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Once upon a time America had a capitalist economy. Bank deposits were used for loans that expanded productive ability. America produced its own goods and grew its own food. America’s currency was backed by gold and inflation was nonexistent. New technology brought into play by new investment improved the productivity of labor, and living standards... Read More
In Part 1 ( ), I reported that we already do not own anything. The immediate response from readers is: what can we do to avoid dispossession? Offhand, the answer might appear to be debt-free property and gold and silver in personal possession. However, if the goal is that we own nothing and are controlled... Read More
The Federal Reserve’s higher interest rates after 12 years of zero interest rates are devaluing the asset side of banks’ balance sheets. This frightens depositors and they withdraw their deposits. Depositors also are withdrawing their money because they can get much higher interest rates on safe US Treasuries. According to some reports, $1 trillion has... Read More
The Federal Reserve decided it had not wiped out enough banks and again raised interest rates, thereby pushing more banks toward insolvency. The goofs think, or pretend to think, that too many Americans are working, making and spending too much money, and causing inflation despite the obvious fact that the rise in prices is due... Read More
Interview of Paul Craig Roberts by the Russian Geopolitical institute GEOFOR. There are two main avenues to a potential US financial crisis. Such a crisis, because of US financial dominance and because of the interconnections of globalism, which was a huge mistake for humanity, would be international. One avenue to crisis is the Federal Reserve’s... Read More
Based on reporting of economic data that John Williams has long shown to be unreliable, as have the constant revisions of the data, Federal Reserve chairman Powell is threatening higher interest rates. This threat comes amidst large layoffs of employees by tech companies, GM buyouts of salaried employees, signs of possible bank problems, and by... Read More
Despite the Internet, information is tightly controlled. Truth is hard to come by. There is a great deal of medical and scientific evidence available that the Covid “vaccines” are very dangerous to children, in fact many times more dangerous than Covid itself. Yet parents still take their youngsters and even babies to be vaccinated on... Read More
In 1945 the United States emerged from a world war with the only intact industrial economy in the world. The British, European, Soviet, and Japanese economies were in ruins. China and the rest of Asia, Africa, and South America had undeveloped economies, later renamed third world economies. Additionally, the US held most of the world’s... Read More
People want to know where the economy is headed. What they should be asking is does the US still have an economy? My answer is no, it doesn’t. I will explain why. For a quarter century I have pointed out the destructive effect of moving American investment and jobs to China and other points abroad.... Read More
What do we make of it all? I just read an article in the New York Times that reports that President Trump lied and hid from the public the severity of the Covid-19 pandemic . On the other side, I encounter endless Internet rage that Covid-19 is a hoax, that New York city’s hospitals are... Read More
Even before the Covid-19 crisis had slashed stock prices nearly in half since it erupted in January, financial markets were in an inherently unstable condition. Years of quantitative easing had loaded so much money into stock and bond prices that stock price/earnings multiples and bond prices were far too high by any normal and reasonable... Read More
Thirty-eight years ago when I was in charge of United States domestic economic policy, the US Treasury and President Reagan believed that the purpose of economic policy was to serve the country, not Wall Street and the banks or the corporations or any of the various organized interest groups. Our idea was that policy could... Read More
The main problem with the US economy is that globalism has been deconstructing it. The offshoring of US jobs has reduced US manufacturing and industrial capability and associated innovation, research, development, supply chains, consumer purchasing power, and tax base of state and local governments. Corporations have increased short-term profits at the expense of these long-term... Read More
The political and media coverup of the genocide of the Greek Nation began yesterday (August 20) with European Union and other political statements announcing that the Greek Crisis is over. What they mean is that Greece is over, dead, and done with. It has been exploited to the limit, and the carcas has been thrown... Read More
For two decades the offshoring of American jobs to Asia and Mexico has destroyed the careers and incomes of tens of millions of US citizens, the pension tax base for state and local governments, the federal tax base for Social Security and Medicare, and the opportunity society that once characterized the United States of America.... Read More
This is the lecture I would have given if I had been able to accept the invitation to address the St. Petersburg Economic Conference in Russia this weekend. Executive Summary: From the standpoint of Russia’s dilemma, this is an important column. Putin’s partial impotence via-a-vis Washington is due to the grip that neoliberal economics exercises... Read More
Americans live a never-never-land existance. The politicians and presstitutes make sure of that. Consider something as simple as the unemployment rate. The US is said to have full employment with a January 2018 unemployment rate of 4.1 percent, down from 9.8 percent in January 2010. However, the low rate of unemployment is contradicted by the... Read More
For many decades the Federal Reserve has rigged the bond market by its purchases. And for about a century, central banks have set interest rates (mainly to stabilize their currency’s exchange rate) with collateral effects on securities prices. It appears that in May 2010, August 2015, January/February 2016, and currently in February 2018 the Fed... Read More
On February 6 PCR asked if the Plunge Protection Team had stepped in and prevented a stock market correction by purchasing equity index futures. enough, the daily exchange volume chart shows an increase in futures activity on February 2 with sharp increases on Feb. 5th and 6th. Those are the days when the stock market... Read More
After the extraordinary sudden loss in equity values, today (2-6-18) brought gains back to the stock indices. What happened? Did the market sneeze, cough, or was something misread and today perceived in a different light? In my opinion this is what happened: The Plunge Protection Team, as they have done on previous equity market drops,... Read More
I deplore the tax cut that has passed Congress. It is not an economic policy tax cut, and it has nothing whatsoever to do with supply-side economics. The entire purpose is to raise equity prices by providing equity owners with more capital gains and dividends. In other words, it is legislation that makes equity owners... Read More
The big New York banks no longer perform the banking function of lending to consumers and businesses. Thanks to government policies that foster increased financial concentration, banking incentives have changed fundamentally. The big banks today are focused on higher risk-return speculation and on trading and fee-based income. Banks don’t lend not because, as banks and... Read More
World War II resulted in Europe being conquered, not by Berlin but by Washington. The conquest was certain but not all at once. Washington’s conquest of Europe resulted from the Marshall Plan, from fears of Stalin’s Red Army that caused Europe to rely on Washington’s protection and to subordinate Europe’s militaries to Washington in NATO,... Read More
Marx and Lenin were ahead of their time. Marx wrote before offshoring of jobs and the financialization of the economy. Lenin presided over a communist revolution that jumped the gun by taking place in a country in which feudal elements still predominated over capitalism. In 21st century America capitalism has been unfettered from the regulations... Read More
In the 21st century Americans have been distracted by the hyper-expensive “war on terror.” Trillions of dollars have been added to the taxpayers’ burden and many billions of dollars in profits to the military/security complex in order to combat insignificant foreign “threats,” such as the Taliban, that remain undefeated after 15 years. All this time... Read More
In my archives there is a column or two that introduces the reader to John Perkins’ important book,Confessions of an Economic Hit Man. An EHM is an operative who sells the leadership of a developing country on an economic plan or massive development project. The Hit Man convinces a country’s government that borrowing large sums... Read More
The US economy died when middle class jobs were offshored and when the financial system was deregulated. Jobs offshoring benefitted Wall Street, corporate executives, and shareholders, because lower labor and compliance costs resulted in higher profits. These profits flowed through to shareholders in the form of capital gains and to executives in the form of... Read More
In the last years of the 20th century fraud entered US foreign policy in a new way. On false pretenses Washington dismantled Yugoslavia and Serbia in order to advance an undeclared agenda. In the 21st century this fraud multiplied many times. Afghanistan, Iraq, Somalia, and Libya were destroyed, and Iran and Syria would also have... Read More
The great problem with corporate capitalism is that publicly owned companies have short time horizons. Unlike a privately owned business, the top executives of a publicly owned corporation generally come to their positions late in life. Consequently, they have a few years in which to make their fortune. As a consequence of the short-sightedness of... Read More
Are we witnessing the corruption of central banks? Are we observing the money-creating powers of central banks being used to drive up prices in the stock market for the benefit of the mega-rich? These questions came to mind when we learned that the central bank of Switzerland, the Swiss National Bank, purchased 3,300,000 shares of... Read More
This article establishes that the price of gold and silver in the futures markets in which cash is the predominant means of settlement is inconsistent with the conditions of supply and demand in the actual physical or current market where physical bullion is bought and sold as opposed to transactions in uncovered paper claims to... Read More
We have explained on a number of occasions how the Federal Reserves’ agents, the bullion banks (principally JPMorganChase, HSBC, and Scotia) sell uncovered shorts (“naked shorts”) on the Comex (gold futures market) in order to drive down an otherwise rising price of gold. By dumping so many uncovered short contracts into the futures market, an... Read More
Ayn Rand is a pariah among those who believe that government is our benefactor. There are times and conditions when government can be a benefactor of the people. But not in the Western world at the present time. As Michael Hudson and I agree, Western central banks refuse to create money to finance economy recovery.... Read More
Over the last 15 months Ukrainians have paid for Washington’s overthrow of their elected government in deaths, dismemberment of their country, and broken economic and political relationships with Russia that cost Ukraine its subsidized energy. Now Ukrainians are losing their pensions and traditional support payments. The Ukrainian population is headed for the graveyard. On June... Read More
There are no free financial markets in America, or for that matter anywhere in the Western word, and few, if any, free markets of any other kind. The financial markets are rigged by the big banks, the Federal Reserve, and the Treasury in the interests of the profits of the few big banks and the... Read More
Note: In this article the times given are Eastern Standard Time. The software that generated the graph uses Mountain Standard Time. Therefore, read the x-axis two hours later than the axis indicates. The Federal Reserve and its bullion bank agents are actively using uncovered futures contracts to illegally manipulate the prices of precious metals in... Read More
A dangerous new trend is the successful manipulation of the financial markets by the Federal Reserve, other central banks, private banks, and the US Treasury. The Federal Reserve reduced real interest rates on US government debt obligations first to zero and then pushed real interest rates into negative territory. Today the government charges you for... Read More
On occasion a reader will ask if I can give readers some good news. The answer is: not unless I lie to you like “your” government and the mainstream media do. If you want faked “good news,” you need to retreat into The Matrix. In exchange for less stress and worry, you will be led... Read More
As we have demonstrated in previous articles, the bullion banks (primarily JP Morgan, HSBC, ScotiaMocatta, Barclays, UBS, and Deutsche Bank), most likely acting as agents for the Federal Reserve, have been systematically forcing down the price of gold since September 2011. Suppression of the gold price protects the US dollar against the extraordinary explosion in... Read More
July 16, 2014. The first two days this week gold was subjected to a series of computer HFT-driven “flash crashes” that were aimed at cooling off the big move higher gold has made since the beginning of June. During this move higher, the hedge funds, who typically “chase” the momentum of gold up or down,... Read More
The third and final estimate (until the annual GDP revisions) of first quarter 2014 real GDP growth released June 25 by the US Bureau of Economic Analysis was a 2.9% contraction in GDP growth, a 5.5 percentage point difference from the January forecast of 2.6% growth. Apparently, the first quarter contraction was dismissed by those... Read More
The Cold War made a lot of money for the military/security complex for four decades dating from Churchill’s March 5, 1946 speech in Fulton, Missouri declaring a Soviet “Iron Curtain” until Reagan and Gorbachev ended the Cold War in the late 1980s. During the Cold War Americans heard endlessly about “the Captive Nations.” The Captive... Read More
Paul Craig Roberts has had careers in scholarship and academia, journalism, public service, and business. He is chairman of The Institute for Political Economy.
Dr. Roberts has held academic appointments at Virginia Tech, Tulane University, University of New Mexico, Stanford University where he was Senior Research Fellow in the Hoover Institution, George Mason University where he had a joint appointment as professor of economics and professor of business administration, and Georgetown University where he held the William E. Simon Chair in Political Economy in the Center for Strategic and International Studies.
Dr. Roberts was associate editor and columnist for The Wall Street Journal and columnist for Business Week and the Scripps Howard News Service. He was a nationally syndicated columnist for Creators Syndicate in Los Angeles. In 1992 he received the Warren Brookes Award for Excellence in Journalism. In 1993 the Forbes Media Guide ranked him as one of the top seven journalists in the United States.
President Reagan appointed Dr. Roberts Assistant Secretary of the Treasury for Economic Policy and he was confirmed in office by the U.S. Senate. 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. After leaving the Treasury, he served as a consultant to the U.S. Department of Defense and the U.S. Department of Commerce.
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