Paul Craig Roberts: U.S. Trying to Push Back a Dollar Blow-up

nuclear-bomb-KoreaFormer Assistant Treasury Secretary Dr. Paul Craig Roberts says new Trade deals with the EU and Asia are meant to backstop the dollar.
Dr. Roberts contends, “Washington is arranging that many countries have a stake in supporting the dollar. That frees them from the consequences of the printing press for now and a number of years.” It may already be working as Roberts points to the recent plight of NSA leaker Edward Snowden. He says, “Snowden tells the whole world the Americans are listening in on your every communication. You have no privacy whatsoever from the Americans and, yet, nobody will step forward and give him asylum. . . . They’d rather have American money than defend the guy who brings them the truth.” Not every country thinks the U.S. will be successful in saving the dollar. Dr. Roberts points out, “China is importing a tremendous amount of gold. They seem to not have much confidence in the longevity of American plans.” Even so, a dollar crash might be pushed back. Dr. Roberts contends, “They can put that off for a long time if these various schemes work.” And if they don’t work? Roberts says, “Well, there’s going to be a big blowup. I think there will be a big blowup anyhow.” Join Greg Hunter as he goes One-on-One with economist Dr. Paul Craig Roberts.

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Comments



  1. That’s a punch in the gut 4 oz.  US wages dropped 10% in the last 4 years to $48,000   With the new jobs picture showing most of the new jobs making $30,000 a year, plus part time jobs being the rule not the exception, I would not be surprised to hear another 10% drop in wages in short order. If you couple that with 10-15% increases in food prices, forcing consumers to spend 15% of the their new income level budgets, up from 8%, there is a real chance we will see riots.  25% of children in this country have food insufficiency.  There could be more in the near future.  That will remain to be seen.  Droughts, crop failures, foolish government regs and policies that harm farmers and reduction in arable land could make the US farm product neutral.  An army travels on its stomach. A hungry crowd?   I don;t know but I would not want to be standing in their way. 

    • Why anyone living in a big city or the suburbs these days is insane

    • As long as the “free stuff” continues to flow to the lower classes, there will be no riots.  If the public trough is interrupted for any reason, however, the big cities will become violent in short order.  Middle class people act out their anger in other ways, so look for more individual actions, such as suicides and shootings of government employees, and not much in the way of violent group actions.  Relatively peaceful marches and demonstrations can be expected from them, however, but not rock and bottle throwing, turning over and torching of cars, store looting, or violent physical conflict with the police.  Upper class people simply call their attornies or congress critters to vent their frustrations.

  2. “Conditions were so bad in France that by 1780, 80 per cent of French families were forced to spend 90 per cent of their income on bread in order to stay alive. (Paul Johnson, Bank Credit Analyst, September 1978 Issue.)

    Inception and continuation of hegemony is dependent on making conditions in subjected lands palpably BETTER. In cases where nothing changes or in fact gets worse, the esteem that hegemony DEPENDS on, has no ground on which to stand and … falls. THAT’S why Rome was greeted early on. It brought practical technologies, dependable governance, reasoned legal and commercial systems into the lives of ‘conquored’ Peoples. But as those things became decrepit and corrupted, dragging those Peoples into greater and greater destitution, Roman Empire was rejected and then reviled.

    This ‘desire for the money’ that Dr. Roberts conjurs up, is ONLY AMONG HIS ELITIST PEERS. The Peoples of the countries, whom he ignores, however, are THE truly decisive factor on the time-line he imagines. As this banknote ‘money’ continually dwindles in purchase power, as prices for more and more things become a fantasmagoria and macro-economic conditions worsen, where as in 1780 France, survival itself comes into question. All this intellectual mumbo-jumbo about ‘avoiding the consequences of the printing press’ will become the stuff of future wonder and dismay.

  3. Considering the “Father of Reaganomics” Paul Craig Roberts, when a part of the snitch and pedophile rapist (when president of the Film Actors Guild), multi-adulterous/engaged in pre-martial sex (to marry a 3 month pregnant Nancy), Treason fomenting (Iran Contra weapons for cocaine scandal), War Criminal (supporting Death Squads in El Salvador and Guatemala), wife and political party swapping Ronald Reagan administration; nearly tripled the deficit having nothing to do with the collapse of the former U.S.S.R., while raising taxes 7 out of the 8 years in office. That took the country from being the #1 creditor nation in the world to the #1 debtor one in less than 8 years.
    Those who know that Paul Craig Roberts actions of 30 years ago speak louder than what his articles bloviates of late, realize just how much of a shrill he truly is.
     

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