Dr. Paul Craig Roberts discusses the decline of US economy
In this Smart Talk video series, Andrew Mazzone interviews Dr. Paul Craig Roberts and discuss the decline of US economy. Dr. Roberts talks candidly to Andy Mazzone about the “hubris and arrogance” in Washington,about powerful private interest groups that run the country,” about the effects of off-shoring and about the declining power of the United States and of the dollar.
This video is highlights how Offshoring American corporations lower labor costs, which destroys the American consumer market due to lower income received. When there wasn't any growth in median family income and nothing else to drive the economy, the credit expansion was implemented which substituted the growth in consumer debt for the missing growth in consumer income. This is how the consumer demand growth was kept, which helped in keeping some growth in the economy. However, the debt reached its limit very quickly.
When the ability for people to borrow more money ran put as a result of acquiring more and more debt, the bubble broke. This is when the real estate market collapsed. The economy has not done anything to resolve this issue.
As a result of the increase in debt and the lack of economic growth, the US. dollar value has declined over time, especially during the 21st century. Due to the decline in the U.S. dollar value, it was seen that other countries pulled back from investing in U.S. treasury bonds.
Roberts talks candidly to Andy Mazzone about the “hubris and arrogance” in Washington,about powerful private interest groups that run the country,” about the effects of off-shoring and about the declining power of the United States and of the dollar.
Paul Craig Roberts analyzes the current trends in off-shoring led by CEO's whose interest is “short-term” and fueled by the profit motive. “The argument is corporations are only responsible to the shareholders and bear no other responsibility. None to communities. None to the employees. And none to the customers.”
Watch this enlightening Smart Talk interview, Dr. Roberts has said, “Of all my interviews, this one is the best.” You can find the transcript of this interview at hgsss.org/smart-talk-with-andr...
Henry George School of Social Science has launched Smart Talk, a series of discussions with leading economists around the world moderated by Andrew Mazzone, president of the HGS board of trustees.
We invite you to watch the Smart Talk videos of discussions with some of the most talked-about economic and social thinkers of our times, please visit: hgsss.org/smart-talk/
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8 years later and Dr. Paul Craig Roberts' arguments are stronger than ever. This so-called pandemic just exacerbated it all. Locking people down, and switching to remote work, allowed for companies to move even more of their staff overseas, or hire in the States as contractual work. Having worked in eCommerce fo the past 4 years, I can assure you that almost everything is outsourced.
@AmexL
Жыл бұрын
Yup, he was spot on.
Dr. Paul, is to my mind a very rare and smart researcher that has the answer to the crime against humanity perpetrated by the greedy few elites (bankers and industrialist) in my opinion
Well done. I listened to this three times in order to make certain I understood all the nuances of the conversation. I always learn something when I hear Dr. Roberts speak.
@GeraldCroteau
2 жыл бұрын
If you like this, check out Michael Hudson as well
I too was against the outsourcing of America's wealth. Majority of customers are someone's employee. The purchase ability of the American consumer was decimated.
Dr. Paul Roberts is spot-on.
A brilliant analysis, understandable even to a layman on the subject (Economics) like me. As Nietzsche would say, important philosophers "(...)are those who point to future dangers".
@GeraldCroteau
2 жыл бұрын
Check out Michael Hudson as well
thank you for this interview; it is super! sincerely ....
I am old enough to remember U.S.-made manufactures and other products exported overseas back in the early to mid-1960's and U.S.-manufactured products were everywhere in the world, from textile products to motor-cars to diesel engines to radios to hand-tools. And U.S.-made manufactures enjoyed a high international reputation for high quality, reliability, durability, and good value for money.
game over for the people
@pierrettegagnon2627
3 жыл бұрын
Or, we get a KNEW BALL, TO PUTT
@pierrettegagnon2627
3 жыл бұрын
We can play, internet TAG, for example, ( I would take .01%), in venture capital, LIKDe calling in, taking a shot, putting out there, your It
Wow I'm thankful for this amazing posting..
the host & Dr Paul. are smart & cool, another good video yes the usa late 1800's was the best,, now is crap 2019
Great episode
Excellent 👍
Extrodinary important talk with the exeptional knowledge and experiencenmof Dr. Paul Craig Roberts !
Clearest example of the theft of value of currency is to realize in 1900 a few $100 bought a house. Since then and the establishment of Federal Reserve Bank fiat currency, the value of $100 has devalue more than 99%. Now pause for a moment and thing of the investments or savings you have now you wish to use in the future as you are old.
@richardscathouse
4 жыл бұрын
Devaluing is an expected pert of any fiat currency! USD was expected to achieve zero value by 1986! Actually, it was a few years before 1977 because of the 1972 removing of the gold bases Been all Smoke & Mirrors since then!
You can't argue w/ him.
Dedicated to US Senator Rand Paul
this is truth
I am sick years too late for this. But better late than never.
This is an excellent interview that can be used as a great foil for clarification of important issues. For example, with free trade theories alone, it seems to me (being relatively ignorant), that there are many "hidden variables" that can quickly invalidate just about any position. One such "variable" I have been thinking about is the role of (alternative/complementary) currency. Relating to that is the open culture trend. Relating to both are Internet use trends. Another cluster of variables, perhaps more significant, are the rate of adoption of (kinds of) social innovations versus the adoption of technological innovations. We better pay more attention to this last cluster. For example, not sure if anyone has considered that ISIS/ISIL/IS represents a form of social innovation.
Where is the transcript of this interview .... I'm not able to watch this ... for SOME REASON??? Weird.
A man I really would love to meet,he’s very good in multiple ways
"It's [the US government] responsible to Wall Street, to the Military-Security Complex, to Agribusiness, to the extractive industries (timber, mining, energy [look at the fracking that's going on]" . I think that he left off the insurance companies, the pharmaceutical companies, the real estate developers, the automobile manufacturers, etc..
@Beadbud5000
7 жыл бұрын
Gordon Grecko greed
I appreciate this over view of our failing system. I'm not sure what citizens can do to help halt this. Would like u to comment
@richardscathouse
4 жыл бұрын
Die! Like the useless eaters, we've become 🤭🤭🤭🤭👎
@GeraldCroteau
2 жыл бұрын
When I was a small boy I believed in democracy 🤣
Well, I wonder what Apple would think if the Chinese seized their factories?
@richardscathouse
4 жыл бұрын
I'd love to see that! Although most of their products are made at Chinese factories (Foxconn) and their Chinese subcontractors already!
Free trade is not motivated by ideology or scientific economic observations. It is boosted year after year by the US as a means to print more dollars in accommodation of the higher trade volumes. Increased free trade is therefore a means to finance the abyssal federal deficits. As confidence in the dollar decreases, free trade is less and less beneficial for the US. Besides financing the deficit, increases of free trade indirectly finance the military, which can be blamed for the deficits. After our industrial capacity was reduced because of free trade and the dollar hegemony faded, we now find ourselves incapable of producing anything else than weapons. Soon foreigners will no longer be willing to finance our deficits, our obese military will end up starving and growth in free trade will be brought to a stop. This coming day will be the end of US world dominance.
@davidsmith3rd
9 жыл бұрын
When this day comes as it very surely will, it will be time for the masses to rise, nationalise all the bloodsucking corporation,s and then bring the neocons et al to justice !!
supply-side economics laid the foundational intellectual architecture for neoliberal capitalism, the ruinous consequences of which define the paradigm that we inhabit today.
Henry George is rolling in his grave.
The truth is not always cheerful and in this case it is downright devastating. If you care at all for your fellow man and your grandchildren it is a sad day indeed! In the early years of this country a term of "Manifest Destiny: was coined. Is this the manifestation of the destiny spoken off? The red man saw and learned the hard way what greed, hubris and pride brought forth upon this nation. Death, and destruction of a way of life that was in tune with natural surroundings. If one believes in karma then surely it has come home to roost. Of course many don't believe in karma so lets call it cause and effect or you reap what you sow! The only possible way out of this is a returning to the land and nature and living in accordance with it, but woe to those who have lost that capability, or maybe even those who have not! Divine intervention? Maybe! Maybe not!
Note the difference in actual service & production verse piling currency on top of currency. My 5 year old niece was with me the other day and spoke out loud, "I am hungry". I put $5. on the table; then $10, then $20. My niece watch and was a little confused and simply said to me again, "I am hungry". I made lunch. USA has stop producing, yes inflation rises, stocks & bonds rise and national debt rise. While the USGov likes to claim unemployment is down, common sense know they lie as statistics does not count those who run out of unemployment benefits and another statistic that is rising but the USGov ignores food stamps is rising greatly constantly. US sent their jobs overseas. US put produces via automation and robotics. US unemployed constantly its consumer tax payers. The USGov gives free billions of dollars to BigBanks&BigCorps to go and buy stocks&bonds to project image of the market going up; the Federal Reserve secretly short sales\malipulates and holds down gold value to calm the common observing market fears. The Federal Reserve Hopes all this 'imagery' produces.. If I wait for the Federal Reserve Bank to feed my niece, she would be left wanting as well given a debt...... still hungry.
@billp4
9 жыл бұрын
I was getting ready for you to say you kicked the chair out from underneath her. whew.
@richardscathouse
4 жыл бұрын
Never accept the corporate propaganda! I never took student debt (College) I went into trades! Got to six figures before an unknown flaw in my back took me down at 40 years! But at least I have no debt! And can life comfortably on my modest disability pension! If only I could access pain medication! #opiatewitchhunt
This talk is way ahead. The Zeitgeist of Wallstreet needs to fall in line and not be the "driver".
@willia3r
4 жыл бұрын
Wall Street will never fall in-line on its own. It will have to fall from power on the weight of its own corrupt ways.
Just a quick thought from early on in the talk. Surely, you could make a good argument that the marginal tax rate on investment for ordinary people (not rich people)is currently almost 100%.
@richardscathouse
4 жыл бұрын
#eattherich
It began with Nixon. Who took the US dollar off the gold standard
👍😍
so is he saying he screwed up when he advised Reagan?
scrambling the signal, how special
he says 'playing devil's advocate' It sounds like he's tryin to justify his own actions ?
A pattern is emerging: (Note: A secret index to the importance of this particular interview, is the telltale electronic distortions that commence about 27 minutes into this 1-hour video. Saboteurs target Dr Roberts with their telltale electronic interference. These Saboteurs are aligned with the SSG and try to stop high impact, intelligent, highly respected voices, that speak truth to power. For future reference you might want to take note of the electronic distortions whenever you see them because it's a key to the level of importance of the information being blocked)
@RogerThunderhandsGilbert
9 жыл бұрын
Oh,,,you have that right,,,no doubt in my mind!
@profd65
7 жыл бұрын
Nutjob.
Love Paul Craig Roberts but the interviewer was intolerable. Couldn't watch the whole thing.
Britain the only country in the world that has always fought against all attempts at tyranny in our world's modern history?, indeed is the only country to have fought against every attempt at tyranny in our modern history?, today with such a dumb society who want to go to war with the USA, that will see them only fighting for American tyranny, against all others fighting for their freedoms? Madness, they should all be thinking, I wonder when it will be our turn? Dunces.
Why should he, the urban big shot, worry ? He and his kind are forgetting about the rest of the country. You know, the people who work the land, grow crops, food, provide raw materials, the fly-over country that people like Mazzone takes for granted and even treats condescendingly. This country used to think highly and protect its farmers, its rural areas, but these urbanite sophisicates no longer even think about where their next meal is coming from. I have nothing but contempt and a growing anger towards these vultures and the fiat money system that they generated a century ago. I say to hell with you thieves and traitors !!!
Then started shipping manufacturing jobs overseas
Slavery ?...Count that free labor.
@richardscathouse
4 жыл бұрын
Trickle down (piss) economics! Just like the good old days castle toilets were set out over the streets so no money for plumbing!
@cushiteone
3 жыл бұрын
@Danny Archer Debt based. Usury=interest?
This guy forgets 400 hundred years of slavery of 10 million enslaved west africans, who provided free labor to build this place called America!