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Economics

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There is no sign of one in the traditional meaning of leftwing. In former times, the left stood for the working class. Leftist literature was about class antagonisms. The left attacked the capitalists. Today the left is funded by them. The words–reform, justice, progressive–all meant different things in the 20th century than they mean today.... Read More
As my article this morning on this 79th anniversary of the Japanese attack on Pearl Harbor illustrates ( ), governments use deception to bring people in agreement with the agendas of those who control government. The cost of such deceptions usually exceed the benefits. Ruinous wars result, and the unity required to cement a country... Read More
New York City is in Serious trouble. Indeed, all diverse US cities are in trouble, especially those ruled by Democrats. The combination of coronavirus and unchecked rioting and looting have undermined their economies. Working at home has taught businesses that they do not need to accumulate employees in office complexes. Working at home saves money... Read More
CNN is happy to report more bad news that can help the presstitutes unseat President Trump: “Mass unemployment. Surging bankruptcies. An unprecedented health crisis. It’s going to be really ugly. Here come the big bank earnings.” The report has interesting information that CNN doesn’t seem to have noticed. CNN reports that banks are in trouble... Read More
Coronavirus has made such a strong comeback that the governors of New York, New Jersey, and Connecticut have imposed a 14-day quarantine on travelers who arrive from Alabama, Arkansas, Arizona, Florida, North Carolina, South Carolina, Washington, Utah, and Texas. On Wednesday June 24 California, Texas, and Florida set new daily infection records. Overall on Wednesday... Read More
Hanne Herland of the European Herland Report has just had her book published in which she argues that the ruling elite has resurrected feudalism by financializing the economy and offshoring middle class jobs. The title is New Left Tyranny, but it is about gangster state capitalism. Historically, capitalism freed labor from bondage by making labor... Read More
America can’t do wthout an enemy. An enemy is what funds America’s largest industry—military spending—and an enemy provides a national security focus which holds our tower of babel together. During the Obama regime Russia was re-established as The Enemy. Trump’s intent to normalize relations with Russia, that is, to erase Russia’s enemy status, brought fire... Read More
The “reopenings” underway in 30 states in the US might be in words only just as the ballyhooed “open” Swedish economy is not open in fact and has been closed by non-participation. The Swedish Riksbank reports that attendance at cinema, events, and sports is off 90%. Business at restaurants and cafes is down 70%, and... Read More
We have been subjected to much nonsensical disinformation that Sweden has kept its economy open and is faring no worse in infections than countries with closed economies and without the economic consequences of closed-downed economies. The fact of the matter is that de facto Sweden’s economy is closed and is doing no better than anyone’s... 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
In Florida pressure to reopen beaches, vacation rentals, arcades, and restaurants is coming from the tourist industry. Nationally, oil interests are lobbying hard as the price of US crude has hit negative amounts. How can oil be sold for a negative price? Because there is no room to store it. Traders locked into delivery contracts... Read More
This question is invited by news reports that they are preventing the use of the anti-malaria drugs chloroquine and hydroxychloroquine to treat coronavirus patients. According to experts, the anti-malaria drugs are effective if used early enough in the infection. But the drugs are cheap and there is no profit in them. As of Tuesday, New... Read More
THE Key Question Ignored by Economists and Policymakers Is: Should the Fed be increasing debt — — or writing it down — ? Will the One Percent in a futile attempt to save its own paper wealth doom us all?
France is being intentionally destroyed. Are pharmaceutical companies mass murderers? Is the same thing happening in the United States? Didier Raoult is Professor of Microbiology and the leading world specialist in treatment of infectious diseases. He is the director of IHU Mediterranee Infection Institute. He was part of a clinical trial in which hydroxychloroquine and... Read More
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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
The US airline companies have bankrupted themselves by buying back their stock in an enrichment scheme for CEOs and board members ( ). With the impact of the virus on their revenues, Congress is handing them a $50 billion bailout. Instead of being bailed out they should be nationalized. In the health and economic crisis... Read More
Below are an interview I gave to the Herland Report prior to the coronavirus explaining our precarious economic situation and Michael Hudson’s article today explaining that the way out of the economic crisis is a debt jubilee. As the debts cannot be paid, it makes far more sense to forgive them than for all of... Read More
Coronavirus and globalism will teach us vital lessons. The question is whether we can learn vital lessons that do not serve the ruling interest groups and ideologies. Coronavirus will teach us that a country without free national health care is severely handicapped. Millions of Americans live paycheck to paycheck. They cannot afford health care premiums,... Read More
The first thing to understand is that it is not a trade deal. It is Trump backing off his tariffs when he discovered that the tariffs fall on US goods and American consumers, not on China. Trump is covering his retraction by calling it a trade deal. China’s part of the deal is to agree... Read More
Humans are exterminating themselves by exterminating other life forms. As a person committed to free thought, I sometimes catch myself wondering if what is really needed is a form of Borg Star Trek mind control to stop us from destroying the planet for the sake of profits for the few. External costs are neglected by... Read More
America is a country of scandals. The latest scandal is the Jewish multi-billionaire Mike Bloomberg’s use of prison labor call centers to spread the message of his presidential campaign. It seems to me that Bloomberg’s attack on the American Constitution is the scandal, not his use of prison labor. Bloomberg wants to repeal the Second... Read More
According to official US government economic data, the US economy has been growing for 10.5 years since June of 2009. The reason that the US government can produce this false conclusion is that costs that are subtrahends from GDP are not included in the measure. Instead, many costs are counted not as subtractions from growth... 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
I was surprised to be given credit by readers for Trump ordering American corporations out of China and to bring the jobs back to the American workers that the corporations had abandoned. American economists, financial media, and Washington policymakers had never paid any attention to my analysis of US economic decline in terms of globalism... 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 plunder is getting worse
American capitalism is based on plunder. With the continental USA plundered, American capitalism hoped to continue enriching itself by plundering Russia as it did under Yeltsin, carefully including the Russian “Atlanticist Integrationists” in the spoils in order to have support from the liberal, progressive forces in Russia for stripping Russia of its assets. But Putin... Read More
After years of being kept in the doldrums by orchestrated short selling described on this website by Roberts and Kranzler, gold has lately moved up sharply reaching $1,510 this morning. The gold price has continued to rise despite the continuing practice of dumping large volumes of naked contracts in the futures market. The gold price... Read More
Yesterday’s column referred to a “rising labor force participation rate” when it should have read “falling labor force participation rate.” Those of you who read the column before I made the correction must have been puzzled, but, little doubt, figured it out from the context. One of the main points of the article is that... Read More
The Bureau of Labor Statistics reports that the US economy created 148,000 new private sector jobs during July. The jobs number does not translate into employed people as increasingly Americans hold two or more jobs. For example, the BLS reports that from June to July the number of multiple job holders rose by 233,000 which... Read More
Capitalists have claimed responsibility for America’s past economic success. Let’s begin by setting the record straight. American success had little to do with capitalism. This is not to say that the US would have had more success with something like Soviet central planning. Prior to 1900 when the frontier was closed, America’s success was a... Read More
Today there are reports of toxic algae blooms affecting the French Riveria, Lake Erie, and the Gulf of Mexico. See: , , and . Corporate farming is a huge contributor to toxic algae blooms. In days of old, farming was done intelligently. Every year part of the land was left fallow or planted with soil... Read More
Considering the American rightwing’s absorption in war and hatred of Muslims, worship of capitalism whose operatives have sent American middle class jobs abroad, and blind support of Israel, a racist country, Americans desperately need a real leftwing. All we have is a fake leftwing. I sometimes think the last American leftist was British born Alex... Read More
Since June 2009 Americans have lived in the false reality of a recovered economy. Various fake news and manipulated statistics have been used to create this false impression. However, indicators that really count have not supported the false picture and were ignored. For example, it is normal in a recovering or expanding economy for the... Read More
The story line is going out that the economic boom is weakening and the Federal Reserve has to get the printing press running again. The Fed uses the money to purchase bonds, which drives up the prices of bonds and lowers the interest rate. The theory is that the lower interest rate encourages consumer spending... Read More
For more a quarter century I have been explaining that America is not losing jobs to foreign competition but to our own corporations moving the work abroad in order to lower their labor costs and raise capital gains and bonuses for owners and executives. My most recent explanation was May 14 ( ). It only... Read More
On May 28 I wrote that “the Western world is collapsing so rapidly that I am afraid that I am going to outlive it” ( ). My article was about the rising demonization of white people that is producing a collapse in their confidence. Inculcated guilt is making whites willing to accept discrimination against them... Read More
Wherever I look at US policy, foreign or domestic, I see only insanity, ignorance, and incompetence. Take the issue of tariffs, which is Trump’s mistaken approach to bringing the jobs back home. The tariff “solution” overlooks that offshored US production counts as imports when US firms bring their goods into the US to be marketed.... Read More
I have been lonely in my concern with the dire economic implications of robotics, but now Clarity Press has provided me with some company by publishing The Artificial Intelligence Contagion by David Barnhizer and Daniel Barnhizer. It is telling as to the irrelevance of the economics profession that the coauthors are lawyers. The concerns about... Read More
As school children my friends and I were very interested in archaeology and ancient civilizations. We read all the available books. My best friend intended to become an archeologist and to explore ancient ruins about which we imagined more than we actually knew. As far as I can discern these days no one in the... Read More
I was listening while driving to rightwing talk radio. It is BS just like NPR. It was about the great Trump economy compared to the terrible Obama one. The US hasn’t had a great economy since jobs offshoring began in the 1990s, and with robotics about to launch Americans are unlikely ever again to experience... Read More
We are having a propaganda barrage about the great Trump economy. We have been hearing about the great economy for a decade while the labor force participation rate declined, real family incomes stagnated, and debt burdens rose. The economy has been great only for large equity owners whose stock ownership benefited from the trillions of... Read More
Putin’s approval rating is high, but it has declined over the past year. The decline is mainly related to domestic policy. Apparently, the public perceives recent Kremlin economic policy as a continuation of the disastrous policies that Washington imposed on Russia in the 1990s when Russia was loaded up with foreign debt while state assets... Read More
Whose interests are served when Pelosi sells out health care and Pompeo sells out peace?
The US health system is the most high cost and dysfunctional health care system in the world. The reason is that it is privatized. In the rest of Western civilization the system is socialized. The reason health care is socialized in civilized countries is not only to provide health care to citizens who otherwise could... Read More
There were not 312,000 new jobs created in December. Never mind. Where does the Bureau of Labor Statistics tell us the jobs are. Health care and social assistance together with leisure and hospitality account for 36% of the new jobs, with 40,000 new waitresses and bartenders. Retail trade (possible as December is the Christmas month)... Read More
According to today’s payroll jobs report from the Bureau of Labor Statistics, the economy created 200,000 new jobs in August. These jobs, assuming that they exist, are reported to be in low paid domestic service jobs such as transporting and selling goods, ambulatory health care services, and waiting tables and mixing drinks. There are none... 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
Ecological economists, such as Herman E. Daly, stress that as the external costs of pollution and resource exhaustion are not included in Gross Domestic Product, we do not know whether an increase in GDP is a gain or a loss. External costs are huge and growing larger. Historically, manufacturing and industrial corporations, corporate farming, city... Read More
The US government and the presstitutes that serve it continue to lie to us about everything. Today the Bureau of Labor Statistics told us that the unemployment rate was 3.9%. How can this be when the BLS also reports that the labor force participation rate has declined for a decade throughout the length of the... Read More
Not to Americans
The housing market is now apparently turning down. Consumer incomes are limited by jobs offshoring and the ability of employers to hold down wages and salaries. The Federal Reserve seems committed to higher interest rates—in my view to protect the exchange value of the US dollar on which Washington’s power is based. The arrogant fools... Read More
Don’t believe them
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
Paul Craig Roberts
About Paul Craig Roberts

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.