paul craig roberts debunks the spin that the recession is over...Americans cannot get any truth out of their government about anything, the economy included. Americans are being driven into the ground economically, with one million school children now homeless, while Federal Reserve chairman Ben Bernanke announces that the recession is over.
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Refreshed with the TARP $700 billion and the Federal Reserve’s expanded balance sheet, banks are again behaving like hedge funds. Leveraged speculation is producing another bubble with the current stock market rally, which is not a sign of economic recovery but is the final savaging of Americans’ wealth by a few investment banks and their Washington friends. Goldman Sachs, rolling in profits, announced six figure bonuses to employees.
The rest of America is suffering terribly.
The unemployment rate, as reported, is a fiction and has been since the Clinton administration. The unemployment rate does not include jobless Americans who have been unemployed for more than a year and have given up on finding work. The reported 10% unemployment rate is understated by the millions of Americans who are suffering long-term unemployment and are no longer counted as unemployed. As each month passes, unemployed Americans drop off the unemployment role due to nothing except the passing of time.
craig hedges suggests that, despite the heavy-handed security presence, we seize the opportunity to show our masters just how displeased we are at the treatment we've been receiving at their hands...The draconian security measures put in place to silence dissent in Pittsburgh are disproportionate to any actual security concern. They are a response not to a real threat, but to the fear gripping the established centers of power. The power elite grasps, even if we do not, the massive fraud and theft being undertaken to save a criminal class on Wall Street and international speculators of the kinds who were executed in other periods of human history. They know the awful cost this plundering of state treasuries will impose on workers, who will become a permanent underclass. And they also know that once this is clear to the rest of us, rebellion will no longer be a foreign concept.
The delegates to the G-20, the gathering of the world's wealthiest nations, will consequently be protected by a National Guard combat battalion, recently returned from Iraq. The battalion will shut down the area around the city center, man checkpoints and patrol the streets in combat gear. Pittsburgh has augmented the city's police force of 1,000 with an additional 3,000 officers. Helicopters have begun to buzz gatherings in city parks, buses driven to Pittsburgh to provide food to protesters have been impounded, activists have been detained, and permits to camp in the city parks have been denied. Web sites belonging to resistance groups have been hacked and trashed, and many groups suspect that they have been infiltrated and that their phones and e-mail accounts are being monitored.
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Our global economy, like our political system, has been hijacked by a tiny oligarchy, composed mostly of wealthy white men who serve corporations. They have pledged or raised a staggering $18 trillion, looted largely from state treasuries, to prop up banks and other financial institutions that engaged in suicidal acts of speculation and ruined the world economy. They have formulated trade deals so corporations can speculate across borders with currency, food and natural resources even as, according to the Food and Agriculture Organization (FAO) of the United Nations, 1.02 billion people on the planet struggle with hunger.
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But the game is up. The utopian dreams of globalization have been exposed as a sham. Force is all the elite have left. We are living through one of civilization's great seismic reversals. The ideology of globalization, like all utopias that are sold as inevitable and irreversible, has become a farce. The power elite, perplexed and confused, cling to the disastrous principles of globalization and its outdated language to mask the political and economic vacuum before us. The absurd idea that the marketplace alone should determine economic and political constructs caused the crisis. It led the G-20 to sacrifice other areas of human importance-from working conditions, to taxation, to child labor, to hunger, to health and pollution-on the altar of free trade. It left the world's poor worse off and the United States with the largest deficits in human history.
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The institutions that once provided alternative sources of power, including the press, government, agencies of religion, universities and labor unions, have proved morally bankrupt. They no longer provide a space for voices of moral autonomy. No one will save us now but ourselves.
none of this is news, of course... most of us - at least the people i know and the folks who read this blog - are acutely aware of the situation... why i even bother with posting this kind of doom and gloom is in the hopes that the downfall of our merciless handlers will somehow accelerate...Labels: bailout, banksters, Ben Bernanke, Chris Hedges, G20, Paul Craig Roberts, recession, TARP, unemployment, Wall Street
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