H/T Francisco González Another precise summary by Roberts. Americans are losing 11% of their savings anually to real inflation. Whatever remains of those savings will evaporate soon. If the OWS movement doesn't cool off satisfactorily with the arrival of winter temperatures, it will simply be infiltrated with provocateurs who will break things, or even fire at police, to justify shooting protesters and putting them away as “terrorists”. It''s the oldest trick in the book. “Liberals” and “conservative” will continue their irrelevant bickering about irrelevant matters to provide adequate distraction. Having effectively destroyed its own Constitution, all forms of international law and all basic moral principles, the US can and will, for the moment, get away with any form of wanton destruction, murder and looting it wishes to impose around the world. At home, uncle sam will continue to pamper and protect the 1 percent, and give his ever growing finger to the rest of its citizens. The End of History
Paul Craig Roberts
October 21, 2011
Paul Craig Roberts
October 21, 2011
If Washington’s plans succeed, Libya will become another American puppet state. Most of the cities, towns, and infrastructure have been destroyed by air strikes by the air forces of the US and Washington’s NATO puppets. US and European firms will now get juicy contracts, financed by US taxpayers, to rebuild Libya. The new real estate will be carefully allocated to lubricate a new ruling class picked by Washington. This will put Libya firmly under Washington’s thumb.
With Libya conquered, AFRICOM will start on the other African countries where China has energy and mineral investments. Obama has already sent US troops to Central Africa under the guise of defeating the Lord’s Resistance Army, a small insurgency against the ruling dictator-for-life. The Republican Speaker of the House, John Boehner, welcomed the prospect of yet another war by declaring that sending US troops into Central Africa “furthers US national security interests and foreign policy.” Republican Senator James Inhofe added a gallon of moral verbiage about saving “Ugandan children,” a concern the senator did not have for Libya’s children or Palestine’s, Iraq’s, Afghanistan’s and Pakistan’s.
Washington has revived the Great Power Game and is vying with China. Whereas China brings Africa investment and gifts of infrastructure, Washington sends troops, bombs and military bases. Sooner or later Washington’s aggressiveness toward China and Russia is going to explode in our faces.
Where is the money going to come from to finance Washington’s African Empire? Not from Libya’s oil. Big chunks of that have been promised to the French and British for providing cover for Washington’s latest war of naked aggression. Not from tax revenues from a collapsing US economy where unemployment, if measured correctly, is 23 percent.
With Washington’s annual budget deficit as huge as it is, the money can only come from the printing press.
Washington has already run the printing press enough to raise the consumer price index for all urban consumers (CPI-U) to 3.9% for the year (as of the end of September), the consumer price index for urban wage earners and clerical workers (CPI-W) to 4.4% for the year, and the producer price index (PPI) to 6.9% for the year.
As statistician John Williams (shadowstats.com) has shown, the official inflation measures are rigged in order to hold down cost of living adjustments to Social Security recipients, thus saving money for Washington’s wars. When measured correctly, the current rate of inflation in the US is 11.5%.
What interest rate can savers get without taking massive risks on Greek bonds? US banks pay less than one-half of one percent on FDIC insured savings deposits. Short-term US government bond funds pay essentially zero.
Thus, according to official US government statistics American savers are losing between 3.9% and 4.4% of their capital yearly. According to John Williams’ estimate of the real rate of inflation, US savers are losing 11.5% of their accumulated savings.
As retired Americans receive no interest on their savings, they are having to spend down their capital. The ability of even the most prudent retirees to survive the negative rate of interest they are receiving and the erosion by inflation of any pensions that they receive will come to an end once their accumulated assets are exhausted.
Except for Washington’s favored mega-rich, the one percent that has captured all of the income gains of recent years, the rest of America has been assigned to the trash can. Nothing whatsoever has been done for them since the financial crisis hit in December 2007. Bush and Obama, Republican and Democrat, have focused on saving the 1 percent while giving the finger to the 99 percent.
Finally, some Americans, though not enough, have caught on to the flag-waving rah-rah “patriotism” that has consigned them to the trash bin of history. They are not going down without a fight and are in the streets. Occupy Wall Street has spread. What will be the fate of this movement?
Will the snow and ice of cold weather end the protests, or send them into public buildings? How long will the local authorities, subservient to Washington as they are, tolerate the obvious signal that the population lacks any confidence whatsoever in the government?
If the protests last, especially if they grow and don’t decline, the authorities will infiltrate the protestors with police provocateurs who will fire on the police. This will be the excuse to shoot down the protestors and to arrest the survivors as “terrorists” or “domestic extremists” and to send them to the $385 million dollar camps built under US government contract by Cheney’s Halliburton.
The Amerikan Police State will have taken its next step into the Amerikan Concentration Camp State.
Meanwhile, lost in their oblivion, conservatives will continue to bemoan the ruination of the country by homosexual marriage, abortion, and “the liberal media.” Liberal organizations committed to civil liberty, such as the ACLU, will continue to rank a woman’s right to an abortion with defense of the US Constitution. Amnesty International will assist Washington in demonizing its next target for military attack while turning a blind eye to the war crimes of President Obama.
When we consider what Israel has got away with, being as it is under Washington’s bought protection–the war crimes, the murders of children, the eviction in total disregard of international law of Palestinians from their ancestral homes, the bulldozing of their houses and uprooting of their olive groves in order to move in fanatical “settlers,” the murderous invasions of Lebanon and Gaza, the wholesale slaughter of civilians–we can only conclude that Washington, Israel’s enabler, can get away with far more.
In the few opening years of the 21st century, Washington has destroyed the US Constitution, the separation of powers, international law, the accountability of government, and has sacrificed every moral principle to achieving hegemony over the world. This ambitious agenda is being attempted while simultaneously Washington removed all regulation over Wall Street, the home of massive greed, permitting Wall Street’s short-term horizon to wreck the US economy, thus destroying the economic basis for Washington’s assault on the world.
Will the US collapse in economic chaos before it rules the world?Paul Craig Roberts is a frequent contributor to Global Research. Global Research Articles by Paul Craig Roberts