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Neoliberalism

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The Biden Election Thief is not yet inaugurated, but the Democrat and Republican establishment has already closed ranks against President Trump and the American people. The House and Senate, backed up by neoliberal Junk Economists Larry Summers and Paul Krugman and billionaire owned presstitute media, blocked President Trump’s effort to boost the Covid relief package... Read More
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
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
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We are hearing from many that the world after Covid-19 will be different. The question is: Different in what way? Will it be better or worse? Elites are working to make it better for them, and worse for the rest of us. About that the evidence is clear. The Big Boys are being bailed out... Read More
The below is a factual commonsense statement: “If the current approach of telling everyone to stay home is to be lifted, widespread and faster testing will be needed to identify infected people for isolation. Easing stay-at-home orders in the absence of sufficient testing would risk reigniting the outbreak.” The question is: Where were WHO, NIH,... Read More
Diana Johnstone’s just published book, Circle in the Darkness: Memoir of a World Watcher, is the best book I have ever read, the most revealing, the most accurate, the most truthful, the most moral and humane, the most sincere and heartfelt, and the best written. Her book is far more than a memoir. It is... 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
61 years ago Walter M. Miller Jr. published A Canticle for Leibowitz. The story spans thousands of years as humans rebuild civilization after a devastating nuclear war. Among the episodes is a conflict between warring nomads and a settled people who rely on cunning instead of arms and introduce hoof and mouth disease into the... 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
Not long ago I read that a US Assistant Secretary of State, or perhaps it was a member of the National Security Council, said that now that Washington had reestablished control over Ecuador, it would not be long before the governments of Bolivia, Venezuela, and Cuba would be overthrown. Venezuela is proving to be hard... 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
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
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
“The liberal idea has become obsolete. It has come into conflict with the interests of the overwhelming majority of the population.” — Vladimir Putin, President of Russia The importance of Putin’s statement is not only in its correctness but also in its repudiation of the policies of the liberal Russian Atlanticist Integrationists. The Atlanticist Integrationists,... 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
Aging has its pros and cons. It brings wisdom to those open to it, and it can open one’s eyes to the fact that 45 and 50 year old women can be very attractive. The downside is that the Grim Reaper collects one’s friends until there are none left. I lost a dear friend a... Read More
It is customary to speak of Western countries as democracies. In actual fact, the countries are oligarchies in which voting, which conveys the semblance that government is accountable to the people, seldom changes anything as elected officials are constrained by the power of organized interest groups. President Trump is the latest example. He has been... Read More
If the report below from John Helmer is correct, the implication is that Alexei Kudrin, Putin’s good friend and a member of the Russian government, is a traitor to Russia. The way I read Helmer’s report, Kudrin, a hero to Washington but widely regarded in Russia as an agent of the billionaire oligarchs that Washington... Read More
This week I was interviewed on Russian TV about the possible new anti-Russian sanctions that Washington is considering that would prohibit anyone in the entirety of the world from holding Russian government bonds. Think about this for a moment. Washington thinks that Washington has the right and the power to block sovereign countries and their... Read More
Russian president Vladimir Putin’s speech at the St. Petersburg International Economic Conference last weekend shows the Russian government’s ensnarement by neoliberal economic policy. Putin defended globalism and free trade, and he warned that crisis will result from the breakup of the global system. In fact, crisis is the result of globalism and neoliberal economics. For... 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
Readers ask me how they can learn economics, what books to read, what university economics departments to trust. I receive so many requests that it is impossible to reply individually. Here is my answer. There is only one way to learn economics, and that is to read Michael Hudson’s books. It is not an easy... 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
Once upon a time the leftwing of the political spectrum was committed to the advancement of the working class and its protection from political and economic abuse by the owners of the means of production. Consequently, the leftwing was politically potent and reached a pinnacle of power when Henry Wallace was selected by Franklin D.... Read More
Is there anyone in Trump’s government who is not an imbecile? After years of endless military threats against Russia—remember CIA deputy director Mike Morell saying on TV (Charlie Rose show) that the US should start killing Russians to give them a message, and Army Chief of Staff Mark Milley threatening “We’ll beat you harder than... Read More
I have come to the conclusion that capitalism is successful primarily because it can impose the majority of the costs associated with its economic activities on outside parties and on the environment. In other words, capitalists make profits because their costs are externalized and born by others. In the US, society and the environment have... Read More
If you want to learn real economics instead of neoliberal junk economics, read Michael Hudson’s books. What you will learn is that neoliberal economics is an apology for the rentier class and the large banks that have succeeded in financializing the economy, shifting consumer spending power from the purchase of goods and services that drive... Read More
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An article by Robert Berke in oilprice.com, which describes itself as “The No. 1 Source for Oil & Energy News,” illustrates how interest groups control outcomes by how they shape policy choices. Berke’s article reveals how the US intends to maintain and extend its hegemony by breaking up the alliance between Russia, Iran, and China,... Read More
On several occasions I have asked in my columns the rhetorical question: What became of the left? Today I answer my question. The answer is that the European and American left, which traditionally stood for the working class and peace (bread and peace) no longer exists. The cause championed by those who pretend to be... Read More
William Engdahl recently explained how Washington used the corrupt Brazilian elite, which answers to Washington, to remove the duly elected President of Brazil, Dilma Rousseff, for representing the Brazilian people rather than the interests of Washington. Unable to see through the propaganda of unproven charges, Brazilians acquiesced in the removal of their protector, thereby providing... Read More
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According to various reports, the Russian government is reconsidering the neoliberal policy that has served Russia so badly since the collapse of the Soviet Union. If Russia had adopted an intelligent economic policy, its economy would be far ahead of where it stands today. It would have avoided most of the capital flight to the... Read More
Germany’s Assault On The IMF
Having successfully used the EU to conquer the Greek people by turning the Greek “leftwing” government into a pawn of Germany’s banks, Germany now finds the IMF in the way of its plan to loot Greece into oblivion . The IMF’s rules prevent the organization from lending to countries that cannot repay the loan. The... Read More
The privatization movement and the deregulation movement have turned out to be failures. Privatization in Britain under the Thatcher government had its origin in the belief that the absence of incentivized managers and shareholders with a stake in the bottom line resulted in nationalized companies operating inefficiently, with their losses covered by government like the... 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
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NOTE: Readers are asking to know who, in addition to the Western-financed NGOs, are the Fifth Columnists inside Russia. Michael Hudson and I left the description general as Atlanticist Integrationists and neoliberal economists. The Saker provides some specific names. Among the Fifth Columnists are the Russian Prime Minister, head of the Central Bank, and the... Read More
Michael Hudson is the best economist in the world. Indeed, I could almost say that he is the only economist in the world. Almost all of the rest are neoliberals, who are not economists but shills for financial interests. If you have not heard of Michael Hudson it merely shows the power of the Matrix.... Read More
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Myself, Michael Hudson, John Perkins, and a few others have reported the multi-pronged looting of peoples by Western economic institutions, principally the big New York Banks with the aid of the International Monetary Fund (IMF). Third World countries were and are looted by being inticed into development plans for electrification or some such purpose. The... Read More
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One hundred years ago European civilization, as it had been known, was ending its life in the Great War, later renamed World War I. Millions of soldiers ordered by mindless generals into the hostile arms of barbed wire and machine gun fire had left the armies stalemated in trenches. A reasonable peace could have been... 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.