arthur Shopenhauer
    Ashley Farrell
    Asset Sales
    Atacama
    Attack
    Auckland
    Audio
    Australia
    Authority
    Autism
    Banking
    Becker Carter
    Ben Cooney
    Ben Vidgen
    Beyonce
    Bigot
    Bill Hicks
    BLM
    Bluetooth
    Bob Jones
    Bomber Bradbury
    Bomb Threat
    BPA
    Bruce Rogan
    Bundy Ranch
    Business Brown Table
    Cancelled
    Cancer
    Cannabis
    Cannibal
    Captain Aotearoa
    Carbon Credits
    Carbon Tax
    Carol Rosin
    Cattle
    Censorship
    CERN
    Charlotte's Web
    Chem Trails
    Child Abuse
    Child Smile
    China
    Chinese Intelligence
    Chinese Market
    Chris Christie
    Chris Fowlie
    Christmas
    Chris Woodney
    Climate Change
    Climatology
    Clint Meyer
    Cliven Bundy
    CO2
    Codex Alimentarius
    Collapse
    Collapse Of America
    Colorado
    Colorado Calling
    Comedy
    Committee For Auckland
    Community Service
    Complex Post Traumatic Stress Disorder
    Conspiracy
    Conspiracy Theories
    Conspiracy Theory
    Conviction
    Corrupt
    Corruption
    Council On Foreign Relations
    Country Music Concert
    CPTSD
    Criminal
    Crisis
    Cult
    Cult Indoctrination Techniques
    Cure
    CYFS
    Dakta Green
    Dark Ages
    David Cunliffe
    David Icke
    David Lange
    David Richwhite
    Debate
    Deception
    Decriminalize
    Deleted
    Derivatives
    Disease
    Documentary
    Dog
    Donald Trump
    Donation
    Driving
    Driving Impairment
    Dr Paul Connett
    Dr Steven Greer
    Dr TIm Ball
    E4 Records
    Eastwood
    Economic Collapse
    Economic Hitman
    Economy
    Editing
    Ed Opperman
    Election
    Election 2014
    Election 2017
    Electromagnetic Radiation
    EMF
    EMR
    End Of America
    Energy Saver Light Bulb
    Enlightenment
    Eugenics
    Evelyn Gilbert
    Exposed In 6 Minutes
    Exposed In Minutes
    Facebook
    Face Television
    Face TV
    Facts
    Federal Reserve
    Financial Collapse
    Fire Dragon Chillis
    Fluoride
    Fluoride Free New Zealand
    Food
    Food Bill
    Forrest Lucas
    Fracking
    Freedom
    Freedom Of Expression
    Freedom Of Speech
    Freemason
    Free Speech
    Fundraiser
    Gareth Morgan
    Gary Franchi
    Gender Bending
    Geoengineering
    George Carlin
    Gerald Celente
    Get Up Stand Up Tour
    Ghandi
    Global
    Global Financial Crisis
    Globalist
    Global Warming
    Gluckman
    God
    Gold
    Goldman Sachs
    Graham McCready
    Green Cross
    Green Party
    Green Planet FM
    Greens
    Griffen De Cat
    Guerilla Media
    Guitar
    Hate Speech
    Helen Clark
    Hemp
    High
    High Frequency Trading
    Hikoi
    Homeland Security
    Hone Harawira
    Iain Parker
    Ian Wishart
    Illuminati
    Illumination
    IMac
    IMF
    Inside Job
    Inspiring
    International Monetary Fund
    Internet Censorship.
    Internet Mana Party
    Interview
    Iwi
    Jacinda Ardern
    James Dunne
    James Shaw
    Jenny Shipley
    Jerome Corsi
    Jim Bolger
    Joe Carolan
    Joe Trinder
    John Banks
    John Bolton
    John Key
    Jon Eisen
    Journalism
    Judiciary
    Judith Collins
    Judy Wood
    Katherine Smith
    Keith Stewart
    Kellyanne Conway
    Kelvin Davis
    Kim Dotcom
    Labour
    Labour Party
    L A Marzulli
    Large Hadron Collider
    Las Vegas
    Lauren Southern
    Lecture
    Legalise Cannabis
    Legalize
    Liar
    Live Music
    Live Performance
    Logan Campbell Center
    Love And Family
    Lucy Lawless
    Mainstream Media
    Maki Herbert
    Mana Party
    Mangawhai
    Maori Elites
    Maori Land Court
    Marama Davidson
    Marijuana
    Mark Emery
    Martyn Bomber Bradbury
    Masons
    Mayor
    Media
    Medical
    Medical Cannabis
    Medical Marijuana
    Medicinal Cannabis
    Medicine
    Melissa Melton
    Merrill Lynch
    Metiria Turei
    Michael Fay
    Michael Woods
    Midas Resources
    Mihael Flynn
    Mikey Havoc
    Mikhail Pierce
    Militia
    Mining
    Motivational
    MR NEWS
    Music
    Musician
    Narcissism
    National
    National Party
    Natural Medicine
    Nazi
    Negro
    Neoliberal
    Neurolinguistic Programming
    Nevada
    News
    Newt Gingrich
    New World Order
    New Zealand
    New Zealand First
    New Zealand Herald
    New Zealand Journal Of Natural Medicine
    New Zealand Story
    Ngai Tahu
    NORML
    NZ
    NZ Election 2017
    NZfirst
    Nzherald
    NZ Herald
    NZ Journal Of Natural Medicine
    NZ Military
    Obama
    Occupy Auckland
    Occupy Auckland Albert Park United We Strike Vinny Eastwood
    Occupy Corporatism
    Occupy Queen Street Joe Carolan Freedom New Zealand Police Court Eviction Christmas Eve
    Occupy Savvy
    Oil Companies
    Oil Drilling
    Oil For Food Program
    Oilspill
    Oil Spill
    Other Points Of View
    Owen Glenn
    Palantir
    Paradigm
    Parininihi Ki Waitotara
    Parliamentarians For Global Action
    Patsy Reedy
    Paula Bennett
    Paula Gray
    Paul Little
    Paul Ryan
    Paul Waddell
    Pedophile
    Penny Bright
    Peoples Liberation Army
    Peter Dunne
    Pete Santilli
    Pharmaceuticals
    Philip Vela
    Poison
    Police
    Police State
    Police States
    Politics
    Postman Investigates
    Postman Productions
    Post Traumatic Stress Disorder
    Pot
    Prediction
    Prime Minister
    Prime Sinister
    Princess Diana
    Privatisation
    Propaganda
    Protest
    Protestors
    Psychopath
    PTSD
    Public Credit Or Bust
    Public Watchdog
    Pyramid
    Queenstown
    Racist
    Radiation
    Radio
    Radio Live
    Rap Music
    Rates Revolt
    Raw Milk Organic New Zealand Katherine Smith Vapi Kupenga
    Red Star 309's
    Reefer Madness
    Removed
    Reptilians
    Resignation
    Resistance
    Richard Gage
    Rick Simpson
    Ritchard Boswell
    Robert Muldoon
    Robin Malcolm
    Roger Douglas
    Rogernomics
    Ross Meurant
    Roundtable
    Rudolph Giuliani
    Russell Malcolm
    Ruth Richardson
    Safe Food
    Safe Space
    Sarah Eastwood
    Sarah Palin
    Save Our Landlines NZ
    Science
    Scotland
    Secret
    Sentence
    Sentencing
    September Collapse
    Sexual-abuse
    Sheriff-richard-mack
    Shooting
    Sid Miller
    Silver
    Simon Bridges
    Singing
    Sirius Disclosure
    Sir Robert Jones
    SJW
    Skegg
    Skull And Bones
    Smart Grid
    Smart Meter Dangers
    Smart Meter Health Risks.
    Smart Meters
    Smart Surveillance
    Social Justice Warrior
    Society Collapse
    Stanford
    State Of America
    State Secrets
    Stefan Molyneux
    Stepping Down
    Steven Mnuchin
    Steven Town
    Steven Wilkinson
    Stock Market Crash
    Stoned
    Stuff.co.nz
    Subscribe
    Subscription
    Sunday Program
    Super City Auckland
    Surgery
    Susanne Posel
    Suzette Marie Dawson
    Suzie Dawson
    Swine Flu Vaccine
    Synthetic Cannabis
    Synthetic Drugs
    Synthetics
    Tainui
    Tazer
    Ted Anderson
    Telecommunications (New Regulatory Framework) Amendment Bill
    Te Tai Tokerau
    Te Ture Whenua Maori Bill
    The Club De Madrid
    The Daktory
    The Green Party Of Aotearoa New Zealand
    The Internet Party
    The Maori Party
    The Opportunities Party
    The Outer Dark
    The Pakehachis
    The Power Station
    The Queen
    The Twist
    The US Independent
    The Vinny Eastwood Show
    The Vinny Eastwood Show!
    Time Cube
    Tim Lynch
    Todays Blog
    Todays Show Blog
    Todays Show Blog
    Todays Show Blow
    Tooth Decay
    TOP
    Totalitaria
    Toxic
    Treason
    Treasury
    Treaty Of Waitangi
    Trilateral Commission
    Truth
    TV
    UN
    Uncensored Magazine
    UN Development Project
    UNICEF
    United Future
    United Nations
    Urgent Alert
    US Dollar
    Us Election
    US Military
    Vaccine
    Vaccine Court
    Vaccine Injury
    Video
    Vinnie
    Vinny
    Vinny Eastwood
    Vinny Eastwood Mr News Guerilla Media Don Brash Act Party Cannabis Decriminalize Marijuana Pot Freedom Amsterdam Youth Culture National Radio Panel
    Vinny & The Vendettas
    Violence
    Vote
    V&V
    War
    Watchdog
    Water
    Wealth
    Weight Loss
    White
    Wilbur Ross
    Wildlands
    Wine Box Inquiry
    Winston Peters
    Wireless
    Wireless Modem
    Word Play
    World Bank
    World Bank New Zealand John Key Asset Sales Financial Collapse Privatisation
    World Government
    World Trade Center 7
    World Wide Wake Up
    WTC7
    Youtube
    Youtube Channel

    RSS Feed

The Vinny Eastwood Show, where the only thing worse than living in a high tech global police state run by child trafficking satanists, is Vinny's jokes...