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5.0 von 5 Sternen Collapse Overtakes The West, 3. März 2013
The Failure Of Laissez Faire Capitalism And Economic Dissolution Of The West by Dr. Paul Craig Roberts – formerly Assistant Secretary of the US Treasury for Economic Policy – is a fundamentally important work about the dramatic changes that are taking place in the US and world economies. For this reason, I translated the book into German in the spring of 2012 for its publication by Weltbuch (Dresden) in July 2012 (The German title is 'Wirtschaft am Abgrund - Der Zusammenbruch der Volkswirtschaften und das Scheitern der Globalisierung). Economic and political developments during the past year have given the book even greater significance.

Roberts describes the social, political, and economic dispossession that is occurring throughout the West. The citizens in the Western democracies are being forced into acceptance of the agenda of a small oligarchy of powerful private interests. The “free” media, “democratic” governments, and most economists serve the ruling private interests. Let’s face it: Private power can be just as abusive as public power. The worst-case scenario is when both are working hand in hand, what, in fact, is happening in the Western democracies today.

Economic theory based on “empty world” economics cannot deal with the problems of a “full world” economy. A mistaken understanding of free trade has blinded the West to its economic erosion by jobs offshoring--labor arbitrage that substitutes lower paid foreign labor for the higher wages in developed countries, with the result that Western economies are deprived of employment opportunities, tax base, and real GDP growth.

Contrary to government claims and media reports, the U.S. economy is still in a recession. A real recovery is not in sight. The recovery exists only in the official measure of real GDP, which is deflated by an understated measure of inflation, and in the U.3 measure of the unemployment rate, which is declining because it does not count discouraged job seekers who have given up looking for a job. No other data series indicates an economic recovery. Neither real retail sales nor housing starts, consumer confidence, payroll employment, or average weekly earnings indicate economic recovery. Consumer real income in the US is stagnant or falling, and consumers are too indebted to be able to take on yet more debt with which to finance their spending. In the absence of growing consumer demand, an economy dependent on consumer demand cannot advance.

The ongoing debt monetization in the amount of one trillion U.S. dollars annually by the Federal Reserve threatens the dollar’s role as world reserve currency. The real estate and derivative bubbles that produced the financial crisis have been replaced by bond, stock, and currency bubbles.

In Europe the “sovereign debt crisis” is being used to subvert democracy and the independence of the individual member countries that constitute the European Union. The common currency is being used to centralize the budget policies of the separate countries, thus stripping them of their sovereignty. Governments of heavily indebted members of the EU, such as Greece, are being forced to extract resources from their hard-pressed populations in order to ensure that the private banks that over lent to governments suffer no losses.

Formerly, the policy was for banks to write down sovereign debt that cannot be paid; today the policy is to extract the resources from the population by cutting wages, pensions, social services, and selling the country’s public assets to private interests. To stabilize the situation, German income will be tapped to provide transfer payments to alleviate the suffering of the Greek population that is being looted for the sake of the profits of private banks.

Roberts makes it clear that we are experiencing a turning point in history as Western peoples are being enserfed.

The economies of the US, UK, and EU are in a process of dissolution. For a decade, Roberts has been warning against the fatal consequences of the erosion of goods producing industries in the United States. Offshoring – the relocation of production of goods for domestic markets to low-wage countries in order to profit from labor arbitrage between different wage levels in different countries – has already destroyed millions of middle class jobs in the United States. The ladders of upward mobility in the American “Opportunity Society” have been dismantled by “globalization.”

The centralization of power in the US in the hands of an increasingly unaccountable executive branch is matched in the EU by the increasingly dirigistic policies of EU politicians.

Roberts warns the Germans not to terminate their sovereignty by agreeing to turn their governance over to a central government in Brussels. Instead, Germany should resign from the EU, re-establish the D-Mark, and enter an economic alliance with resource-rich Russia. Such a cooperation, in which the states would keep their economic sovereignty and separate currencies, would create an economic bloc consisting of Germany, Russia, Eastern and Central Europe and would eventually draw in Western Europe. This development would break up NATO, an organization whose purpose ended with the collapse of the Soviet Union. Today NATO functions as a military auxiliary to Washington’s drive for hegemony, thus enabling the numerous wars and military operations that Washington has launched in the 21st century.

The English international edition of The Failure of Laissez Faire Capitalism and Economic Dissolution of the West – Towards a New Economics for a Full World, became available as an e-book on March 1, 2013. Nomi Prins calls the book “a compelling gift,” and Michael Hudson wrote, “In his inimitable way, Roberts describes how the rhetorical patter talk about free-markets is a cover story for the horror of an extractive asset-stripping operation by publicly-supported private banks and the governments that they control that impoverishes people and the environment.”

If you want to understand what really is happening, read this book. No clearer or more accurate account exists.
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5.0 von 5 Sternen situation of USA from a rare point of view, 14. April 2014
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Being guided by the media and politicians with misinformation about the financial crisis and the situations in USA and Europe, Paul Craig Roberts offers a different point of view which to me seems plausible.
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5.0 von 5 Sternen Some repition but very clear, 25. Dezember 2013
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Read this for an easy over view of the root of modern economic problems. The repition is not overdone and helps to underscore the gravity of our current situation.
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5.0 von 5 Sternen The Failure of Laissez Faire Capitalism, 27. August 2013
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Rezension bezieht sich auf: The Failure of Laissez Faire Capitalism (Taschenbuch)
Ich bewundere Paul Craig Roberts für seine Offenheit. Er schildert die Schlaumeierein der Drahtzieher offen, kurz und klar. Er schreibt auch gut verständlich, obwohl die Materie sehr komplex ist und einige Konzentration beim Lesen erfordert. Das muss wohl auch so sein, damit das Gros der Bevölkerung keinen Durchblick hat und sich manipulieren lässt.
Johanna Haidvogl-Werder, Gelterkinden CH
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