Saturday, June 1, 2013

Paul Craig Roberts: Another Economist that Makes Sense

Why won't the current members of our Congress listen to the sane voices of rational reasoning, instead of constantly squandering valuable time bickering on non-essential issues.

Paul Craig Roberts is an American economist and a columnist for Creators Syndicate. He served as an Assistant Secretary of the Treasury in the Reagan Administration and was noted as a co-founder of Reaganomics. He is a former editor and columnist for the Wall Street Journal, Business Week, and Scripps Howard News Service. He has testified before congressional committees on 30 occasions on issues of economic policy.
Roberts testified before the US-China Commission and has written many articles saying that the offshoring of high productivity, high value-added jobs in manufacturing and professional services is dismantling the ladders of upward mobility that made the U.S. an opportunity society. He has opposed Global labor arbitrage. His latest book, The Failure of Laissez Faire Capitalism, has been translated into German and Chinese. He critiques and reformulates large areas of economic theory.

In his most recent post at his website (The Social Cost Of Capitalism) he writes: "Today there are new social costs brought by globalism. For developed countries, these are unemployment, lost consumer income, tax base, and GDP growth, and rising trade and current account deficits from the offshoring of manufacturing and tradable professional service jobs.

The trade and current account deficits can result in a falling exchange value of the currency and rising inflation from import prices. For underdeveloped countries, the costs are the loss of self-sufficiency and the transformation of agriculture into monocultures to feed the needs of international corporations. Economists are oblivious to this new epidemic of social costs, because they mistakenly think that globalism is free trade and that free trade is always beneficial."

The video below is a GRTV feature that was posted on May 31, 2013: "From economic turmoil to social dissolution and cultural chaos, it can no longer be denied that the once-opulent West is on the brink of collapse. In his new book, respected economist and father of Reaganomics, Paul Craig Roberts, explores the roots of this crisis and where we are going from here."

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