This is an important, well-written editorial by an American economist with experience both in Washington and on Wall Street. He proposes that the policies of Wall Street brought about the offshoring of a huge number of American jobs and the policies of the US government continue to maximize the unemployment rate of American citizens. There are so many excellent ideas in this piece it begs to be read in its entirety. What follows is simply the handwriting on the wall suggested by the final paragraph of the article.
Saving the Rich, Losing the Economy
by PAUL CRAIG ROBERTS
SEPTEMBER 26, 2011
For four years interest rates, when properly measured, have been negative. Americans are getting by, maintaining living standards, by consuming their capital. Even those with a cushion are eating their seed corn. The path that the US economy is on means that the number of Americans without resources to sustain them will be rising. Considering the extraordinary political incompetence of the Democratic Party, the right wing of the Republican Party, which is committed to eliminating income support programs, could find itself in power. If the right-wing Republicans implement their program, the US will be beset with political and social instability. As Gerald Celente says, “when people have nothing left to lose, they lose it.”