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In the 1970s, global political and corporate elites had all the information they needed to put the world on a path toward long-term stability. Systems science was sufficiently advanced that a team of its practitioners organized a scenario study to see how trends in industrial production, population, food, pollution, and resource usage might interact over the next few decades; the study showed that continued growth in population and industrial production would prove unsustainable. Political scientists were beginning to sort demographic, economic, and historical social data for clues to understanding why societies sometimes descend into internal violence; data seemed to show that there was a rough correlation between rising economic inequality and declining social stability. Also, the science of ecology was revealing that forest, ocean, desert, freshwater, and soil ecosystems are inherently complex and resilient, but that they are subject to catastrophic tipping points when subjected to high enough levels of pollution or loss of habitable space. It was clear what should be done in order to put society on a sound footing: discourage population growth, cap the scale of industrial production, reduce economic inequality, clean up past pollution, reduce current and future pollution, and leave plenty of space for nature to regenerate.

Elites didn’t do those things. Initially, during the Nixon and Carter years, US politicians enacted some thoughtful, far-reaching policies. Then, increasingly, and regardless of the party in power, they simply found excuses to stop pressing ahead or to backtrack. They set their pet economists to work writing books and reports insisting that growth is always good; that economic inequality is excusable because eventually the wealth of the few will surely “trickle down” as benefits to the many; and that, in President Ronald Reagan’s feel-good but tragically misleading words, “There are no such things as limits to growth, because there are no limits to the human capacity for intelligence, imagination, and wonder.”

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America’s Nuclear Death Wish – Europe Must Rebel

October 29, 2018

America’s Nuclear Death Wish – Europe Must Rebel

The Trump administration’s declared scrapping of a crucial arms control treaty is putting the world on notice of a nuclear war, sooner or later.

Any such war is not winnable. It is mutually assured destruction. Yet the arrogant American rulers – some of them at least – seem to be deluded in thinking they can win such a war.

What makes the American position even more execrable is that it is being pushed by people who have never fought a war. Indeed, by people like President Donald Trump and his hawkish national security advisor John Bolton who both dodged military service to their country during the Vietnam War. How’s that for macabre mockery? The world is being pushed to war by a bunch of effete cowards who are clueless about war.

Trump announced last this week that the US was finally pulling out of the Intermediate-Range Nuclear Forces (INF) Treaty, a move confirmed by Bolton on a follow-up trip to Moscow. That treaty was signed in 1987 by former President Ronald Reagan and Soviet leader Mikhail Gorbachev. It was a landmark achievement of cooperation and trust between the nuclear superpowers. Both sides removed short and medium-range nuclear missiles from Europe.

With Trump intending to rip up the INF Treaty, as his predecessor GW Bush had done with the Anti-Ballistic Missile (ABM) Treaty in 2002, Europe is now facing the disastrous prospect of American missiles being reinstalled across its territory as they were in the 1980s. However, a big distinction between then and now is that after years of expansion by NATO, European territory is at an even sharper interface with Russia’s heartland.

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Who profits from the end of the mid-range nuclear treaty?

October 27, 2018

Who profits from the end of the mid-range nuclear treaty?

The US move to shelve the Intermediate-range Nuclear-Forces treaty could accelerate the demise of the whole post-WWII Western alliance, and herald a bad remix of the 1930s

A large Russian missile is seen in a rehearsal for a military parade in Red Square, Moscow, on May, 5 2008. Photo: iStock

The Bulletin of the Atomic Scientists has moved its Doomsday Clock to only 2 minutes to midnight. It might be tempting to turn this into a mere squabble about arrows and olives if this wasn’t such a terrifying scenario.

US president Ronald Reagan and Mikhail Gorbachev, secretary-general of the USSR, signed the Intermediate-Range Nuclear Forces Treaty (INF) in 1987.

Three decades later, the Trump administration wants to unilaterally pull out of the INF Treaty.

Earlier this week President Trump sent his national security adviser John Bolton to officially break the news to Russian President Vladimir Putin in Moscow.

As they were discussing extremely serious issues such as implications of a dissolving INF Treaty, the perpetuation of anti-Russia sanctions, the risk of not extending a new START Treaty and the deployment, in Putin’s words, of “some elements of the missile shield in outer space”, the Russian President got into, well, arrows and olives:

“As I recall, there is a bald eagle pictured on the US coat of arms: it holds 13 arrows in one talon and an olive branch in the other as a symbol of peaceful policy: a branch with 13 olives. My question: has your eagle already eaten all the olives leaving only the arrows?”

Bolton’s response: “I didn’t bring any olives.”

Russia's President Vladimir Putin, left, shakes hands with US National Security Adviser John Bolton during a meeting at the Kremlin in Moscow on 23 Oct 2018. Photo: Russian Foreign Press Office / Anadolu Agency / AFP

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Volcker Recalls Another Time the Fed Was in the President’s Crosshairs

October 25, 2018

Volcker Recalls Another Time the Fed Was in the President’s Crosshairs

The central banker’s memoir recounts an awkward encounter with Ronald Reagan.

Reagan and Volcker in the Oval Office in 1981.

PHOTOGRAPHER: J. SCOTT APPLEWHITE/AP PHOTO

Donald Trump’s repeated public criticism of the Federal Reserve’s monetary policy seems extraordinary, but he isn’t the first president to oppose raising rates. Paul Volcker, 91, has had firsthand experience with this, both in Lyndon Johnson’s Treasury Department and as Fed chairman during the Reagan administration, as he recalls in Keeping at It: The Quest for Sound Money and Good Government (Oct. 30, PublicAffairs), written with Bloomberg Markets Editor Christine Harper. Volcker, who was Fed chairman from 1979 to 1987, is credited with ending an era of double-digit inflation by pushing short-term rates as high as 20 percent.

Later in the fall of 1965, Treasury Secretary Henry Fowler became deeply concerned about a warning he had received from Fed Chairman William McChesney Martin. The Fed planned to raise its discount rate, the rate the Fed charges banks for short-term loans, with the presumed effect of raising all market rates. Martin’s clear aim was to forestall inflationary pressures as Vietnam War spending rose in an already fully employed economy. A spirited internal debate developed. The Council of Economic Advisers and the Bureau of the Budget lined up with Fowler in pleading for delay. Privately, I was sympathetic to Martin’s argument and hoped to persuade the secretary into a compromise: perhaps a quarter-percentage-point increase instead of the planned half-point.

The unfortunate result for me was the creation of a four-man ad hoc committee to examine the issue. The composition was odd. Although I was the Treasury’s representative, I was eager to compromise. Dan Brill, the Fed’s research chief, was strongly opposed to any rate hike despite his boss’s view. So were, in varying degrees, representatives from the CEA and the Bureau of the Budget (now the Office of Management and Budget). Predictably, we concluded that the decision could wait until January so it could be coordinated with the new budget.

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It Is Like A Western Movie: A Showdown Is In The Making

October 22, 2018

It Is Like A Western Movie: A Showdown Is In The Making

It has taken the US military/security complex 31 years to get rid of President Reagan’s last nuclear disarmament achievement—the INF Treaty that President Reagan and Soviet President Gorbachev achieved in 1987.

The Intermediate Range Nuclear Forces Treaty was ratified by the US Senate on May 27, 1988 and became effective a few days later on June 1. Behind the scenes, I had some role in this, and as I remember what the treaty achieved was to make Europe safe from nuclear attack by Soviet short and intermediate range missiles, and to make the Soviet Union safe from US attack from short and intermediate range US nuclear missiles in Europe. By restricting nuclear weapons to ICBMs, which allowed some warning time, thus guaranteeing retaliation and non-use of nucular weapons, the INF Treaty was regarded as reducing the risk of an American first-strike on Russia and a Russian first-strike on Europe, strikes that could be delivered by low-flying cruise missiles with next to zero warning time.

When President Reagan appointed me to a secret Presidential committee with subpoena power over the CIA, he told the members of the secret committee that his aim was to bring the Cold War to an end, with the result that, in his words, “those God-awful nuclear weapons would be dismantled.” President Reagan, unlike the crazed neoconservatives, who he fired and prosecuted, saw no point in nuclear war that would destroy all life on earth. The INF Treaty was the beginning, in Reagan’s mind, of the elimination of nuclear weapons from military arsenals. The INF Treaty was chosen as the first start because it did not substantially threaten the budget of the US military/security complex, and actually increased the security of the Soviet military. In other words, it was something that Reagan and Gorbachev could get past their own military establishments. Reagan hoped that as trust built, more nuclear disarmament would proceed.

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Has Russia Given Up on the West?

September 21, 2018

Has Russia Given Up on the West?

By the end of his second term, President Ronald Reagan, who had called the Soviet Union an “evil empire,” was strolling through Red Square with Russians slapping him on the back.

Bliss was it in that dawn to be alive.

And how have we husbanded the fruits of our Cold War triumph?

This month, China’s leader-for-life Xi Jinping stood beside Vladimir Putin as 3,000 Chinese troops maneuvered with 300,000 Russians, 1,000 planes and 900 tanks in Moscow’s largest military exercise in 40 years.

An uncoded message to the West from the East.

Richard Nixon’s great achievement in bringing Peking in from the cold, and Reagan’s great achievement of ending the Cold War, are history.

Bolshevism may be dead, but Russian nationalism, awakened by NATO’s quick march to Russia’s ancient frontiers, is alive and well.

Russia appears to have given up on the West and accepted that its hopes for better times with President Donald Trump are not to be.

U.N. Ambassador Nikki Haley is berating Russia for secretly trading with North Korea in violation of U.N. sanctions, saying, “Lying, cheating, and rogue behavior have become the new norm of the Russian culture.”

Cold wars don’t get much colder than defaming another country’s culture as morally debased.

The U.S. has also signaled that it may start supplying naval and anti-aircraft weaponry to Ukraine, as Russia is being warned to cease its inspections of ships passing from the Black Sea through the Kerch Strait into the Sea of Azov.

The three-mile-wide strait lies between Crimea and Kerch Peninsula. In Russia’s eyes, both banks of the strait are Russian national territory.

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Climate Change Bites Big Business

August 14, 2018

Climate Change Bites Big Business

“Electoral politics is not the solution to the Earth-threatening problems we face.”

– Jeffrey St. Clair, 10 August 2018, Counter Punch

There is now no non-violent way to reverse climate change. Even with morally unrestrained action, it is probable that there is now no physical possibility of reversing climate change. The time for action was 1973-1979, the time of the two oil embargoes (the post Israeli War – against Egypt and Syria – Arab Oil Embargo of 1973; and the related-to-the-Iranian-Revolution vengeful price gouge oil embargo of 1979). This was the period of the Watergate-climax finale of the Nixon Administration, the Ford Administration, and the Carter “energy crisis” Administration. Politically, the election of Ronald Reagan in 1980 killed the possibility of US climate change action.

From Reagan through Bush I, Clinton, Bush II and Obama to Trump, the mentioning of climate change – as one of government’s highest priorities, as one of corporate America’s foremost concerns (to be addressed, not suppressed), and as one of mainstream media’s primary and continuing focuses and leading stories – was minimized if not altogether absent. If anything, climate change denialism was heavily promoted by corporate and partisan (right wing) media, and by legions of corporate agents, flacks and factotums masquerading as elected representatives in federal and state governments. That has now changed.

Climate change is now all over the front pages of the newspapers and is the headline story of the mainstream mass media, primarily because of the massive fires in California whose smoke has even reached New York City. Why this new overt and blaring mainstream news attention to climate change, a subject that was officially hush-hush, trivial and fake news so recently in the past? Obviously because climate change has begun costing big money to major sectors of American capitalism.

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Russia’s “Dirty Policy of Occupation” of Crimea and Ronald Reagan

February 9, 2018

Russia’s “Dirty Policy of Occupation” of Crimea and Ronald Reagan

On March 18^th, 2014 following a popular self-determination referendum of the people of Crimea the Russian Federation declared reunification with the Crimean Peninsula which was illegitimately transfered to the Soviet Ukraine in 1954 by Soviet Communist Party leader Nikita Khrushchev. Nevertheless, the western global corporative media, politicians and statesmen classified the act as a matter of “aggression, violation of international law and unlawful occupation of a part of territory of an internationally recognized independent state and the UN’s member”. Russia’s authorities on this occasion issued an official statement that Crimea’s re-annexation by Russia is based on the same self-determination rights as of the people (the Albanians) of Kosovo in 2008 which self-proclaimed independence from Serbia (by Kosovo parliament without any popular referendum) is already recognized by almost all western liberal governments.

The following text is a personal contribution to better understanding of the case of Russia’s “dirty policy of occupation and annexation” of Crimea in March 2014.

Grenada is an independent state, a member of the UN, located in the southern portion of the Caribbean Sea very close to the mainland of the South America (Venezuela). The state is composed by southernmost of the Windward Islands combined with several small islands which belong to the Grenadines Archipelago, populated by almost 110,000 people of whom 82% are the blacks (2012 estimations). The state of Grenada is physically mostly forested mountains’ area (of volcanic origin) with some crater lakes and springs. In the valleys are bananas, spices and sugar cane grown. The country is out of any natural wealth significance but has relatively high geostrategic importance. Economy was and is primarily agricultural with some very limited small-scale industry of the food production nature with developing tourism sector as growing source of the national GDP. The state budget is constantly under a high level of foreign debt (a “debt slavery” phenomenon).

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The Unraveling of American/Russian Relations

October 15, 2017

The Unraveling of American/Russian Relations

Dear Readers: I agree that the official Las Vegas story seems to be unraveling. A public mass shooting should be transparent, not opaque. I think we explored the story long enough to discover that without knowing the facts, we cannot arrive at an explanation with confidence.

It is time to move on to another unraveling—that of US/Russian relations. This unraveling is far more serious as it threatens life on earth. I have warned of the consequences of Washington threatening Russia’s security by breaking agreement after agreement, by placing missile bases on Russia’s borders, by orchestrating anti-Russian coups in former Soviet provinces, and by a continuing volley of false accusations against Russia. There is no act more reckless and irresponsible than to make one nuclear power fear nuclear attack from another.

Alert observers have become aware of the mounting danger. Canadian professor Michel Chossudovsky writes that Washington has taken nuclear war from a hypothetical scenario to a real danger that threatens the future of humanity. https://www.globalresearch.ca/towards-a-world-war-iii-scenario-breaking-the-big-lie/5348384

Mikhail Gorbachev, the Soviet leader who worked with President Ronald Reagan to end the Cold War and the threat of nuclear Armageddon, has appealed to President Trump and President Putin to hold a summit meeting and bring an end to the rising tensions. Gorbachev wrote in the Washington Post that “it is far from normal that the presidents of major nuclear powers meet merely on the margins of international gatherings.” This is especially the case as “relations between the two nations are in a severe crisis.” http://www.informationclearinghouse.info/48004.htm

Gorbachev’s warning could be an understatement. Last March, General Viktor Poznikhir, the deputy commander of the Russian military’s Operation Command expressed concern that Washington could be preparing a surprise nuclear attack on Russia. See https://dninews.com/article/moscow-us-missile-systems-europe-may-lead-sudden-nuclear-attack-russia and http://www.newsweek.com/russia-us-global-missile-defense-lead-nuclear-war-europe-591244 and https://www.yahoo.com/news/russian-officials-u-global-missile-192829855.html

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The Legacy of Reagan’s Civilian ‘Psyops’

October 13, 2017

The Legacy of Reagan’s Civilian ‘Psyops’

Special Report: When the Reagan administration launched peacetime “psyops” in the mid-1980s, it pulled in civilian agencies to help spread these still-ongoing techniques of deception and manipulation, reports Robert Parry.

Declassified records from the Reagan presidential library show how the U.S. government enlisted civilian agencies in psychological operations designed to exploit information as a way to manipulate the behavior of targeted foreign audiences and, at least indirectly, American citizens.

Walter Raymond Jr., a CIA propaganda and disinformation specialist who oversaw President Reagan’s “psyops” and “perception management” projects at the National Security Council. Raymond is partially obscured by President Reagan. Raymond is seated next to National Security Adviser John Poindexter. (Photo credit: Reagan presidential library)

A just-declassified sign-in sheet for a meeting of an inter-agency “psyops” committee on Oct. 24, 1986, shows representatives from the Agency for International Development (USAID), the State Department, and the U.S. Information Agency (USIA) joining officials from the Central Intelligence Agency and the Defense Department.

Some of the names of officials from the CIA and Pentagon remain classified more than three decades later. But the significance of the document is that it reveals how agencies that were traditionally assigned to global development (USAID) or international information (USIA) were incorporated into the U.S. government’s strategies for peacetime psyops, a military technique for breaking the will of a wartime enemy by spreading lies, confusion and terror.

Essentially, psyops play on the cultural weaknesses of a target population so they could be more easily controlled or defeated, but the Reagan administration was taking the concept outside the traditional bounds of warfare and applying psyops to any time when the U.S. government could claim some threat to America.

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Outside Powers Must End Their Proxy Wars in Syria

November 20, 2015

Outside Powers Must End Their Proxy Wars in Syria

A FRENCH NEWS CAMERAMAN burst into the bar of Beirut’s Commodore Hotel, where his colleagues gathered most evenings, on November 17, 1983. “At last,” he shouted, cupping both hands upward, “someone with balls!” French warplanes had just bombed the town of Baalbek, site of magnificent Roman ruins but also of a Shiite Muslim militant barracks. This was France’s revenge for the killing of 58 French troops by a suicide bomber four weeks earlier. On the same morning the French died, the United States had lost 241 American service personnel, most of them U.S. Marines, to another suicide bomber. So far, Washington had not responded. We learned later that Defense Secretary Caspar Weinberger, who was against sending Marines to Lebanon in the first place, had dissuaded President Ronald Reagan from bombing Lebanon until there was evidence to prove who had done it.

France’s bombardment satisfied one French cameraman. It changed nothing, except for the civilians and militants who died in Baalbek. When the U.S. finally bombed eastern Lebanon in December, Syrian air defenses downed a Navy A-6 Intruder. The pilot, Lt. Mark Lange, died when his parachute malfunctioned. The navigator-bombardier, Lt. Robert O. Goodman, became a prisoner for 31 days until the Syrians released him to Reverend Jesse Jackson. And that was that.

By April 1984, the French and American forces of the ill-advised Multinational Force had left Lebanon. French President Francois Mitterrand’s promise to remain in defiance of those who had murdered his soldiers was forgotten, as was President Reagan’s commitment to peace in Lebanon. The civil war, already in its eighth year, did not end until 1990. The parties behind the bombing of the French and American troops, the Hezbollah militia and its backers, Iran and Syria, emerged more or less victorious. In fact, Syria had proven itself so powerful in Lebanon that the U.S. approved its military occupation to keep order.

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We created Islamic extremism: Those blaming Islam for ISIS would have supported Osama bin Laden in the ’80s

November 20, 2015

We created Islamic extremism: Those blaming Islam for ISIS would have supported Osama bin Laden in the ’80s

Jingoists conveniently forget the West’s Cold War strategy was to arm the Islamic extremists that became al-Qaida

(Credit: AP/Dennis Cook)

History takes no prisoners. It shows, with absolute lucidity, that the Islamic extremism ravaging the world today was borne out of the Western foreign policy of yesteryear.

Gore Vidal famously referred to the USA as the United States of Amnesia. The late Chinese Premier Zhou Enlai put it a little more delicately, quipping, “One of the delightful things about Americans is that they have absolutely no historical memory.”

In order to understand the rise of militant Salafi groups like ISIS and al-Qaida; in order to wrap our minds around their heinous, abominable attacks on civilians in the U.S., France, Syria, Iraq, Lebanon, Nigeria, Turkey, Yemen, Afghanistan and many, many more countries, we must rekindle this historical memory.

Where did violent Islamic extremism come from? In the wake of the horrific Paris attacks on Friday, November the 13, this is the question no one is asking — yet it is the most important one of all. If one doesn’t know why a problem emerged, if one cannot find its root, one will never be able to solve and uproot it.

Where did militant Salafi groups like ISIS and al-Qaida come from? The answer is not as complicated as many make it out to be — but, to understand, we must delve into the history of the Cold War, the historical period lied about in the West perhaps more than any other.

How the West cultivated Osama bin Laden

We needn’t reach back far into history, just a few decades.

A much-circulated photo of an article published in British newspaper the Independent in 1993 exemplifies the West’s twisted hypocrisy. Titled “Anti-Soviet warrior puts his army on the road to peace,” it features a large photo of Osama bin Laden, who, at the time, was a Western ally.

Osama bin Laden, reported on favorably in the U.K.'s The Independent in 1993 (Credit: Imgur)

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Former Reagan Administration Official Warns That Financial Disaster Is Dead Ahead

November 5, 2015

Former Reagan Administration Official Warns That Financial Disaster Is Dead Ahead

Why won’t the American people listen to the warnings? David Stockman was a member of the U.S. House of Representatives from 1977 to 1981, and he served as the Director of the Office of Management and Budget under President Ronald Reagan from 1981 to 1985. These days, he is running a website called “Contra Corner” which I highly recommend that you check out. Stockman believes that a global “debt super-cycle” that has been building for decades is now bursting, and he is convinced that the consequences for the U.S. and for the rest of the planet will be absolutely catastrophic. His findings are very consistent with what I have been writing about on The Economic Collapse Blog, and if Stockman is correct the times ahead of us are going to be exceedingly painful.

But right now, most people don’t seem to be in the mood to listen to these types of warnings. Even though there is a mountain of evidence that the global economy has already plunged into recession, U.S. stocks had a great month in October, and so most Americans seem to think that the crisis has passed.

Of course the truth is that the stock market is not an accurate barometer of the economy and it never has been. Back in 2008, almost everything else started to go downhill before stocks did, and the same thing is happening once again. In a recent article, Stockman explained that stocks are surging to absolutely ridiculous levels even though corporate earnings are actually way down…

At this point, 75% of S&P 500 companies have reported Q3 results, and earnings are coming in at $93.80 per share on an LTM basis. That happens to be 7.4% below the peak $106 per share reported last September, and means that the market today is valuing these shrinking profits at a spritely 22.49X PE ratio.

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Fallout from Reagan’s Afghan War

July 12, 2015

Fallout from Reagan’s Afghan War

In the 1980s, President Reagan funded and armed Islamic fundamentalists to defeat a Soviet-backed secular regime in Afghanistan. Now, one of those ex-U.S. clients is throwing his support behind the brutal Islamic State, a lesson about geopolitical expediency, writes ex-CIA analyst Paul R. Pillar.

In a blast from the past in Afghanistan, a warlord who became a model for combining ruthless ambition and destructive methods with radical ideology, Gulbuddin Hekmatyar, has advised his followers to support the so-called Islamic State or ISIS in fighting against the Afghan Taliban.

While some in the West might see this as one more indication of ISIS spreading its tentacles with an ever-widening reach, a better lesson flows from observing that this is another instance of ISIS being invoked by a protagonist in a local conflict with local objectives. Hekmatyar’s game has always been about seeking power in Afghanistan and bashing opponents of his efforts to do so.

A further lesson comes from noting that it is the Taliban that Hekmatyar finds to be either too moderate or too inconvenient for him right now. It probably is not coincidental that this statement by Hekmatyar comes just as the Afghan government and representatives of the Taliban have concluded what may be the most promising peace negotiations so far that are aimed at resolution of the long-running conflict in Afghanistan.

All of these players — the government, the Taliban, and Hekmatyar’s Hizb-e-Islami — are focused on struggles for power in their own country and not on transnational causes. Afghanistan is a nation in which politics and policy largely rest on ad hoc deals among various local power-holders, which are struck in ways that do not correspond to what might make sense to Westerners in terms of recognizable left-right, radical-moderate, or religious-secular dimensions.

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David Stockman Interview——-Kick-The-Can Economics Is Entering The End Game

May 18, 2015

David Stockman Interview——-Kick-The-Can Economics Is Entering The End Game

Today David Stockman, the man President Ronald Reagan called upon along with Dr. Paul Craig Roberts to help save the United States from disaster in 1981, warned King World News that we are now entering the “terminal phase” of the global financial system that will end in total collapse.

Eric King: “David, I wanted to get your thoughts on gold in the midst of this big deflation you think is in front of us. When you look at the collapse of 2008 – 2009, gold was one of the best performing asset classes. Gold went down but it went down much less relative to virtually everything else. Contrast that to 1973 – 1974, where we had a 47 percent stock market collapse. But during that time we had skyrocketing gold and silver. What’s in front of us because it looks like gold and silver may be ending a 4 year bear market and ready for a 1973 – 1974-style up-move?”

David Stockman: “Yes. I think the two periods are quite different. Although at the bottom it’s central bank errors that underlie each. But remember that in the 1970s we had just finally exited a semi-stable Bretton Woods Gold Exchange Standard system. There still was, at the end of the day, an anchor on the central banks that was thrown overboard by Nixon in 1971….

Continue reading the David Stockman interview below…

“So the first go-round was a rip-roaring price inflation because there had not yet been enough time under the fiat money and balance sheet expansion by the central banks to create excess capacity in the world industrial system. So as the boom in demand took off, commodity prices soared. That fed into domestic costs and labor wages in particular.

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