(6 pm. – promoted by ek hornbeck)
Yesterday in the first segment of this interview we heard Jane D’Arista, author of The Evolution of U.S. Finance: Federal Reserve Monetary Policy: 1915-1935 and research associate with the Political Economy Research Institute (PERI), University of Massachusetts at Amherst, talking with Paul Jay of The Real News Network about the fact that the global economy has lost the American consumer as the engine for the whole system.
Here in segment 2 D’Arista continues her conversation with Jay, talking about private capital looking for investment safety by abandoning the US Dollar to other things they think will better hold real value such as precious metals, oil, etc. and more about the history of how we got into the economic situation we are in today.
And about who benefits…
Real News Network – April 15, 2010
Can US dollar remain world’s currency? Pt.2
Jane D’Arista: Big states will defend dollar, but private capital may move to precious metals and oil
Transcript here
Part 1 of this interview is here.
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is what form the next downturn is likely to take and from whence it would come. I know they hesitate to speculate. I think that the rhetoric I am seeing from the MSM is very frightening.
There is very little talk of cutting the things that the government does most to get us into this mess in the first place, only that taxes are going to have to go up, and if you only raise taxes on the wealthiest Americans the top tax rate would be too high.
It’s like the biggest problems are being taken for granted. Yeah, we’re going to spend almost a trillion dollars a year bombing people in Afghanistan and Iraq to prevent “terrorism”. That this military budget is unquestionable and unquestioned. That we just all better get used to the idea of no jobs.
Do these people hear themselves talk? This model of acceptance of that-which-cannot-be-changed is unsustainable. Lower employment means less tax revenues. If they don’t do anything to bring us back or near to full employment these budget problems of the federal government cannot be solved. If they tax people who aren’t making any money anyway, or as little as can barely survive a meager comfortable living, essential features of American life will be LOST, and the higher taxes will be a losing proposition anyway.
They need to end the wars and cut the defense budget DRASTICALLY. Then they need to raise taxes on the wealthiest two brackets to something like 70% and 50%. And not raise taxes on people below about $70,000 a year at all. And bring back JOBS.
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in orange, fwiw…
apparently we’re back and roaring. And just glancing at a few of the articles – we’re in clover – I had a meeting at the bank and didn’t have time to read for content really – but I got the message. And guess what – I don’t believe them.
Do they think the American people are naive. I don’t know where or what to do now but no big purchases and try not to use credit – but we are all at the mercy of happenstance – if my dogs need vet care – if my refrigerator dies, etc.
Did Newsweek get the word from someone to talk up the economy. Wouldn’t surprise me.