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Advisor

Paul Craig Roberts

Picked this up at a libertarian site. Have also had it sent to us by email from people on BOTH the left and the right.

 

101 level timeline and facts, in plain English.

 

http://www.counterpunch.org/2011/09/26/saving-the-rich-losing-the-economy/

 

 

10 Replies
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Honored Advisor

Re: Paul Craig Roberts

If you ask what the cause of the `30s depression was, convential wisdom says "Protectionism! The Smoot-Hawley trade act! Now sit down and shut the Hell up!!"  The thing is the stock market crashed in October of 1929 and Smoot Hawley was passed 8 months later in June of 1930.http://www.exponentialimprovement.com/cms/smoot.shtml  See, total trade was small in relation to GNP.  Here is a chart showing flat and trade

surpluses the"protectionist"1930`s during the 80s freetrade was when trade deficts came

   Trade Graph

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Advisor

Re: Paul Craig Roberts

He's right, but leaves out just a bit. Countries like Greece can go the Iceland way, they can tell the bankers to stuff it. But then they'd have to live within their means wouldn't they? No more free cheese. Let yourself get addicted to crack (debt) and the crack dealers are going to call the shots.
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Advisor

Re: Paul Craig Roberts

Net result quite possibly being no different though, wouldn't you agree? And at least they are free, no?

 

Like the washerwoman in M. Python;s The Meaning of Life,, if you've seen it. You'd quite possibly appreciate it. Over 20 years old and could have been written and produced yesterday.

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Advisor

Re: Paul Craig Roberts

Just heard a guy on the radio...some economist or analyst....didn't catch his name or what he does or who he was representing, so it could be just one more opinion...we;ve all got one, right? No need to make the anatomical analogy again.  But he expressed his that the greatest thing to fear is that nobody is in charge of anything or can officially influence or steer anything.

 

Said that the Fed and the EC Banks are generally incapable of helping matters such as they have become, and that although most people generally are living under the assumption that there are regulations and and safeguards in place in governments and agreements that  have all farily well been scuttled or disabled. That the rules of the game are that money is what money does. That open swap lines make credit accesible by the simple manufacture and transaction of it by the primary creditors, whether there is actually anything there to borrow on or not. Like the other guy said, money has become a system of rules... made up as they go along by the players.

 

The tone of his voice was intriguing, like somebody who didn't know whether to laugh or cry.

 

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Advisor

Validation of all that

Just saw this at this more or less progress/left leaning blog site, after having seen it touted at a more libertarian/conservative site last night.

 

Sobering:

 

http://www.nakedcapitalism.com/2011/09/trader-on-bbc-sounds-alarm-about-market-crash.html

 

or

 

http://market-ticker.org/akcs-www?post=194838

 

 

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Advisor

Re: Paul Craig Roberts

Yes, but it appears they won't realize the choice and will end up debt slaves. I think this country will choose similarly.
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Advisor

Re: Paul Craig Roberts

I'm beoming more convinced that the "choice" option doesn't exist.

 

Fist of all, who is going to pose it? Surely not our hamstrung political system. Credible buiness leaders with egalitarian motives? Where could they be found?

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Re: Paul Craig Roberts

That is 100% consistent with my view of recent market action.

 

Nobody has a plan or an idea what to do so the only thing to do was feed a rumor about a huge leveraging of the EU ESFF through Steve Liesman on CNBC and squeeze the befeebers out of everybody who is short the market.

 

That rumor seemed fairly preposterous at the time and is now pretty well discredited in less than 24 hours but it served its purpose. And Steve feels important and CNBC's market share went from .00011 to .00012.

 

Then we'll slowly come back to the realization that global econ data is crappy and nobody can agree on what to do about it- which keeps the markets from going up but doesn't make them go down- and wait for the next reason to panic. Which will probably take about 3-5 days.

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Advisor

Re: Paul Craig Roberts

You and I Bruce. People called and emailed 10 to 1 against tarp. It was the same choice. What WE do when they fall to listen will, I guess, be another choice.