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Paul Craig Roberts
Once upon a time America had a capitalist economy. Bank deposits were used for loans that expanded productive ability. America produced its own goods and grew its own food. America’s currency was backed by gold and inflation was nonexistent. New technology brought into play by new investment improved the productivity of labor, and living standards rose. Profits were plowed back into improved methods and expanded production.
Governments subsidized social infrastructure and education. This lowered the cost of transportation and, thereby, the cost of production and prices, and it provided industry and manufacturing with an educated work force. As an instate resident, my annual tuition at Georgia Tech came to about $450.
This highly successful way of running an economy was replaced by an entirely different economy, the one we have today. Who is responsible and how it came about is a story that can be told later but not in this column.
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When the time comes that Western central banks are no longer willing to risk the values of their own currencies in support to the US dollar and the gold and silver prices cannot longer be suppressed by the practice of selling naked shorts,
America will become a third world country.
This is not a subject that interests many economists.
The American economic profession is, in my opinion, a collection of people who, in exchange for grants and consultantships, have embraced the lie that offshoring of “dirty fingernail jobs” will result in higher paid new economy jobs for the work force.
After all these years there is still no sign of these promised higher-paying replacement jobs. The same economists have told us that globalism, which makes us dependent on imports, is the wave of the future.
The future of an import-dependent economy with a weakening currency is permanent inflation.
With robotics and artificial intelligence replacing the human work force while millions of immigrant-invaders enter the country annually, the future is also one of permanent unemployment.
The US economy is run by short-run profit maximization. The absence of vision means a bleak future even in the absence of the Great Reset.
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Quelle:
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uncutnews.ch - Paul Craig Roberts, Die wirtschaftliche Lage des Westens
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paulcraigroberts.org - Originaltext - The Economic Situation of the West - (en)
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