From Dr. Paul Craig Roberts Paul Craig Roberts was Assistant Secretary of the Treasury for Economic Policy and associate editor of the Wall Street Journal. He was columnist for Business Week, Scripps Howard News Service, and Creators Syndicate. He has had many university appointments. His internet columns have attracted a worldwide following. His latest book, The Failure of Laissez Faire Capitalism and Economic Dissolution of the West is now available. paulcraigroberts.org/2013/08/30/america-totally-discredited-paul-craig-roberts/ Obama’s destruction of US credibility goes far beyond diplomacy. It is likely that this autumn or winter, and almost certainly in 2014, the US will face severe economic crisis. The long-term abuse of the US dollar’s reserve currency role by the Federal Reserve and US Treasury, the never-ending issuance of new debt and printing of dollars to finance it, the focus of US economic policy on bailing out the “banks too big to fail” regardless of the adverse impact on domestic and world economies and holders of US Treasury debt, the awaiting political crisis of the unresolved deficit and debt ceiling limit that will greet Congress’ return to Washington in September, collapsing job opportunities and a sinking economy all together present the government in Washington with a crisis that is too large for the available intelligence, knowledge, and courage to master.
Posted on: Sun, 01 Sep 2013 21:06:55 +0000
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