U.S. Treasury Operating On Fumes?

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QUOTE: The US economy and the well-being of Americans are being sacrificed to the regime’s wars. The states are broke and laying off teachers

Supplemental war appropriations have become routine affairs, but the budget deficit is invoked to block any aid to Americans

: With the US bankrupting itself in wars, America’s largest creditor, China, has taken issue with America’s credit rating. The head of China’s largest credit rating agency declared: “The US is insolvent and faces bankruptcy as a pure debtor nation.”

On July 12, Niall Ferguson, an historian of empire, warned that the American empire could collapse suddenly from weakness brought on by its massive debts and that such a collapse could be closer than we think.

Deaf, dumb, and blind, Washington policymakers prattle on about “thirty more years of war.”

Paul Craig Roberts was an editor of the Wall Street Journal and an Assistant Secretary of the U.S. Treasury. His latest book, HOW THE ECONOMY WAS LOST, has just been published by CounterPunch/AK Press.

Book Review: The US economy has disintegrated, and with it into the abyss plummet the blueprints of neoliberal economists, whose theories about "the free market" have now gone the way of medieval alchemy. No voice has been stronger, no prose more forceful, than that of Paul Craig Roberts in predicting collapse. His weekly columns in CounterPunch have won an audience of millions around the world, grateful for a trained economist who can explain lucidly how the well-being of the planet has been held hostage by the gangster elite.


Retired Monk - "Ideology is a disease"

Jul. 31, 2007 4:01 pm


In fifty years America will be an agricultural Province of Red China, thanks to free-maket economics, Ronald Reagan, bonehead Bush, and sick Dick Cheney.

Apr. 9, 2010 1:51 pm

Afraid not. Big Ag is destroying U.S. agricultural capabilities.. We're shipping the equivalent of a freight train over 200,000 miles long filled with top soil to the sea..every year.... through erosion.

What's keeping it productive is the use of petroleum-based fertilizers. When it gets down to the sub-soil, that won't work. Root systems of plants can't survive in it.

The irrigated valley's of Calif....larger than most states, are turning into dust bowls. Global warming has reduced water run-off from the High Sierras.. Not enough irrigation water.

I saw an interesting discussion on PBS regarding the destruction of water eco-systems. Moving vast quanties of it from watersheds to cities/desert irrigation is upsetting the transpiration/evaporation balance over the watersheds...disrupting percipitation. Trillions of gallons that normally would remain in the watersheds to evaporate and cause more rainfall over them are being sent to the sea..... after use by cities.

Sort of like what happened in Haiti...where the nations year-round streams now only flow when it rains..

China will have to look elsewhere in 50 years for an agricultural supplier. Sustainable agriculture in the U.S. isn't our policy. Soils in the U.S., like its water supplies, are being mined...depleted for the quickest and most profitable return possible..Univ. studies on U.S. agricultural practices arent encouraging....and they were made without taking the full consequences of global warming into consideration..

U.S. problems are systemic. Current economic/ideological paradigms can't solve them....they contribute to them.. DAvid Korten suggests new ones.


Retired Monk - "Ideology is a disease"

Jul. 31, 2007 4:01 pm

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