June 30, 2008
Elaine Meinel Supkis
Three headlines from Bloomberg News, the ONLY news service today that tells the economic truths, illustrate clearly that we are in the exact same matrix as we were in during the end of the Vietnam war and the beginning of the oil wars in the Middle East. On all fronts, the news is nearly exactly identical to that key time period we called 'Stagflation'. Once again, we go to old Federal Reserve speeches to see clearly how we are in the exact same traps we fell into back then. And the solutions are still exactly the same and these solutions destroyed our industrial base as well as the financial health of the working class in America.
Commodities Signal Bubble Bursting as First-Half Ends
(Bloomberg) -- Commodities are heading for their best first half in 35 years. The next six months may not be as rewarding because record prices for oil, copper and a dozen other raw materials may crimp consumption and encourage growth in supply.The 19 commodities in the Reuters/Jefferies CRB Index jumped 29 percent this year, the most since 1973 and more than any second-half gain in at least five decades, data compiled by Bloomberg show.
Back to the future! I have said for several years now, we are repeating nearly exactly all the stupid things we did back then. Except for one thing: we couldn't cut the dollar/gold peg because we never restored it after the crisis of 1969-1973 forced Nixon and Burns to do what both said repeatedly, they would not even think of doing. Back then, both men who had criminal minds, told the world, this severing of a historic peg that has existed since the first banks opened their doors, all this was temporary. Then instituted, via the Bretton Woods II Accords, a 'floating currency' regime that was TEMPORARY. Until the dollar 'found its natural bottom'. Well, this temporary business opened some very interesting doors to the Outer Darkness that let a flood of easy Funny Money™ to flow into the world's monetary system. This, in turn, caused tremendous global inflation.
Which never stopped. Prices of commodities shot up. But were tamed by raising interest rates to ridiculous heights. Then the other system was launched: to kill worker's wages so they can't fight inflation EVEN AS THE FUNNY MONEY™ CONTINUED TO POUR INTO THE SYSTEM! Equities and assets began their many amazing bubbles. My parent's mansion that went for only $46,000 in 1960 would end up going for many millions today. This is pure, unadulterated inflation.
Oil Rises to Record on Concern Iran Supplies May Be Disrupted
(Bloomberg) -- Crude oil rose to a record above $143 a barrel on speculation the dispute over Iran's nuclear program may disrupt supply from OPEC's second-largest producer.Pressure on Iran to end its uranium enrichment program and the falling value of the U.S. dollar may drive prices to $170 a barrel, OPEC President Chakib Khelil said on June 28. Oil is headed for its biggest six-month gain since 1999 as investors shun equities for commodities, looking for a hedge against a weaker dollar and quickening inflation. (Bloomberg) -- European government bonds fell, sending the German two-year note to its biggest drop in three weeks, after inflation accelerated more than forecast in June, bolstering the case for policy makers to increase interest rates.
The decline pushed the yield on the two-year note up by the most since June 5, with the price poised for its biggest quarterly slide in at least 17 years. A government report showed the inflation rate in the 15-nation euro region rose to 4 percent from 3.7 percent in May. Economists had forecast a 3.9 percent rate, according to the median of 38 estimates in a Bloomberg survey.
The dam will now break! The US media owners who are nearly uniformly Zionists seeking to mislead the US public, finally one of the Jewish media has broken the conspiracy of silence and told the truth! WOW. In Israel, people openly debate things we are forbidden to notice or mention in the US. This is why my news service has lost many readers and is not cited by other economic bloggers. For example, Calculated Risk is a Jewish man. And so he never talks about these things. The huge, gaping black hole in news analysis in the US is entirely in this area: anything Israel wants that is terrible for us is never mentioned!
Well, the US has used up ALL our diplomatic capital going from capital to capital in the West to get everyone to join in destroying Iran's oil sales and we are succeeding wonderfully and this, like the 1973 oil crisis due to Western support of Israel will cause world inflation that will be worse than back then! And the Muslims know this! And they know that they bankrupted Russia. And they intend to bankrupt us. They will lie to us so we continue down this destructive path. But the intention is there: they hope to bankrupt the G7 so they can then bankrupt Israel which leeches off the US in a very outrageous way.
US people are angry and have no clue why things are this way thanks to the lying media. But now this news will travel far and wide. Via the internet. Readers here know I use Bloomberg News a lot. This is due to the truthfulness of their news which has few ideological tags and word uses and often reveals what really is going on. Now, the pent up rage in the US public might find a focus. Time is rapidly running out as the corrupt, craven tools in Congress and the White House conspire to drive us into a very dangerous and stupid war.
European Bonds Decline After Inflation Is Higher Than Forecast
(Bloomberg) -- European government bonds fell, sending the German two-year note to its biggest drop in three weeks, after inflation accelerated more than forecast in June, bolstering the case for policy makers to increase interest rates.The decline pushed the yield on the two-year note up by the most since June 5, with the price poised for its biggest quarterly slide in at least 17 years. A government report showed the inflation rate in the 15-nation euro region rose to 4 percent from 3.7 percent in May. Economists had forecast a 3.9 percent rate, according to the median of 38 estimates in a Bloomberg survey.
Europe writhes under the whip of inflation even though they have the higher interest rates and the world's strongest currency. The krona of Iceland used to be strong but now has collapsed as other small nations see the same due to raging inflation and the world flow of monetary monkey business has changed radically since 7/17/7. Now, let's go back to the Fed in 1970 and see how this foolish business unwound back then:
Tokyo, Japan
July 2, 1970
This is a particularly interesting time for an economist to visit Japan. As I am sure all of you recall, fiscal year 1970 was designated as a target year in the economic plan unveiled by Prime Minister Ikeda in 1961. In what many people then thought was a fantastically ambitious design for the future, he calmly announced that Japan planned to double her gross national product between the years 1960 and 1970. It is therefore fitting, as we are gathered here today, to note of how the actual achievement of Japan compares with Mr Ikeda's bold projection of a decade ago. While his plan called for a national output that in this fiscal year would be twice that of 1960, it now appears that your national product will in fact be at least 180 per cent above I960.The Ikeda plan projected exports reaching $9.3 billion this year, while imports would rise to $9.9 billion. It is now believed that exports will come to nearly $20 billion and imports to nearly $19 billion. The Ikeda plain foresaw Japanese steel consumption rising to $| million tons this year. It will actually be around 80 million tons. According to the Ikeda plan, a big expansion was to occur in automobile production. But while it was then thought that the output of passenger car, trucks, and buses would amount to about 2.2 million units, it now appears that well over 4 million vehicles will be produced this year.
Thanks to the Cold War and the fear of the Soviet Union and Mao of China, the US encouraged both Germany and Japan to rapidly rebuild and refurbish and modernize their massive industrial bases. Both cheerfully did this. This speech is typical of American officials in Japan: clueless about history, unable to see the irony in what is going on and an inability to project into the future and figure out the obvious. Blinded by ideology, Burns simply wanted Japan to be stronger than both the Soviet Union and China. No matter what! Ditto, Germany!
When he made this speech, Japan wasn't exporting all that much compared to today. Japan still had a slight trade deficit with the world due to building up the nation after everything was destroyed in WWII. But notice how Japan overshot the government's own targets! The Japanese government knew that they were closing the trade gap which was, by 1970, only $600,000,000. Indeed, 1972 was the year they began to run their continuous surpluses as they finally began to export to the US these same cars and trucks which doubled and doubled again in Japan! The US trade deficit began during this time period and it only got worse as the years rolled by.
The four speeches I am examining are shown in relation to the trade deficit. It is very clear to me that the collapse in US accounts in trade are 100% due to the Federal Reserve's and US government's actions concerning killing the gold/dollar relationship and the resulting surge in inflation which they consciously decided to kill via killing the US unionized workforce's ability to get pay raises. The main tools here were the Free Trade tools and of course, passing laws making it impossible to have a real strike anymore by legalizing strike breakers crossing lines with impunity.
Burns continues to praise the Japanese who have dark thoughts of revenge in their hearts:
The economic contest between the U.S.S.R. and the United States enters the year 1970 with the United States holding a commanding lead. In 1969, total output per person in the United States was nearly $4,600. This was two-and-a-half times the corresponding Soviet figure. Measured in real terms, the gap between the per capita GNP of the United States and the Soviet Union was more than 25 per cent higher in 1969 than in 1960.
*snip*
In a free economy, the relative strength of the demand for goods and services determines the allocation of productive resources. In the Soviet system, on the other hand, the path that production takes is basically shaped by the decisions of economic planners in Moscow.
He goes on and on about Russia and China's failures. At no point does he examine the evolving relationship with Japan and the danger of Japan's massively growing auto production and what this means for the US. He is genuinely overjoyed that the Japanese who churned out battleships and other things from 1880-1945 are now doing it again! Ditto, Germany! We thought we were proving communism a failure by the fact that two nations that rapidly industrialized from 1860-1945 and who launched several massive, massive wars, was due to capitalism being a wonderful thing and not due to governments desiring and encouraging this build up of hard-core industrial output!
The wonderful book, 'The Rise and Fall of the Great Powers' by Professor Kennedy talks about all this. He figured out that nations that had huge build ups in industrial base hard core stuff like automobiles and ships, steel making and other things, were the ones who won wars. The US swung both WWI and WWII to the British and French sides because we had one of the world's biggest industrial bases! But curiously, from 1950 to today, the US considers it a wonderful thing that our ALLIES are reaming out our entire industrial base! This blind spot is ideological. We think, as Europe consolidates itself into a massive Empire, this isn't a rival for power! We think that as Japan builds the world's biggest industrial export power at our expense, this strengthens America! This bizarre and backwards thinking infested all our leaders back in 1970 and still does to this day. All our allies take cynical advantage of this blindness.
It is significant, therefore, that the countries in Asia that have achieved high rates of overall economic growth have also done very well in expanding their exports. The whole world knows what an outstanding record Japan has piled up in export markets, In the period 1958-68, Japanese exports expanded at an average annual rate of 16 per cent a year. It is perhaps less well known that the Republic of Korea, Nationalist China, and Hong Kong have also expanded their exports at phenomenal rates,
And where did these exports flow? To the US! I remember buying many such items back then. Much of the early flow was handmade stuff like paper umbrellas which I loved to use because I like the sound of rain on the paper surface and because it has no metal and therefore was not a perfect lightning rod. I bought bamboo fencing which was great in cutting down on the dust storms causing harm to my gardens and yard in Tucson. I bought lots of such things. Then, in 1972, my brother bought a Toyota truck. This was the opening shot in the hard goods/high value-added exports to the US. The glee which Burns takes in all this is so touching. Alas, even after the US leaders began to scold Germany and Japan for exporting cars, trucks and other high value items to the US, they did NOTHING real to stop it. Instead, they passed laws that made it worse and worse.
While the process of getting inflation under control in the United States has been difficult, there have been scattered signs recently of moderation in the rate of advance in some major categories of prices, and also of some improvement in the trend of productivity in the manufacturing sector of our economy. I believe we will be able to extend the progress that is beginning to emerge in these areas, by pursuing stabilization policies that prevent the reemergence of excess demand later this year or in 1971. However, we must also be careful to ensure that the economic slowdown which began last fall does not become more pervasive or continue much longer. On this score, I think there is room for optimism too. Both monetary and fiscal policies have become less restrictive in recent months, and I believe we may look forward with reasonable confidence to a resumption of sustainable economic growth in the near future, as well as to a gradual dimunition in the rate of advance in prices.
This was pure delusion. Inflation in 1970 had barely begun. The gold/dollar peg still held, barely. Bretton Woods II was still in the future. The US demented wars in the Southeast Asia were still expanding and getting much more expensive. The Nixon visit to Mao was in the future, too. Sales of wheat to Russia was also in the future. Inflation barely had begun to stir in 1970. But when the Arab/Israeli war broke out and world oil prices shot upwards, the dragon that was already afoot woke up totally and began to systematically destroy the US empire's financial powers. Now we go to 1973 to see how Burns dealt with all this:
The Business Council
Hot Springs, Virginia
October 13, 1973
Any evaluation of the international outlook for the dollar can best begin with an assessment of the inflationary problem here at home. As a result of the massive exchange rate adjustments that have taken place over the past several years, the international competitive position of the dollar has been much improved. But that gain will be in danger of erosion if we do not achieve effective control over the inflation that has been plaguing our economy. In a world of freely changing ex- change rates, such as we have recently had, a failure to exercise reasonable discipline over the internal behavior of our economy is quickly and decisively communicated to foreign exichange markets.So far this year, as we all know, our country has suffered an extraordinary upsurge in the price level -- the sharpest, by far, since the Korean War. This galloping inflation reflects a variety of special influences. There has been a worldwide economic boom superimposed on the boom in the United States. We have encountered critical shortages of basic materials. The needed expansion in industrial capacity Jiad not been put in place because of the abnormally low level of profits between I966 and 1971 and also because of numerous impediments to new investment on ecological grounds. Farm product prices escalated sharply as a result of crop failures in many countries last year. Fuel prices spurted upward, reflecting the developing shortages in the energy field. And the depreciation of the dollar in foreign exchange markets has served to boost prices of imported goods and to add to the demands pressing on our productive resources.
HAHAHA. He inadvertently mentions the true cause of our inflation! He said it was highest SINCE THE KOREAN WAR! Yet this lying bastard then goes on to ignore all this and blames everything else. A shortage of materials, for example. Well, what do wars use? Lots of materials! Which is BLOWN UP! Inflation during wars takes off the worst as the wars wind down. The destruction begins to flag and thus, things are not being destroyed fast enough. Cities, bombs, planes, humans, etc, begin to use money which was restricted due to the simple act of rationing goods and food! Once a war ends, the flood of Funny Money ™ used to fight suddenly appears locally and all things suddenly find that there is a lot of paper which people can use to buy stuff. So we get 'inflation' which is really the degradation of the currency to pay for war costs.
This is VERBOTEN INFORMATION. No one in our government ever, ever, EVER mentions this truth. Now, they censor themselves very closely so they don't point out the obvious. Recently, the Washington Post's lying bastards who tell readers what the latest propaganda is rebutted a reader's contention that the wars in the Middle East are causing inflation here at home. He went out of his way to deny this. He used the wrong statistics deliberately. By using GDP numbers, he said direct military spending was only 3% of this wonderful number. But our GDP is SHRINKING. So we have raging inflation coupled with a SHRINKING GDP which is stagflation and which is the result of war spending not keeping up with government debt increases which means the Fed has more Treasuries with which to fuel inflation by encouraging wild lending.
Back to Burns: as he made this speech in 1973, the US rulers thought they killed their war inflation via the Bretton Woods II devaluation of the dollar and the ending of the gold peg. Instead, these moves opened Pandora's Box when the oil boycott hit. The US then went into hyper-inflation as all things connected to energy systems or energy costs shot upwards as frantic businesses struggled to close the bottom line and make a profit. Thanks to strong unions from WWII, workers kept abreast of inflation, at least, at the top. All the rest of the workforce fell into a pit of hell.
The problem of bringing inflation under control is worldwide. Other countries have been experiencing price rises and cost pressures as large or larger than ours. This worldwide inflation is most unfortunate^ and it will require strong remedial action everywhere. But one fortuitous result of the fact that recent inflation rates abroad have tended to exceed our own is that we have not lost ground competitively, as we did during the late 1960rs.Moreover, the ability of American businessmen and farmers to compete against foreign producers has been vastly altered by the changes in exchange rate relationships that have taken place over the past few years. The two formal devaluations of the dollar, revaluation by some of our major competitors, and the floating of currencies that has been the general regime since March, have increased the average dollar price of the major foreign currencies by over 25 per cent since May 1970.
The world's biggest economic power and empire had to devalue the currency by 25% in one year! WOW. Boy, do I remember this year. Banking overseas became very difficult. I was lucky to be in Germany in 1968 for I would not have survived it all in 1973 thanks to the dying dollar! My 24,000 DM would have been 12,000 DM. A significant financial loss. Burns is lying in this speech, of course. He wasn't totally stupid. He knew that the US, being the world's #1 economy, was flooding the world with dollars from HIS bank vaults! We flooded Asia with dollars, for example. Thanks to our wars there which were STILL raging in 1973, from the air, a very expensive war. Since the US was flooding the world with Funny Money™, inflation was now global.
He is also very smug about the US not losing ground in world trade. This was because it was just beginning as we see in the FRED chart above. After this speech, it began to significantly worsen. Once the new Free Trade regime was imposed under Reagan, our trade deficit simply got totally out of control. Let's look at how the Fed worked with the government to create this destructive mess:
at the Blue Key Honor Society Annual Awards Dinner
The University of Georgia
Athens, Georgia
September 19, 1975
The basic cause of the recession was our nation's failure to deal effectively with the inflation that got under way in the mid-sixties and soon became a dominant feature of our economic life. As wage and price increases quickened, seeds of trouble were sown across the economy. With abundant credit readily available, the construction of new homes, condominiums, and office buildings proceeded on a scale that exceeded the underlying demand. Rapidly rising prices eroded the purchasing power of workers incomes and savings. Managerial practices of business enterprises became lax and productivity languished, while corporate profits -- properly reckoned — kept falling. Inventories of raw materials and other supplies piled up as businessmen reacted to fears of shortages and still higher prices. Credit demands, both public and private, soared and interest rates rose to unprecedented heights. The banking system became overextended, the quality of loans tended to deteriorate, and, the capital position of many banks was weakened.
A housing bubble caused the mess! Too many loans caused the mess! Business was lax and caused the mess! NOT WAR SPENDING AND THE FED! The new ideology was in place. By focusing on the EFFECTS of government/central banking creating too much money for wars, the Fed was on the charge to delude everyone about the true nature of inflation and the destruction of the currency. All previous bubbles in tulips, South Sea Bubbles, Mississippi Shares, Railroad stocks, etc, etc are ultimately connected to Princes and Kings and others seeking war money. Each time, they empower a central banker to raise funds in various funny ways. The Catholic Church did this by selling prayers and forgiveness at the end of the Middle Ages so they could wage wars against the Holy Roman Emperors, the Kings of France and the people of Rome itself. The Pope needed Swiss mercenaries.
The ultimate grace to create a bubble is always granted by war lords seeking easy ways of raising funds! Always! If we ignore this connection, we can't stop this process. The US is preparing for another war with Iran Kitty. Iran knows all about the war/inflation connection and knows the US cannot create more bubbles since the entire planet absolutely writhes under the whip of massive inflation. The US tries to inflate its way to victory with Iran: this will fail! Iran knows this. They are under siege.
Like all siege warfare, the attackers besieging someone are in equal or even greater danger. From epidemics, from inflation. From loss of economic power as everything stops. The bet is, the storming of the city will come before the troops starve or sicken to death.
Back to 1973: the really bad days of hyper-inflation was just beginning! Note that ALL the 'symptoms' are IDENTICAL to today! Note also, the Fed Chief who created this situation notes that 'the quality of loans tended to deteriorate' just as we saw this last three years! Note also that 'the capital position of many banks was weakened.' WOW. IDENTICAL!!!! This speech should be examined by all parties today. Instead, they pretend this is a NEW situation and not a total reproduction of the past. Yet most of the people alive then are alive now. Many of them were out of college by then, just like me! And so the bulk of the people who are destroying America today were around back then and could hear these speeches, read the news and therefore, know very well WE ARE REPEATING HISTORY HERE.
If we in the United States wish to enjoy the fruits of a prosperous economy and to preserve our democratic institutions, we must come to grips squarely with the inflation that has been troubling pur nation throughout much of the postwar period and most grievously during the past decade.A first step in this process is to recognize the true character of the problem. Our long-run problem of inflation lies its roots in the structure of our economic institutions and in the financial policies of our government. All too frequently, this basic fact is clouded by external events that influence the rate of inflation -- such as a crop shortfall that results in higher farm prices, or the action of a foreign cartel that raises oil prices. The truth is that, for many years now, the economies of the United States and many other countries have developed a serious underlying bias toward inflation. This tendency has simply been magnified by the special influences that occasionally arise.
See how this con artist operates! He correctly notes that inflation is due to the financial policies of the government! But then goes on to blame foreigners selling us stuff we want or farmers and the variations in the weather, etc, etc. He does NOT mention war! Period. I know from my involvement with my own family back then, the entire government decided in 1972 to never, ever mention war costs and war spending when talking about war inflation. It caused considerable rage on my part. Just as our government reflexively lies about nuclear warfare, this lying is continuous now.
All nations had a 'bias' towards inflation because the US was flooding world markets with cheap dollars! During this year, there was a serious move afoot to pretend inflation was EMOTIONAL. People wanted or planned for inflation and thus, created it. All the Fed had to do was change people's EMOTIONS and inflation would end! Seriously, this is STILL the ideology: inflation is caused by expectations, not by the central bankers working with empires to flood the world with fake money.
A major cause of this inflationary bias is the relative success that modern industrial nations have had in moderating the swings of the business cycle. Before World War II, cyclical declines of business activity in our country were typically longer and more severe than they have been during the past thirty years.In the environment then prevailing, the price level typically declined in the course of a business recession, and many months or years elapsed before prices returned to their previous peak. In recent decades, a new pattern of wage and price behavior has emerged. Prices of many individual commodities still demonstrate a tendency to decline when demand weakens.
The average level of prices, however, hardly ever declines. Wage rates have become even more inflexible. Wage reductions are nowadays rare even in severely depressed industries and the average level of wage rates continues to rise inexorably in the face of widespread unemployment.
Workers struggling to keep up with inflation could win their battles by going on strike. So prices refused to fall when commodity prices fell. The new ideology was, commodity price hikes caused inflation, NOT war spending. So the next step is to kill unions so they can't move faster than government-created inflation. Note also how the Fed blames inflation on their prevention of cyclic declines! Bernanke claims that all depressions can be fixed via inflating the currency! But then, he refuses to understand why depressions happen.
They happen because government spending on wars suddenly declines when a war ends! After a huge surge of inflation due to the Funny Money™ seeking new places to go, there is a collapse of the economy into a depression as government spending ceases. After WWII, the US fixed this with the Cold War. Military spending merrily continued. Taxes to pay for this continued and were very unpopular. So the US fixed this by not paying the bills but moving the day due into the future. The US budget deficit began its great growth.
National economies around the world are now more closely interrelated, so that inflationary developments in one country are quickly communicated to others and become mutually reinforcing. Moreover, the adoption of a flexible exchange rate system — though beneficial in dealing with large-scale adjustments of international payments, such as those arising from the sharp rise in oil prices -- may have made the Western world more prone to inflation by weakening the discipline of the balance of payments.
HAHAHA. Burns notes that inflationary developments in America are quickly communicated to our allies! He does accurately note that the 'discipline of the balance of payments' is WEAKENING. But the truth is, it weakened only in one place: the US! All our allies saw great improvement in their balance of payments! Good grief! This was because all of this global inflation was being generated by the US itself.
The present Japanese carry trade which is now dying yet again due to the yen rising in value, is a process of translating US finances into LOANS held by Japan and this, in turn is being used for speculation and was poured into US housing markets and other equity systems like the stock markets. This was how Japan and incidentally, China and the OPEC nations, have been dealing with US inflation. They export it back to the US in the form of loans which is why US debt, as we inflated everything to pay for our wars today, this is why inflation first raged in our stock markets via the take-over mania as well as housing EXACTLY LIKE IN 1973! And once these no longer could soak up the vast inflation caused by US government overspending and over importing, this inflation now is, EXACTLY LIKE IN 1973, now raging in commodities.
This, too, will end and the US, when it goes bankrupt, will cease to flood the world with fake dollars. Already, everyone is moving into the euro realm to avoid this obvious collapse. Understanding how and why this collapse is happening is extremely important. We can see from these two articles from yesterday and today how the Federal Reserve's top people lied about inflation and then decided stupidly that Free Trade would fix inflation by destroying the power of workers in America to outrun inflation. This was like stabbing ourselves in the belly to fix a stomach ache caused by eating too much candy.
Elaine,
as you are quite adamant in your assertions re Israel, Zionism, etc (and I have no basis for arguing-still learning), I wonder if Chris Floyd's comments re "the tail (Israel) does not wag the dog" (see his blog www.chris-floyd.com 6/27) is saying the same thing you are, in a different way, or is it substantially different? You and Chris, and Arthur Silber, seem to be among the few willing and able to articulate the sins of the Empire. Don't need you all to agree, just looking for clear understanding.
Posted by: Peter | June 30, 2008 at 11:06 AM
It is very complex. Israel's Zionist SUPPORTERS in the US are wagging the dog. They do this via two ways: Media ownership making propaganda and via bribing politicians via AIPAC.
The Israelis themselves do no have media censorship and they can debate all issues openly. But they depend on Jews supporting them in America to get richer. They have an American standard of living over there.
Understanding why our media lies to us goes to the heart of this relationship. Since many Jews have, since the beginning of banking, been enrolled in the position of bankers to the ruling elites, the intersection of money and media is very strong in the Jewish community.
My former father in law, for example, was a Jewish publisher in NYC. Nearly all of his fellow publishers were Jewish, I knew them all.
I also knew that talking about all this was strictly verboten and being an 'outsider' they were nervous around me and worried if I would talk about all this.
They had nothing to fear. The censorship levels in the US media are nearly total now and I can't get published in most places now even though the NYT and WP for example used to publish me!
I am not the only one locked outside.
The war with Iran is one that many people want but the US is the one they want to push into this war. The Saudis were happy to encourage Saddam to attack Iran after the revolution there. It came as a shock when Saddam turned on them and attacked Kuwait.
The games being played today are like the ones in the past: everyone has mixed feelings, mixed motives and devious dark undersides to their activities which have to be detected and talked about. Our nation is led by people who adamantly refuse to do this. We are in the grip of forces that are working against each other and this is like a buzzsaw or a tornado: we can't fight it, we must work around it and to do this, we must understand it.
Lying about war costs and the costs of empire are very much tied to keeping us guarding rich people in Europe, Asia and the Middle East. WE NOW GAIN NOTHING FROM THIS. We are increasingly in debt and losing our industrial base.
Posted by: Elaine Meinel Supkis | June 30, 2008 at 12:44 PM
In the 1970's we dropped the Dollar/Gold peg to solve the mega inflation from the Vietnam war.
Now now we will drop the Dollar/Oil peg to solve the giga inflation from Iraq/Afghan war.
The only remaining question if we are going to a peg of:
Euro/Oil
Yuan(+Yen?)/Oil
SDR/Oil
I think the most aggressive NWO plan is to use the IMF to rip the Dollar/Oil peg from the US and give it to their ONE WORLD CURRENCY the SDR.
Then we will have world peace.
HAHAHA! HAHAHA! HAHAHA!!!
Posted by: GK | June 30, 2008 at 07:02 PM
GK, hate to confirm you are probably right, alas.
Posted by: Elaine Meinel Supkis | June 30, 2008 at 07:25 PM
Elaine: You describe the Israel/Zionist lobby's influence through AIPAC and so on. But doesn't Saudi Arabia provide plenty of counterbalance to this? The Saudis after all have the oil trump card and they have--and always have had--the Bushes in their pockets. From my understanding, the Saudis have PLENTY of influence in Washington DC and members of Congress are always open to graft.
Posted by: Paul S | July 01, 2008 at 10:28 AM