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<font face="Times New Roman, Times, serif"><span
style="letter-spacing: 0px;"><font size="3">Paul Craig Roberts renders
harsh news for Americans. Max Keiser says it is [OV3R], that America
as we knew it is <u>D34D</u> and there is No Hope Available. PCR is
calling for a R[3voJ]ution as the only hope. I personally side with
Max inasmuch as I view Americans as too much vested in the system and
too complacent to notice the sense of unease in the air, and that
Americans are generally weak and flimsy, and are more suited for
complacency and submission than they are for massive strikes, public
demonstration, bloodshed, and ill treatment as homegrown terrorists.
But I expect that things might not be quite as bad as might I expect
that they are.<br>
<br>
Says PCR in "Global Research": <br>
</font></span></font>
<blockquote><i><font face="Times New Roman, Times, serif"><span
style="letter-spacing: 0px;"><font size="3">Americans have no greater
enemies than Wall Street and the corporations and their prostitutes in
Congress and the White House.</font></span></font><font
face="Times New Roman, Times, serif"><font size="3"><span
style="letter-spacing: 0px;"></span>
</font></font><br>
</i>
<div
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align="justify"><i><font face="Times New Roman, Times, serif"><span
style="letter-spacing: 0px;"><font size="3">The neocons allied with
Israel, who control both parties and much of the media, are strung out
on the ecstasy of Empire. </font></span></font></i></div>
<i><font face="Times New Roman, Times, serif"><font size="3"><span
style="letter-spacing: 0px;"></span></font></font><br>
</i>
<div
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align="justify"><i><font face="Times New Roman, Times, serif"><span
style="letter-spacing: 0px;"><font size="3">The United States and the
welfare of its 300 million people cannot be restored unless the
neocons, Wall Street, the corporations, and their servile slaves in
Congress and the White House can be defeated.</font></span></font></i></div>
<i><font face="Times New Roman, Times, serif"><font size="3"><span
style="letter-spacing: 0px;"></span></font></font><br>
</i>
<div
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align="justify"><font face="Times New Roman, Times, serif"><span
style="letter-spacing: 0px;"><font size="3"><i>Without a revolution,
Americans are history.<br>
</i><br>
</font></span></font></div>
</blockquote>
<div
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align="justify"><font face="Times New Roman, Times, serif"><span
style="letter-spacing: 0px;"></span></font><br>
<div class="articleTitle">The Ecstasy of Empire: How Close Is America’s
Demise?</div>
<div class="articleSubTitle">Without a revolution, Americans are history</div>
<br>
<div class="articleAuthorName"><small><font
face="Helvetica, Arial, sans-serif"><big>by Paul Craig Roberts<br>
<br>
<a href="http://www.globalresearch.ca/index.php?context=va&aid=20650">http://www.globalresearch.ca/index.php?context=va&aid=20650</a><br>
</big><br>
</font></small>
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>The United States
is running out of time to get its budget and trade deficits under
control. Despite the urgency of the situation, 2010 has been wasted in
hype about a non-existent recovery. As recently as August 2 Treasury
Secretary Timothy F. Geithner penned a New York Times Column, “Welcome
to the Recovery.”</small></font></span></font></small></div>
<small><font face="Helvetica, Arial, sans-serif"><font size="3"><small><span
style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>As John Williams (</small></font><a
href="http://shadowstats.com/" target="_blank" rel="nofollow"><font
size="3"><small>shadowstats.com</small></font></a><font size="3"><small>)
has made clear on many occasions, an appearance of recovery was created
by over-counting employment and undercounting inflation. Warnings by
Williams, Gerald Celente, and myself have gone unheeded, but our
warnings recently had echos from Boston University professor Laurence
Kotlikoff and from David Stockman, who excoriated the Republican Party
for becoming big spending Democrats.</small></font></span></font></small></div>
<small><font face="Helvetica, Arial, sans-serif"><font size="3"><small><span
style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>It is encouraging
to see a bit of realization that, this time, Washington cannot spend
the economy out of recession. The deficits are already too large for
the dollar to survive as reserve currency, and deficit spending cannot
put Americans back to work in jobs that have been moved offshore. </small></font></span></font></small></div>
<small><font face="Helvetica, Arial, sans-serif"><font size="3"><small><span
style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>However, the
solutions offered by those who are beginning to recognize that there is
a problem are discouraging. Kotlikoff thinks the solution is massive
Social Security and Medicare cuts or massive tax increases or
hyperinflation to destroy the massive debts. </small></font></span></font></small></div>
<small><font face="Helvetica, Arial, sans-serif"><font size="3"><small><span
style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>Perhaps economists
lack imagination, or perhaps they don’t want to be cut off from Wall
Street and corporate subsidies, but Social Security and Medicare are
insufficient at their present levels, especially considering the
erosion of private pensions by the dot com, derivative and real estate
bubbles. Cuts in Social Security and Medicare, for which people have
paid 15% of their earnings all their life, would result in starvation
and deaths from curable diseases. </small></font></span></font></small></div>
<small><font face="Helvetica, Arial, sans-serif"><font size="3"><small><span
style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>Tax increases make
even less sense. It is widely acknowledged that the majority of
households cannot survive on one job. Both husband and wife work and
often one of the partners has two jobs in order to make ends meet.
Raising taxes makes it harder to make ends meet--thus more
foreclosures, more food stamps, more homelessness. What kind of
economist or humane person thinks this is a solution?</small></font></span></font></small></div>
<small><font face="Helvetica, Arial, sans-serif"><font size="3"><small><span
style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>Ah, but we will tax
the rich. The usual idiocy. The rich have enough money. They will
simply stop earning.</small></font></span></font></small></div>
<small><font face="Helvetica, Arial, sans-serif"><font size="3"><small><span
style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>Let’s get real.
Here is what the government is likely to do. Once the Washington
idiots realize that the dollar is at risk and that they can no longer
finance their wars by borrowing abroad, the government will either levy
a tax on private pensions on the grounds that the pensions have
accumulated tax-deferred, or the government will require pension fund
managers to purchase Treasury debt with our pensions. This will buy the
government a bit more time while pension accounts are loaded up with
worthless paper. </small></font></span></font></small></div>
<small><font face="Helvetica, Arial, sans-serif"><font size="3"><small><span
style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>The last Bush
budget deficit (2008) was in the $400-500 billion range, about the size
of the Chinese, Japanese, and OPEC trade surpluses with the US.
Traditionally, these trade surpluses have been recycled to the US and
finance the federal budget deficit. In 2009 and 2010 the federal
deficit jumped to $1,400 billion, a back-to-back trillion dollar
increase. There are not sufficient trade surpluses to finance a deficit
this large. From where comes the money?</small></font></span></font></small></div>
<small><font face="Helvetica, Arial, sans-serif"><font size="3"><small><span
style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>The answer is from
individuals fleeing the stock market into “safe” Treasury bonds and
from the bankster bailout, not so much the TARP money as the Federal
Reserve’s exchange of bank reserves for questionable financial paper
such as subprime derivatives. The banks used their excess reserves to
purchase Treasury debt.</small></font></span></font></small></div>
<small><font face="Helvetica, Arial, sans-serif"><font size="3"><small><span
style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>These financing
maneuvers are one-time tricks. Once people have fled stocks, that
movement into Treasuries is over. The opposition to the bankster
bailout likely precludes another. So where does the money come from the
next time?</small></font></span></font></small></div>
<small><font face="Helvetica, Arial, sans-serif"><font size="3"><small><span
style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>The Treasury was
able to unload a lot of debt thanks to “the Greek crisis,” which the
New York banksters and hedge funds multiplied into “the euro crisis.”
The financial press served as a financing arm for the US Treasury by
creating panic about European debt and the euro. Central banks and
individuals who had taken refuge from the dollar in euros were panicked
out of their euros, and they rushed into dollars by purchasing US
Treasury debt. </small></font></span></font></small></div>
<small><font face="Helvetica, Arial, sans-serif"><font size="3"><small><span
style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>This movement from
euros to dollars weakened the alternative reserve currency to the
dollar, halted the dollar’s decline, and financed the massive US budget
deficit a while longer.</small></font></span></font></small></div>
<small><font face="Helvetica, Arial, sans-serif"><font size="3"><small><span
style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>Possibly the game
can be replayed with Spanish debt, Irish debt, and whatever unlucky
country swept in by the thoughtless expansion of the European Union.</small></font></span></font></small></div>
<small><font face="Helvetica, Arial, sans-serif"><font size="3"><small><span
style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>But when no
countries remain that can be destabilized by Wall Street investment
banksters and hedge funds, what then finances the US budget deficit?</small></font></span></font></small></div>
<small><font face="Helvetica, Arial, sans-serif"><font size="3"><small><span
style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>The only remaining
financier is the Federal Reserve. When Treasury bonds brought to
auction do not sell, the Federal Reserve must purchase them. The
Federal Reserve purchases the bonds by creating new demand deposits, or
checking accounts, for the Treasury. As the Treasury spends the
proceeds of the new debt sales, the US money supply expands by the
amount of the Federal Reserve’s purchase of Treasury debt.</small></font></span></font></small></div>
<small><font face="Helvetica, Arial, sans-serif"><font size="3"><small><span
style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>Do goods and
services expand by the same amount? Imports will increase as US jobs
have been offshored and given to foreigners, thus worsening the trade
deficit. When the Federal Reserve purchases the Treasury’s new debt
issues, the money supply will increase by more than the supply of
domestically produced goods and services. Prices are likely to rise.</small></font></span></font></small></div>
<small><font face="Helvetica, Arial, sans-serif"><font size="3"><small><span
style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>How high will they
rise? The longer money is created in order that government can pay its
bills, the more likely hyperinflation will be the result.</small></font></span></font></small></div>
<small><font face="Helvetica, Arial, sans-serif"><font size="3"><small><span
style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>The economy has not
recovered. By the end of this year it will be obvious that the
collapsing economy means a larger than $1.4 trillion budget deficit to
finance. Will it be $2 trillion? Higher? </small></font></span></font></small></div>
<small><font face="Helvetica, Arial, sans-serif"><font size="3"><small><span
style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>Whatever the size,
the rest of the world will see that the dollar is being printed in such
quantities that it cannot serve as reserve currency. At that point
wholesale dumping of dollars will result as foreign central banks try
to unload a worthless currency. </small></font></span></font></small></div>
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style="letter-spacing: 0px;"></span></small>
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align="justify"><small><br>
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<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>The collapse of the
dollar will drive up the prices of imports and offshored goods on which
Americans are dependent. Wal-Mart shoppers will think they have
mistakenly gone into Neiman Marcus. </small></font></span></font></small></div>
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style="letter-spacing: 0px;"></span></small>
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align="justify"><small><br>
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</font></font></small>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>Domestic prices
will also explode as a growing money supply chases the supply of goods
and services still made in America by Americans.</small></font></span></font></small></div>
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style="letter-spacing: 0px;"></span></small>
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align="justify"><small><br>
</small></div>
</font></font></small>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>The dollar as
reserve currency cannot survive the conflagration. When the dollar goes
the US cannot finance its trade deficit. Therefore, imports will fall
sharply, thus adding to domestic inflation and, as the US is energy
import-dependent, there will be transportation disruptions that will
disrupt work and grocery store deliveries.</small></font></span></font></small></div>
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style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>Panic will be the
order of the day.</small></font></span></font></small></div>
<small><font face="Helvetica, Arial, sans-serif"><font size="3"><small><span
style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>Will farms will be
raided? Will those trapped in cities resort to riots and looting?</small></font></span></font></small></div>
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style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>Is this the likely
future that “our” government and “our patriotic” corporations have
created for us?</small></font></span></font></small></div>
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style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>To borrow from
Lenin, “What can be done?”</small></font></span></font></small></div>
<small><font face="Helvetica, Arial, sans-serif"><font size="3"><small><span
style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>Here is what can be
done. The wars, which benefit no one but the military-security complex
and Israel’s territorial expansion, can be immediately ended. This
would reduce the US budget deficit by hundreds of billions of dollars
per year. More hundreds of billions of dollars could be saved by
cutting the rest of the military budget, which in its present size,
exceeds the budgets of all the serious military powers on earth
combined. <br>
</small></font></span></font></small></div>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small><br>
US military spending reflects the unaffordable and unattainable crazed
neoconservative goal of US Empire and world hegemony. What fool in
Washington thinks that China is going to finance US hegemony over
China? </small></font></span></font></small></div>
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style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>The only way that
the US will again have an economy is by bringing back the offshored
jobs. The loss of these jobs impoverished Americans while producing
over-sized gains for Wall Street, shareholders, and corporate
executives. These jobs can be brought home where they belong by taxing
corporations according to where value is added to their product. If
value is added to their goods and services in China, corporations would
have a high tax rate. If value is added to their goods and services in
the US, corporations would have a low tax rate.</small></font></span></font></small></div>
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style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>This change in
corporate taxation would offset the cheap foreign labor that has sucked
jobs out of America, and it would rebuild the ladders of upward
mobility that made America an opportunity society. </small></font></span></font></small></div>
<small><font face="Helvetica, Arial, sans-serif"><font size="3"><small><span
style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>If the wars are not
immediately stopped and the jobs brought back to America, the US is
relegated to the trash bin of history.</small></font></span></font></small></div>
<small><font face="Helvetica, Arial, sans-serif"><font size="3"><small><span
style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>Obviously, the
corporations and Wall Street would use their financial power and
campaign contributions to block any legislation that would reduce
short-term earnings and bonuses by bringing jobs back to Americans.
Americans have no greater enemies than Wall Street and the corporations
and their prostitutes in Congress and the White House.</small></font></span></font></small></div>
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style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
<div
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align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>The neocons allied
with Israel, who control both parties and much of the media, are strung
out on the ecstasy of Empire. </small></font></span></font></small></div>
<small><font face="Helvetica, Arial, sans-serif"><font size="3"><small><span
style="letter-spacing: 0px;"></span></small>
<div
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align="justify"><small><br>
</small></div>
</font></font></small>
<div
style="margin: 0px; font-family: Helvetica; font-style: normal; font-variant: normal; font-weight: normal; font-size: 12px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none;"
align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>The United States
and the welfare of its 300 million people cannot be restored unless the
neocons, Wall Street, the corporations, and their servile slaves in
Congress and the White House can be defeated.</small></font></span></font></small></div>
<small><font face="Helvetica, Arial, sans-serif"><font size="3"><small><span
style="letter-spacing: 0px;"></span></small>
<div
style="margin: 0px; min-height: 14px; font-family: Helvetica; font-style: normal; font-variant: normal; font-weight: normal; font-size: 12px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none;"
align="justify"><small><br>
</small></div>
</font></font></small>
<div
style="margin: 0px; font-family: Helvetica; font-style: normal; font-variant: normal; font-weight: normal; font-size: 12px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none;"
align="justify"><small><font face="Helvetica, Arial, sans-serif"><span
style="letter-spacing: 0px;"><font size="3"><small>Without a
revolution, Americans are history.</small></font></span></font></small></div>
<br>
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