Paul Craig Roberts: “The US is driving the world to a nuclear war”


Paul Craig Roberts: “The US is driving the world to a nuclear war”

Obama has made it clear that China is a threat to the US in more ways than one. The countries are two of the world's largest economies, but some economists believe China's economy will surpass the US' economy in five years. Critics believe that is the motive behind President Obama's announcement to station 2500 Marines in Australia. China considers the shift of power as an attempt to escalate military tension in the Asia-Pacific. Paul Craig Roberts, former Reagan Administration official and columnist, joins us to give us insight on whats going on between the US and China. Follow Liz on Twitter at twitter.com

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About Dr. Paul Craig Roberts

Paul Craig Roberts was Assistant Secretary of the Treasury for Economic Policy and associate editor of the Wall Street Journal. He was columnist for Business Week, Scripps Howard News Service, and Creators Syndicate. He has had many university appointments. His internet columns have attracted a worldwide following. His latest book, The Failure of Laissez Faire Capitalism and Economic Dissolution of the West is now available.

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  1. As the dollar -and the rest of the fiat currencies- are losing their value due to money printing, we are approaching a point where the world will simply reject them, and the West will not be able to have oil – at least not at “reasonable” prices by today’s standards. We got a taste of that during the 1973 oil crisis,when the oil states reacted to the abolishment of the gold standard by demanding gold for their oil, instead of dollars. They didn’t like getting paid in a currency that was going to be constantly devalued.

    This is why the USA “must” attack all the oil states who try to break free from the dollar, and start accepting other means of payment – because no mater how much it costs them to go to war, it will cost them a lot more if the world finally gets of the “dollar standard”, and the value of the dollar goes to almost zero.

    The main thing that prevents the oil states from rejecting the dollar right now is their fear of being attacked by the USA – if that fear goes away, then they will be free to choose what currency to accept as means of payment.

    http://whataboutmarx.blogspot.com/2012/01/oil-wars-stakes-are-higher-than-just.html

    By: Pat . January 11, 2012 . 5:50 am |

  2. Paul Craig Roberts needs to be the next secretary of state in a Ron Paul administration. A return to sanity. A return to a republic. God bless both you guys, thanks for speaking up and keeping us informed. Your ideas sound 100% on the money.

    thanks again,

    JB

    By: John Beasley . January 14, 2012 . 4:59 pm |

  3. Question: Is Max Kaiser saying that the oil market is experiencing the same kind of economic bubble we witnessed in the real estate market? That perhaps, these Arab oil nations are being attacked to keep that oil bubble from popping? What happens if the Oil Bubble pops? If you feel like it, could you read Mike Masters, Max Kaisers articles on this, and explain it from your perspective.

    thank you
    JB

    By: John Beasley . January 22, 2012 . 1:00 pm |

  4. Your economics newsletter is great. I look forward to the next installment. I have a question relating to the following idea.

    “Today, consumers are too indebted to borrow, and banks are too insolvent to lend. Therefore, there is no possibility of further debt expansion as a substitute for real income growth. An offshored economy is a dead and exhausted economy.”

    People still have a lot of cash in banks, what if someone setup new banks that are not invested in the old economic bubble economy, and they paid a reasonable rate of return 6% or so. These deposits would allow the new banks to borrow 9 times the deposits from the FED, which would lower their actual cost of capital. Lets say the daily FED rate is 1% for 90% of the money and 6% for the 10% customer supplied capital. An average cost of capital would be about 1.5%. With no loans on the table, the new bank(s) would have no vested interest in sustaining the old bubble equity values, therefore they could negotiate existing loan values down to current market value. This would help resolve the current economic deadlock. It would pave the way for a new set of banks that would be in command of the market as they would have none of the “illusionary assets” on their books. I think a wave of new holding company charters could potentially redefine the banking industry and perhaps help secure middle class savings from being robbed in a bank holiday.
    Love to hear your opinion

    By: John Beasley . January 31, 2012 . 2:21 pm |

  5. Question: with my CD’s paying 1% or less, and the possibility of a bank holiday, which would devalue my savings at about 40% – maybe more. Is it prudent to pull my savings out of the bank? Should I go ahead and buy some other asset at this time; Swiss franks, gold, silver, etc.? Is it okay to sit on paper money? What’s your read on this situation?

    thanks,

    JB

    By: John Beasley . February 6, 2012 . 5:55 pm |

  6. what a bunch of crazies running this country -Neocons -Neolibs – what’s wrong with the American sheeple? This is insanity. It’s surreal. Even “conservative” friends I thought had some sense are drinking the coolaid. The democrats who were so critical of Bush’s warmongering, seem to have no problem with warmongering from Obama and Hillary. maybe I should book a flight to the moon with newt until things settle down a bit. Go Ron Pul! and thank you Paul Craig Roberts for your leadership, guidance and courage.

    By: Steve Heath . February 8, 2012 . 5:23 am |

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