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Disastrous Outcomes From An Orchestrated Crisis

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With the world concerned about US financial credibility and the poor outlook for the US economy, now is not the time for the Republicans to grandstand on the public debt. The debt ceiling needed to be quietly raised. Instead, the Republicans started a fire and then threw gasoline on it, creating an inferno that could burn up the US social safety net or the US Treasury's credit rating and the US dollar's role as reserve currency or what remains of the separation of powers.  

Consequently, world financial markets, currency markets, commodity markets, central banks, and mutual fund money market and bond funds are on pins and needles.

This level of irresponsibility is seldom seen even from American politicians.  

Republicans have created a totally unnecessary crisis and turned it into compelling political theater. Will the US default? Will entitlements be slashed? Will Obama seize the power of the purse from Congress in order to save the dollar and the US credit rating? None of these questions needed to arise.

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While the world media fixates on the orchestrated debt ceiling crisis, the US government continues to bomb civilians in Afghanistan, Libya, Iraq, Pakistan, Yemen, and Somalia and continues with preparations to do the same thing to Syria and Iran.  

The violations of other countries' sovereignties, the naked aggressions that constitute war crimes, the murder of noncombatants, and the horrible moral and economic expense inflicted by the maximization of the military/security complex's profits are somehow not a crisis. These are just routine, normal, everyday necessary events. Nothing to notice or to become upset about.

The off-shoring of US jobs, GDP, tax base, and consumer demand that has eroded away the US economy and the government's tax base, thus elevating the deficit, is somehow not a crisis. These are just the imperatives of globalism and the routine maximization of shareholders' profits and management's performance bonuses.
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The US has become such a ridiculous collection of fools that no real crisis can be recognized. Instead, the country is mesmerized by a fake crisis.

The fake orchestrated crisis can easily turn into a real one. If income support programs are slashed, so will be consumer demand, and the US economy will decline further, widening the budget deficit and national debt.

If the Republicans force the country into default, the dollar will suffer. At the least, import prices will rise and the trade deficit with them. At the worse, the dollar will lose its reserve currency role, and the US will no longer be able to pay its oil bill in its own currency. With its balance of payments deep in the red, it has no foreign currency with which to purchase oil.

If Obama has to seize the power of the purse in order to prevent a new financial crisis from landing on top of the ongoing financial crisis, democracy will take another big hit.

Americans need desperately to ask themselves why they put into political office such utterly irresponsible and incompetent people capable of creating such a totally unnecessary crisis loaded with such disastrous potential outcomes. It would appear that the American population is too insouciant to use the vote with any care.  

Little wonder that the president is becoming a Caesar.

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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"The US has become such a ridiculous collection... by Timothy Gatto on Thursday, Jul 28, 2011 at 6:58:23 PM
I can answer your question with 4 words Paul: the ... by Jack Heart on Thursday, Jul 28, 2011 at 8:41:11 PM
Dr. Roberts,   You are being far too kind b... by mebadgett on Friday, Jul 29, 2011 at 1:55:29 AM
To solve most of the problems facing america you f... by Ash E on Friday, Jul 29, 2011 at 10:24:35 AM
The print and TV media serve as a Ministry of Prop... by Paul Craig Roberts on Friday, Jul 29, 2011 at 10:44:58 AM
Everything written by PCR is on point. The Republi... by Lewis Yang on Friday, Jul 29, 2011 at 11:41:53 AM
Wall Street is in charge. And we have politicians ... by William P. Homans on Friday, Jul 29, 2011 at 1:18:10 PM
Must be Alabama, one of the most racist states in ... by Lester Shepherd on Friday, Jul 29, 2011 at 6:46:10 PM
Morris Berman (Dark Ages), one of the finest patri... by Lester Shepherd on Friday, Jul 29, 2011 at 6:49:12 PM
"Dumbed down" is a better descriptor.... by Luis Magno on Friday, Jul 29, 2011 at 6:59:12 PM
being carefree, sir. I would call it gross ignoran... by Archie on Friday, Jul 29, 2011 at 8:21:25 PM
So, WHO wants to do THAT? What does it take? Not m... by molly cruz on Friday, Jul 29, 2011 at 9:27:49 PM