And who would that be? It's common knowledge we are vastly in debt, and we pay interest on that debt. 
Posted on 02/28/2005 11:54:16 PM PST by beyond the sea
The U.S. economy is headed toward crisis, and the political leadership of the country – if it can be called leadership – is preoccupied with nonexistent weapons of mass destruction in the Middle East.
The U.S. economy is failing. The afflictions are serious. They could be fatal even if diagnosed and treated. America is losing the purchasing power of its currency and its ability to create middle-class jobs. Story Continues Below
The dollar's sharp decline and projections of continuing trade and budgetary red ink are undermining the dollar's role as reserve currency. A number of central banks have announced that they will be diversifying their currency holdings and will not be buying dollars at the same rate as in the past. This will put more pressure on the dollar. At some point, the flight will begin. Instead of buying fewer dollars, central banks will sell dollars, hoping to get out before the dollar hits bottom.
Suddenly, the advantage of being the reserve currency becomes a nightmare, as the world's accumulations of dollars are brought to market. An enormous supply and weak demand mean a very low exchange rate for the once almighty U.S. dollar.
Overnight, those cheap goods in Wal-Mart, which are the no-think economist's facile justification for Wal-Mart's decimation of communities, small businesses and employment, shoot up in price.
(Excerpt) Read more at newsmax.com ...
Removing that first sentence takes away the author's own intent, which is clearly to BASH the Bush administration. I'd say let the author's words stand as written.
Howlin, you continue to exhibit zero common sense and a distaste for facts. He does not "post at VDARE". Others republish his works.
Your reputation precedes yourself, Howlin. You iignore facts and cheer baseless opinion.
Why don't you now comment on his FACTUAL biography listed below?
I find nothing wrong in this commentary by Mr. Roberts. As usual, he is on target, an object of which you have never seen.
PAUL CRAIG ROBERTS BIO
Paul Craig Roberts is the John M. Olin fellow at the Institute for Political Economy, research fellow at the Independent Institute and senior research fellow at the Hoover Institution, Stanford University. A former editor and columnist for The Wall Street Journal, he writes a political commentary column for Creators Syndicate. He also writes a monthly economics column for Business Week.
In 1992, he received the Warren Brookes Award for Excellence in Journalism. In 1993, he was ranked as one of the top seven journalists by the Forbes Media Guide.
He was distinguished fellow at the Cato Institute from 1993 to 1996. From 1982 through 1993, he held the William E. Simon chair in political economy at the Center for Strategic and International Studies. From 1981 to 1982, he served as assistant secretary of the Treasury for economic policy. President Reagan and Treasury Secretary Regan credited him with a major role in the Economic Recovery Tax Act of 1981, and he was awarded the Treasury Department's Meritorious Service Award for "his outstanding contributions to the formulation of United States economic policy." From 1975 to 1978, Dr. Roberts served on the congressional staff where he drafted the Kemp-Roth bill and played a leading role in developing bipartisan support for a supply-side economic policy.
In 1987, the French government recognized him as "the artisan of a renewal in economic science and policy after half a century of state interventionism" and inducted him into the Legion of Honor.
Dr. Roberts' latest book is The New Colorline: How Quotas and Privilege Destroy Democracy, co-authored with Lawrence Stratton and published by Regnery in October 1995. Meltdown: Inside the Soviet Economy, co-authored with Karen LaFollette, was published by the Cato Institute in 1990. His book, The Supply-Side Revolution, was published by Harvard University Press in 1984. Widely reviewed and favorably received, the book was praised by Forbes as "a timely masterpiece that will have real impact on economic thinking in the years ahead." He is the author of Alienation and the Soviet Economy, published in 1971 and republished in 1990, and Marx's Theory of Exchange, Alienation, and Crisis, published in 1973 and republished in 1983.
Roberts has held numerous academic appointments and has published many articles in journals of scholarship, including the Journal of Political Economy, Oxford Economic Papers, Journal of Law and Economics, Studies in Banking and Finance, Journal of Monetary Economics, Public Finance Quarterly, Public Choice, Classica et Mediaevalia, Ethics, Slavic Review, Soviet Studies, Rivista Di Politica Economica, and Zeitschrift Fur Wirtschafspolitik. He has contributed to Commentary, The Public Interest, Harper's, The New York Times, The Washington Post, Los Angeles Times, Fortune, Investor's Business Daily, London Times, Financial Times, The Spectator, IL Sole 24 Ore, Le Figaro, Liberation and The Nihon Keizai Shimbun. He has testified before committees of Congress on over 30 occasions.
Dr. Roberts was educated at the Georgia Institute of Technology, the University of Virginia, the University of California at Berkeley and Oxford University, where he was a member of Merton College.
Well that intent may be his, but Paul Craig Roberts is wrong about WMD. Those WMD were very likely removed long before our military arrived in Iraq. Maybe it would be better to remove the whole article. What do you think?
He is wrong on almost every point. I'd leave it up to illustrate how wrong he is.
Excuse my ignorance, but what is "VDARE"?
If Paul Craig Roberts knew what he was talking about, we would be all on the corner selling apples and pencils by now.
A} One should never censure an author's work--that is copyright infringement.
B] The comment is technically correct in many respects, taken in context of what was presumed.
C] READ POST #163. Paul Craig Roberts has better credentials than me and any other member of the Free Republic Forum.
The article simply differs from some others' opinion.
And who would that be? It's common knowledge we are vastly in debt, and we pay interest on that debt.
Simply a website that publishes work that Howlin seems to have has a different opinion from what the authors that publish there do.
The issues are important, but someone who buys into obvious lies and hyperbole on one issue is not credible on any other. Most of us don't have sufficient economic understanding to be able to pick apart the data and logic that support his other conclusions. Besides, character cannot be compartmentalized-- bad character, bad faith, seep from one area of our lives to another, from one issue to another. In my view, that was the lesson of the Clinton administration, that people with no integrity in one area of their lives won't have any in any other area either.
There are plenty of intelligent and knowledgable people writing on every issue under the sun, and on every side of the issues-- there's no need to ever listen to someone who believes and propagates lies.
Thank you for posting this wonderful article by such a respected author and commentator.
Exposing potential problems is how citizens raise yellow flags and start to question potentially dangerous problems.
Hitler burnt books and censured authors. Never forget that. We need alternative opinion, especially by such respected writers.
Sounds right.
Your point is well taken.
I've never understood this type of thinking. My daddy always taught me to evaluate the sense of the words rather than what I think of the source. If a skinhead said that water is wet, that does not automatically make it dry.
Is it possible that a person can hate Mr. Bush and still be right about his numbers? Is it possible that a person can believe that there were no WMDs in Iraq and still be knowledgeable and intuitive about economics?
The economy is on the verge of collapse, just bring back me and bill and all will be well.
Agreed...the barbarians are INSIDE the gate...some of them are even "Republicans" (aka. RINOs)...
Please don't feed the RINOs...
I am glad you said that. It's important.
And in much the same vein, I find labels (conservative/liberal) and categories very limiting to debate too. ;-)
Just remember, RINOs have trouble thinking beyond the next 15-20 seconds...they NEVER think in terms of years in the future.
;)
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