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May
10
2022

Our World of Lies
Paul Craig Roberts

If the inflation narrative we are being fed is true, the sanctions policy of the US government makes no sense as the worst sufferers are the American and European populations who are paying for the supply restrictions in higher prices and interest rates.  

As Russia is an exporter of energy and minerals, higher prices result in more export earnings.  It is Americans and Europeans hit with the high prices who are experiencing the sanctions.

Ask yourself why with supply shortages, disrupted supply chains from the mindless lockdown policy, and rising inflation the US government drove inflation higher by inhibiting supply with sanctions.  Is the cause of the current inflation Federal Reserve money printing or is the cause the reduction in the supply of goods and services caused by Washington’s Covid protocol and “Russian sanctions”?  

Ask yourself why the Biden regime is more concerned about gangster-state Ukraine than it is about the US inflation rate and the welfare of American citizens.  

Ask yourself if the current high gasoline price is really a result of sanctions preventing oil from coming to market. As far as I can tell, Russia continues to sell oil and natural gas.  It is only the small US purchases of Russian oil that have stopped.  The small amount of oil involved cannot explain the price rise.  Most likely it is the oil companies using the “crisis” narrative to raise prices.

Ask yourself if an interest rate rise by half a percentage point is enough to cause a 1,000 drop in the Dow Jones.  Presumably, the argument is that a higher interest rate raises costs and drops earnings, thus the stock market’s decline.  But if higher interest rates raise costs, how are they anti-inflationary?  Most likely the stock market fell because the Federal Reserve said it is halting its policy of printing money to support stock and bond prices. Instead, the Federal Reserve is going to sell stocks and bonds from its $9 trillion dollar portfolio built by buying stocks and bonds for more than a decade in order to support the New York Banks and Wall Street.  When Quantitative Easing began, the Federal Reserves portfolio was $800 billion. Today it is 11 times larger. This huge increase in the Federal Reserve’s portfolio explains the long rise in the Dow Jones and the fortunes made on Wall Street.

None of the narratives we are fed are true.  The narratives serve agendas that are not disclosed to the public.  

It is a fiction that “Western democracies” are self-governing.  How can people self-govern when they live in a world governed by false explanations serving hidden agendas?  


Hon. Paul Craig Roberts is the John M. Olin Fellow at the Institute for Political Economy, Senior Research Fellow at the Hoover Institution, Stanford University, and Research Fellow at the Independent Institute. A former editor and columnist for The Wall Street Journal and columnist for Business Week and the Scripps Howard News Service, he is a nationally syndicated columnist for Creators Syndicate in Los Angeles and a columnist for Investor's Business Daily. In 1992 he received the Warren Brookes Award for Excellence in Journalism. In 1993 the Forbes Media Guide ranked him as one of the top seven journalists.

He was Distinguished Fellow at the Cato Institute from 1993 to 1996. From 1982 through 1993, he held the William E. Simon Chair in Political Economy at the Center for Strategic and International Studies. During 1981-82 he served as Assistant Secretary of the Treasury for Economic Policy. President Reagan and Treasury Secretary Regan credited him with a major role in the Economic Recovery Tax Act of 1981, and he was awarded the Treasury Department's Meritorious Service Award for "his outstanding contributions to the formulation of United States economic policy." From 1975 to 1978, Dr. Roberts served on the congressional staff where he drafted the Kemp-Roth bill and played a leading role in developing bipartisan support for a supply-side economic policy.

In 1987 the French government recognized him as "the artisan of a renewal in economic science and policy after half a century of state interventionism" and inducted him into the Legion of Honor.

Dr. Roberts' latest books are The Tyranny of Good Intentions, co-authored with IPE Fellow Lawrence Stratton, and published by Prima Publishing in May 2000, and Chile: Two Visions - The Allende-Pinochet Era, co-authored with IPE Fellow Karen Araujo, and published in Spanish by Universidad Nacional Andres Bello in Santiago, Chile, in November 2000. The Capitalist Revolution in Latin America, co-authored with IPE Fellow Karen LaFollette Araujo, was published by Oxford University Press in 1997. A Spanish language edition was published by Oxford in 1999. The New Colorline: How Quotas and Privilege Destroy Democracy, co-authored with Lawrence Stratton, was published by Regnery in 1995. A paperback edition was published in 1997. Meltdown: Inside the Soviet Economy, co-authored with Karen LaFollette, was published by the Cato Institute in 1990. Harvard University Press published his book, The Supply-Side Revolution, in 1984. Widely reviewed and favorably received, the book was praised by Forbes as "a timely masterpiece that will have real impact on economic thinking in the years ahead." Dr. Roberts is the author of Alienation and the Soviet Economy, published in 1971 and republished in 1990. He is the author of Marx's Theory of Exchange, Alienation and Crisis, published in 1973 and republished in 1983. A Spanish language edition was published in 1974.

Dr. Roberts has held numerous academic appointments. He has contributed chapters to numerous books and has published many articles in journals of scholarship, including the Journal of Political Economy, Oxford Economic Papers, Journal of Law and Economics, Studies in Banking and Finance, Journal of Monetary Economics, Public Finance Quarterly, Public Choice, Classica et Mediaevalia, Ethics, Slavic Review, Soviet Studies, Rivista de Political Economica, and Zeitschrift fur Wirtschafspolitik. He has entries in the McGraw-Hill Encyclopedia of Economics and the New Palgrave Dictionary of Money and Finance. He has contributed to Commentary, The Public Interest, The National Interest, Harper's, the New York Times, The Washington Post, The Los Angeles Times, Fortune, London Times, The Financial Times, TLS, The Spectator, Il Sole 24 Ore, Le Figaro, Liberation, and the Nihon Keizai Shimbun. He has testified before committees of Congress on 30 occasions.

Dr. Roberts was educated at the Georgia Institute of Technology (B.S.), the University of Virginia (Ph.D.), the University of California at Berkeley and Oxford University where he was a member of Merton College.

He is listed in Who's Who in America, Who's Who in the World, The Dictionary of International Biography, Outstanding People of the Twentieth Century, and 1000 Leaders of World Influence. His latest book, HOW THE ECONOMY WAS LOST, has just been published by CounterPunch/AK Press. He can be reached at: [email protected]

 

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