Chính Phủ, Tập Đoàn Tài Chính, Và Báo Chí Toa Rập Lập Kịch Lừa Dối Quần Chúng

Vừa qua, báo chí chính qui Âu Mỹ (đặc biệt Mỹ và Anh Úc) đăng một tin "rò rỉ" rằng Ngân hàng lớn nhất Mỹ JPMorgan bị  phải nộp phạt cho bộ "công lý" 13 tỉ mỹ kim về tội phạm lũng đoạn tài chính trong năm 2008. Và rằng 13 tỉ mỹ kim này là hơn 50% tiền "lời" mà JPMorgan kiếm đuọc trong năm ngoái!!!

Bản tin thoáng nghe làm mọi người thuộc tín đồ thờ "chính phủ" hồ hởi: Ôi Công Lý đã đến rồi! Ngân hàng bị phạt đến 13 tỉ!!!

Nhưng... Sự thật không phải như cái tin "rò rỉ" từ đám báo chí chính qui cố tình đánh lận để xoa dịu dư luận và lừa bịp quần chúng.

1- Thứ nhất cần hiểu rằng đây không phải là PHÁN QUYẾT của một VỤ XỬ ÁN. Mà chỉ là kết quả của một cuộc điều đình (DEAL). Nghĩa là không có QUI TỘI, KẾT ÁN, HÌNH PHẠT, và ÁN LỆ trong văn khố. Nó chỉ là một cuộc điều đình giữa bộ Công lý Mỹ và ngân hàng JPMorgan!

2- Điều đình có nghĩa là Bộ công lý hoàn toàn hủy bỏ TIẾN TRÌNH TRUY TỐ TẤT CẢ TỘI PHẠM (hàng ngàn vụ vi phạm với 9 tội danh chính trong 9 lãnh vực tài chính, không chỉ là Mua Bán Giấu Nợ MBS- Mortgage Backed Securities) của JPMorgan. Mà nếu truy tố chính thức trước tòa và nghị án, thì phán quyết hình phạt sẽ không chỉ là tiền phạt cao hơn, mà rất nhiều tên giám đốc ngân hàng cũng như gian thương tài chính liên đới trong hàng ngàn vụ tội phạm với 9 tội danh khác lãnh vực kia sẽ nằm tù! Điều này hàm ý bọn chính phủ tìm cớ "tha bổng" lũ tội phạm đã khuynh đảo gây khủng hoảng cho Mỹ và thế giới năm 2008.

3- Giả thiết số tiền 13 tỉ là đúng (sự thật là SAI) thì VỚI BÌNH DÂN ĐẠI CHÚNG quả là số tiền cực lớn!!! Nhưng đối với bọn JPMorgan cũng chỉ bằng một NỬA TIỀN LỜI TRONG MỘT NĂM MÀ THÔI... Có nghĩa là chỉ cần 6 tháng sau, chúng nó đã lấy lại đủ vốn lẫn lời cái số tiền "vạ" đó. Mà thật ra cái gọi là nộp "vạ" chẳng qua chỉ là con số "ảo" JPmorgan trả lại một phần số tiền BAIL OUT mà Chính phủ đã "phân phát" trước đây mà thôi!!! Vấn đề chỉ là để vẽ vời sổ sách của đám "kế toán viên" ra vẻ là quan trọng chính xác mà thôi! Quí vị nào từng làm nghề "kế toán" đang làm "kế toán" hoặc từng phải mướn "kế toán" để khai lợi tức tất đã hiểu rõ!

Thật sự bộ công lý và báo chí đã cố tình lập lờ để lừa dối quần chúng! Cái gọi là 13 tỉ thỏa thuận nộp vạ kia chỉ vào khoảng 9 tỉ mà thôi, vì số tiền 4 tỉ trong đó là số tiền qui định được gọi là "Nợ Hậu ("Loan Workout") mà bất cứ ngân hàng nào cũng phải trả ra dưới hình thức gia giảm tiền lời khi Con Nợ không có khả năng trả nợ. 4 tỉ này dù điều đình hay không, JPMorgan cũng phải chi ra, nhưng được bộ công lý tráo tự gom vào để tạo hình ảnh rằng JPMorgan bị phạt lớn!!!

Như vậy còn lại 9 tỉ tiền vạ! Nhưng theo luật thuế khóa, thì trong 9 tỉ này là tiền "chi phí điều hành" (operating expenses) cho nên được quyền giảm miễn thuế (taxed deductible). Có nghĩa là khoảng 1/3 sẽ được gia giảm như vậy con số chính thức đóng "vạ" chỉ còn vào khoảng 6-7 tỉ mỹ kim mà thôi!!! tức là tương đương với số tiền lời mà JPMorgan kiếm được trong vài tháng!!! Quá đã!!! Gian lận trộm cắp công sức quần chúng hàng bao nhiêu năm với hàng ngàn tỉ mỹ kim tiền lời... đến khi bị bắt quả tang, chỉ cần dùng tiền lời trong 3 tháng để xóa sổ, miễn truy tố không ngồi tù!!! Quá rẻ mạt! Và cứ thế mà tiếp tục phạm tội, phạm tội càng nhanh, càng lớn, càng lời nhiều, đóng vạ lại càng ít!!!

Dù chưa có tìn chính thức để biết rõ chi tiết những con số và kết quả chính thức của việc "điều đình" (có lẽ đã được xếp vào mục "an ninh quốc gia" bảo mật và sẽ chẳng bao giờ thông báo!!!). Nhưng rõ ràng bọn Chính phủ và đám tập đoàn tài chínhh đã nháy mắt để bọn báo chí đĩ điếm "rò rỉ" ra nhằm vừa thăm dò phản ứng dư luận vừa đánh lạc hướng thông tin.

Ôi thôi cái "nền dân chủ gián tiếp đầu tiên" của thế giới, đúng là đặc biệt và đặc lệ kỳ quặc có một không hai trên địa cầu này! Ông Paul Craig Roberts, một công dân Mỹ chính qui, giáo sư kinh tế, từng là bỉnh bút của Washington Journal, và từng là phụ tá đặc biệt của bộ kinh tế về phác thảo chính sách kinh tế quốc gia thời Reagan, vừa viết một bài về nước Mỹ đặc biệt này của ông, với tựa đề "Gieo Gió thì Gặt Bão" (As Ye Sow, So Shall Ye Reap). Người Mỹ đáng phải gánh chịu những thứ mà họ đã gây ra cho người dân ở các nơi! Họ đang gánh đòn bạo ngược của cảnh sát an ninh mà nhà nước Mỹ đã tạo dựng ủng hộ trong các chế độ độc tài khắp thế giới. Họ đang bị rình mò theo dõi trộm cắp thômg tin với cái phương pháp mà chính phủ Mỹ người Mỹ đã ủng hộ thực hiện tại các nhà nước tay sai của Mỹ (Ngụy VNCH là một điển hình tác phẩm "tự do dân chủ" của Mỹ- bây giờ CHXHCNVN, CHNDTQ là đồng minh hữu nghị của Mỹ đấy nhé!!! Phải nhớ cho rõ có cả AlQaeda, Mujahedin, Lybia, Afgan, Iraq, Seoud Arabia, Bahrain, Kwait v.v TOÀN LÀ NHỮNG  XÃ HỘI TỰ DO có "NỀN DÂN CHỦ" ĐẦY "NHÂN QUYỀN" và "DÂN QUYỀN"!)

nkptc

Tái bút:
Nghe "người ta" đồn rằng cái đám ngụy ngục là con cháu chính thống Rồng Tiên đậu phọng đỏ- của tiến trình loạn luân - chui ra từ 100  cái trứng do một quái nữ đẻ ra! Có lẽ đúng thật! Vì theo khoa học sinh hóa di truyền, thì giòng dõi 4 ngàn năm của tiến trình "loạn luân" kéo dài (inbreeding) hệ quả chắc chán là một lũ con cháu còi cõm dị dạng và khật khùng kém trí truệ!

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Bio

William K. Black, author of THE BEST WAY TO ROB A BANK IS TO OWN ONE, teaches economics and law at the University of Missouri Kansas City (UMKC). He was the Executive Director of the Institute for Fraud Prevention from 2005-2007. He has taught previously at the LBJ School of Public Affairs at the University of Texas at Austin and at Santa Clara University, where he was also the distinguished scholar in residence for insurance law and a visiting scholar at the Markkula Center for Applied Ethics. Black was litigation director of the Federal Home Loan Bank Board, deputy director of the FSLIC, SVP and general counsel of the Federal Home Loan Bank of San Francisco, and senior deputy chief counsel, Office of Thrift Supervision. He was deputy director of the National Commission on Financial Institution Reform, Recovery and Enforcement. Black developed the concept of "control fraud" frauds in which the CEO or head of state uses the entity as a "weapon." Control frauds cause greater financial losses than all other forms of property crime combined. He recently helped the World Bank develop anti-corruption initiatives and served as an expert for OFHEO in its enforcement action against Fannie Mae's former senior management.

The settlement between JPMorgan Chase and the Justice Department has been reported at $13 billion, for charges that Chase sold toxic mortgage-backed securities that fueled the financial crisis of 2008.

The reported $13 billion amount is a misrepresentation of the actual figure by the Justice Department and has “nothing to do with mortgage-backed securities,” said former financial regulator Bill Black.

“That's only one of what are reportedly nine different areas of fraud by JPMorgan that are the subject of this settlement. And that means that the Justice Department is giving up the ability to prosecute, apparently, in eight of these nine areas,” said Black.

Black also says the bank will be able to reduce the fine by approximately $7 billion through payment reductions and tax deduction.

“Roughly it's a $6 billion deal,” said Black. “That still, of course, is a large number, but compared to how much wealth was extracted by the senior officers and directors, it's actually not that big a deal, and compared to the losses they caused to the world through these frauds that drove the financial crisis, it's actually a pittance.”

JPMorgan can still face criminal charges despite the deal with the Justice Department.

Transcript

JESSICA DESVARIEUX, TRNN PRODUCER: Welcome to The Real News Network. I'm Jessica Desvarieux in Baltimore. JPMorgan Chase will pay a $13 billion settlement to the Justice Department over charges that it sold toxic mortgage-backed securities that fueled the financial crisis of 2008. This $13 billion amount is the largest settlement of its kind, and it represents more than half of the firm's $21 billion in profits last year. Being the country's largest bank, JPMorgan can still face criminal charges despite the deal. Now joining us is Bill Black. He's a former financial regulator and author of The Best Way to Rob a Bank Is to Own One. And he also teaches economics and law at the University of Missouri-Kansas City. Thanks for joining us, Bill.BILL BLACK, ASSOC. PROF. ECONOMICS AND LAW, UMKC: Thank you.DESVARIEUX: Bill, just really quickly, can you explain to us what mortgage-backed securities are?BLACK: Sure. So a mortgage-backed security is a bond, which is a big IOU. And what they do is buy many thousands of mortgages, and then they take the cash that comes from those mortgages when we pay interest and principal on those mortgages, and that cash flows through to whoever buys the bond. And what that means is if a bunch of people don't repay their mortgages, the people who buy these mortgage-backed securities, or MBS, lose a lot of money. And, of course, that's what happened in this crisis, because the lenders originated (that means made) so many fraudulent loans that produced massive losses.DESVARIEUX: Okay. And because of these massive losses, now JPMorgan has to pay this $13 billion settlement. But it's really being reported as this big step toward bringing the banks to justice for their role in the financial crisis. Do you actually agree with that point of view?BLACK: No. Indeed, in the introduction, which was an accurate statement of how the Justice Department is presenting this, it's actually inaccurate in many different ways. So, first, most of this settlement has nothing to do with mortgage-backed securities. That's only one of what are reportedly nine different areas of fraud by JPMorgan that are the subject of this settlement. And that means that the Justice Department is giving up the ability to prosecute, apparently, in eight of these nine areas. And so this--again, we're talking on the basis of press leaks by the Department of Justice and by PR flacks for JPMorgan--we don't have an actual deal that's been made public. So all of this is tentative and could be factually inaccurate, because these people have an incentive to, of course, portray the deal differently. But as it's being portrayed in the press, they are going to give up the ability to prosecute for literally tens of thousands of frauds committed by JPMorgan's folks, and they're going to give up the ability to prosecute JPMorgan as well as the individuals. The settlement is not $13 billion, although it's being portrayed as that. It is at best $9 billion. And that's because the other $4 billion represents what we call loan workouts. Loan workouts are something that you do as a bank because if you try to insist on the original deal, the borrower can't repay, it goes to foreclosure, there are lots of losses. So in a loan workout you reduce the payments. And you do this not because of the goodness of your heart, but because the bank minimizes its losses by loan workouts. So what the Justice Department is agreeing is that JPMorgan can count all these loan workouts that it would have done anyway to minimize its losses as if they were part of a settlement. So disregard the $4 billion entirely. That leaves us with $9 billion. But that $9 billion, unless there's something not being reported again, will be reduced substantially, probably by about one-third, because these fraud expenses will be taxed deductible. In other words, the United States of America will pay a third of this supposed fine from the JPMorgan frauds to the United States of America.So roughly it's a $6 billion deal. That still, of course, is a large number, but compared to how much wealth was extracted by the senior officers and directors, it's actually not that big a deal, and compared to the losses they caused to the world through these frauds that drove the financial crisis, it's actually a pittance. But you knew that the Justice Department was never going to recover more than a small fraction of the damages that JPMorgan and others caused, because if they were to collect the damages, every large bank in America would be bankrupt.DESVARIEUX: So, Bill, I just want to get back to your point about these settlements potentially being tax-deductible. Forbes is actually reporting that "The U.S. Public Interest Research Group thinks precluding JPMorgan Chase from claiming tax deductions should be explicit to safeguard taxpayers. The group claims that unless JPMorgan Chase is explicitly forbidden, it will write off the settlement. That would make taxpayers bear 35% of the cost of the settlement." So, Bill, what do taxpayers have to do with this? And why should taxpayers potentially be on the hook for this?BLACK: Well, the United States government clearly should not be on the hook for this. It's--would be completely outrageous. And by the way, that would make it completely normal. And this is the high--one of the high but hidden prices we pay because they're not prosecuting the elite bankers and the elite banks for the frauds. If they prosecuted and if they got a criminal judgment for fraud, it would typically not be deductible, whereas when you do a regular civil settlement, the normal tax rule is that that's a business expense and it's deductible. And for an entity like JPMorgan--actually, I'm not sure that it would result in a 33 percent reduction, because JPMorgan pays so little in the way of taxes, but it certainly would end up in some deduction that would further reduce the supposed size of this fine.DESVARIEUX: Okay. Well, thank you so much for joining us, Bill Black.BLACK: Thank you.DESVARIEUX: Thank you for joining us on The Real News Network.

End

DISCLAIMER: Please note that transcripts for The Real News Network are typed from a recording of the program. TRNN cannot guarantee their complete accuracy.

As Ye Sow, So Shall Ye Reap — Paul Craig Roberts

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As Ye Sow, So Shall Ye Reap
Paul Craig Roberts
The year 2014 could be shaping up as the year that the chickens come home to roost.
Americans, even well-informed ones, don’t know all of the mistakes made by neoconized and corrupted Washington in the past two decades. However, enough is known to see that the US has lost economic and political power, and that the loss is irreversible.
The economic cost of this lost will be born by what remains of the middle class and the increasingly poverty-stricken lower class. The one percent will have offshore gold holdings and large sums of money in foreign currencies and other foreign assets to see them through.
In the political arena, the collapse of the Soviet Union presented Washington with the grand opportunity to reallocate the Pentagon budget to other uses. Part of the reduction could have been returned to taxpayers for their own use. Another part could have been used to improve worn out infrastructure. And another part could have been used to repair and improve the social safety net, thus insuring domestic tranquility. A final, but perhaps most important part, could have been used to begin repaying the Treasury IOUs in the Social Security Trust Fund from which Washington has borrowed and spent $2 trillion, leaving non-marketable IOUs in the place of the Social Security payroll tax revenues that Washington raided in order to fund its wars and current operations.
Instead, influenced by neoconservative warmongers who advocated America using its “sole superpower” status to establish hegemony over the world, Washington let hubris and arrogance run away with it. The consequence was that Washington destroyed its soft power with lies and war crimes, only to find that its military power was insufficient to support its occupation of Iraq, its conquest of Afghanistan, and its financial imperialism.
Now seen universally as a lawless warmonger and a nuisance, Washington’s soft power has been squandered. With its influence on the wane, Washington has become more of a bully. In response, the rest of the world is isolating Washington.
The prime minister of India, Manmohan Singh, recently declared China and Russia to be India’s “most important partners” with whom India shares “common strategic interests.” Prime Minister Singh said: “ India and Russia have always had a convergence of views on global and regional issues, and we value Russia’s perspective on international developments of mutual interest.”
India joined China in expressing concerns about the Federal Reserve’s practice of printing money in order to cover Washington’s vast red ink. The BRICS (Brazil, Russia, India, China, South Africa) are taking steps to create their own method of settling trade accounts in order to protect themselves from the looming dollar implosion,
China has forcefully called for a “de-Americanized world.” After watching the “superpower” offshore a large part of its GDP to China and then add to the diminished tax base the burden of $6 trillion in wars that brought no booty and served no US interest, China has concluded that American power is spent. The London Telegraph thinks “it is only a matter of time before the renminbi replaces the dollar as the primary currency for trading commodities and resources.”
The Obama regime attempted to attack Syria based on the sort of lies that the Bush regime used to invade Iraq, only to be slapped down by the British Parliament and Russian government. This rebuke was followed by the childishness of the government shutdown and threat of default. Consequently, the Washington morons have lost their monopoly on economic and political leadership. A few days ago the British government announced a historic agreement that permits British investors direct access to China’s markets and allows Chinese banks to expand their operations in Great Britain.
In Australia, the US dollar will no longer be used as the currency in which to settle the Australian trade accounts with China. Instead of dollars, trade will be settled in the Chinese currency.
Washington served as cheerleader, as did most economists and libertarians, while US corporations, greedy for short-term profits and executive bonuses, offshored US industry and manufacturing, calling it free trade. The obvious and predicted result is that China’s demand for resources needed to fuel its industrial and manufacturing power now dominates markets. This means that the US dollar is being displaced as world currency. The only market that America dominates is the market for financial fraud.
When industrial, manufacturing, and tradeable professional service jobs are offshored, they take US GDP and tax base with them. The foreign country gets the benefit of the relocated economic activity. Due to the revenues lost from jobs offshoring, there is a large gap between federal revenues and federal expenditures. As Washington’s irresponsible behavior has raised so many doubts about the dollar’s value and the government’s commitment to stand behind its massive debt, foreign countries with trade surpluses with the US are less and less willing to recycle those surpluses into the purchase of US Treasury debt.
Today the two largest holders of US Treasury debt are not investors or even foreign central banks. The two largest holders are the Federal Reserve and the Social Security Trust Fund.
As for those $6 trillion wars, that’s to pay for national defense to protect us from women, children, and village elders in far away countries devoid of air forces and navies, and to provide those recycled taxpayer monies from the military/security complex that find their way into political contributions.
The Wall Street gangsters sighed for relief over the last minute debt ceiling agreement. This shows how short-term Wall Street’s outlook is. All the October agreement did was to push off the crisis to January and February. The “debt ceiling agreement” did not produce a new debt ceiling that would last beyond February, and it did not resolve the large difference between federal revenues and expenditures. In other words, the can was again kicked down the road. A repeat of the October fiasco won’t play well.
Obamacare is causing the premiums on private insurance polices to rise substantially, almost doubling in some situations unless people move to the uncertain exchanges, and Obamacare’s raid on Medicare payroll tax revenues has resulted in a cut in Medicare payments to health care providers. The result is a further reduction in consumer discretionary income and a further drop in the economy.
This in turn means a larger federal budget deficit and the need for the Federal Reserve to purchase more debt.
Another reason the Federal Reserve is faced with increasing, not tapering, quantitative easing (money printing) is the decline in foreign purchases of US Treasury bills, notes, and bonds. As the instruments pay interest that is less than the rate of inflation, holding Treasury debt makes no sense when the dollar’s value and the potential of default are open questions.
According to reports, not only are foreign governments, such as China, ceasing to buy US Treasury debt, China has started to sell off its holdings, substituting gold in the place of US Treasury debt.
This means that the bonds must be purchased by the Fed or interest rates will rise as the increased supply of bonds on the market drives down bond prices. The only way the Fed can purchase a larger supply of bonds is by printing more money, that is, by more quantitative easing.
With the world moving away from using the dollar to settle international accounts, as the Fed prints more dollars the rate at which foreign holders of dollar assets sell off their holdings will rise.
To get out of dollars requires that the dollar proceeds from selling Treasuries, US stocks and US real estate be sold in the currency markets. The selling of dollars drives down the exchange value of the US dollar and results in rising US inflation. The Fed can print money with which to purchase Treasury debt, but it cannot print foreign currencies with which to purchase dollars.
The decline in the dollar’s exchange value and the domestic inflation that results will force the Fed to stop printing. What then covers the gap between revenues and expenditures? The likely answer is private pensions and any other asset that Washington can get its hands on.
Initially, private pensions will be taxed at a rate to recover the tax-free accumulation in the pensions. The second year a national emergency will be used to confiscate some share of pensions. Those relying on the pensions will find themselves with less income. Consumer spending will decline. The economy will worsen. The deficit will widen.
You can see where this is going, and there seems to be no way out. Policymakers, economists, and corporation executives are in denial about the adverse effects of offshoring, which they still, despite all the evidence, maintain is good for the economy. So nothing will be done about offshoring. Republicans will blame the budget deficit on welfare and entitlements, and if those are cut consumer spending will decline further, widening the budget deficit. Inflation will rise as incomes fall, and social cohesion will break down.
Now you know why Homeland Security purchased 1.6 billion rounds of ammunition, enough ammunition to fight the Iraq war for 12 years, has its own para-military force and 2,700 tanks. If you think the “terrorist threat” in America warrants a domestic armed force of this size, you are out of your mind. This force has been assembled to deal with starving and homeless people in the streets of America.
September employment report: According to the Bureau of Labor Statistics (BLS), September brought 148,000 new jobs, enough to keep up with population growth but not reduce the unemployment rate. Moreover, John Williams (shadowstats.com) says that one-third of these jobs, or 50,000 per month on average, are phantom jobs produced by the birth-death model that during difficult economic times overestimates the number of new jobs from business startups and underestimates job losses from business failures.
The BLS reports that 22,000 of September’s jobs were new hires by state governments, which seems odd in view of the ongoing state budgetary difficulties.
In the private sector, wholesale and retail trade produced 36,900 new jobs, which seems odd in light of the absence of growth in real median family income and real retail sales.
Transportation and warehousing produced 23,400 new jobs, concentrated in transit and ground passenger transportation. This also seems odd unless the price of gasoline and pinched budgets are forcing people onto public transportation.
Professional and business services accounted for 32,000 jobs of which 63% are temporary help jobs.
So here you have the job picture that the presstitutes, hyping “the jobs gain,” don’t tell you. The scary part of the September job report is that the usual standby, the category of waitresses and bartenders, which has accounted for a large part of every reported jobs gain since I began reporting the monthly statistics, shows job loss. Seven thousand one hundred waitresses and bartenders lost their jobs in September. If this figure is not a fluke, it is bad news. It signals that fewer Americans can afford to eat and drink out.
The unemployment rate that is reported is the rate that does not count as unemployed discouraged workers who are unable to find jobs and cease to look. This favored rate, the darling of the regime in power, the presstitutes, and Wall Street, also is not adjusted for the category of “involuntary part-time workers,” those whose hours have been cut back or because they are unable to find a full-time job. Obamacare, as is widely reported, is causing employers to shift their work forces from full time to part time in order to avoid costs associated with Obamacare. The BLS places the number of involuntary part-time workers at 7,900,000.
The announced 7.2% unemployment rate is a meaningless number. The rate can decline for no other reason than people unable to find jobs drop out of the work force. You are not counted in the work force if you are discouraged about finding a job and no longer look for a job.
The phenomena of discouraged workers shows up in the measure of the labor force participation rate, which has declined in the 21st century. The opportunities for American labor are so restricted that a rising percentage of the working age population have given up looking for jobs.
Yet, the Obama regime, the Wall Street gangsters, and the pressitute media tell us how much better the economic situation is becoming as more small businesses close, as memberships decline in golf clubs, as more university graduates return home to live with their parents, who are drawing down their savings to live, as Fed Chairman Bernanke has made it impossible for them to live on interest payments on their savings.
According to the US census bureau, real median household income in 2012 was $51,017, down 9% from $56,080 in 1999, 13 years ago. In contrast, annual compensation in 2012 for US CEOs broke all records. Two CEOs were paid more than $1 billion, and the worst paid among the top ten took home $100 million. When the presstitutes speak of economic recovery, they mean recovery for the one percent.
America is in the toilet, and the rest of the world knows it. But the neocons who rule in Washington and their Israeli ally are determined that Washington start yet more wars to create lebensraum for Israel.
Early in the 21st century the liberal Democrat Senator from New York, Chuck Schumer, and I coauthored an article in the New York Times about the adverse effects on the US economy of jobs offshoring. The article caused a sensation. The Brookings Institution in Washington quickly convened a conference which was covered by C-SPAN. C-SPAN rebroadcast the conference several times. During the conference I said that if jobs offshoring continued, the US would be a third world economy in 20 years.
Wall Street quickly shut up Senator Schumer, but I am sticking by my forecast. Indeed, I think we are already there.
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URL to article: http://paulcraigroberts.org/2013/10/23/ye-sow-shall-ye-reap-paul-craig-roberts/