The United States Does Not Have an Economy

Desultory Heroics

By Paul Craig Roberts

Source: PaulCraigRoberts.org

The US financial sector has long looted other countries.A number of participants have described the process.First a country is enticed with bribes to the leaders to take out loans that cannot be serviced or repaid.Then in comes the IMF. Austerity is imposed on the population.Public services and employment are cut to free resources for debt service, and public assets are sold to repay the loan.Living standards fall, and US corporations take over the country’s economy.

As foreign governments, having experienced or witnessed the economic carnage and fearing accountability, are less willing to be bribed into indebting their countries, American finance is now applying this technique to Americans. Contrary to the narrative in the financial press, the Federal Reserve is not raising interest rates in order to fight inflation.It is ludicrous to think that a three-quarters of one percent rise in a very low interest…

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