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The Fiscal Cliff Is A Diversion: The Derivatives Tsunami and the Dollar Bubble

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The hyped threat of the fiscal cliff is immaterial compared to the threat of the derivatives overhang and the threat to the US dollar and bond market of the Federal Reserve's commitment to save four US banks.

Once again, the media and its master, the US government, hide the real issues behind a fake one. The fiscal cliff has become the way for the Republicans to save the country from bankruptcy by destroying the social safety net put in place during the 1930s, supplemented by Lyndon Johnson's "Great Society" in the mid-1960s.

Now that there are no jobs, now that real family incomes have been stagnant or declining for decades, and now that wealth and income have been concentrated in few hands is the time, Republicans say, to destroy the social safety net so that we don't fall over the fiscal cliff.

In human history, such a policy usually produces revolt and revolution, which is what the US so desperately needs.

Perhaps our stupid and corrupt policymakers are doing us a favor after all.

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Dr. Roberts was Assistant Secretary of the US Treasury for Economic Policy in the Reagan Administration. He was associate editor and columnist with the Wall Street Journal, columnist for Business Week and the Scripps Howard News Service. He is a contributing editor to Gerald Celente's Trends Journal. He has had numerous university appointments. His book, The Failure of Laissez Faire Capitalism and Economic Dissolution of the West is available here. His latest book,  How America Was Lost, has just been released and can be ordered here.

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... do dismiss each other with (roughly) the words... by Ad Du on Monday, Dec 17, 2012 at 1:45:59 PM
Who are laundering money in offshore and "in count... by Steven G. Erickson on Monday, Dec 17, 2012 at 2:23:49 PM
Paul Craig Roberts is one of the few brave souls w... by Scott Baker on Monday, Dec 17, 2012 at 2:25:42 PM
I am glad to see more and more stories like this c... by James Goode on Monday, Dec 17, 2012 at 3:22:54 PM
This FB Site has all of the up to date Financial/P... by James Goode on Monday, Dec 17, 2012 at 3:28:58 PM
I have a facebook page called occupy the money sys... by Elizabeth Hanson on Tuesday, Dec 18, 2012 at 1:16:59 AM
By PakAlertPress"We have now had the first audit o... by Lance Ciepiela on Monday, Dec 17, 2012 at 5:00:54 PM
>  Ever since John Maynard Keynes, most ec... by Josh Mitteldorf on Monday, Dec 17, 2012 at 10:52:13 PM