Monday, November 8, 2010

Paul Craig Roberts, Bitter and Seething

Paul Craig Roberts' latest post on Phantom Jobs mostly regurgitates what anybody who frequents already knows: government employment data are a bunch of smoke and mirrors.

The final few paragraphs are worthwhile, however:

The American working class has been destroyed. The American middle class is in its final stages of destruction. Soon the bottom rungs of the rich themselves will be destroyed.

The entire way through this process the government will lie and the media will lie.

The United States of America has become the country of the Big Lie. Those who facilitate government and corporate lies are well rewarded, but anyone who tells any truth or expresses an impermissible opinion is excoriated and driven away.

But we “have freedom and democracy.” We are the virtuous, indispensable nation, the salt of the earth, the light unto the world.
I've emphasized the statement about the "bottom rungs of the rich" because (1) they don't see it coming, and (2) the "rungs of the rich" next up the ladder don't realize that they're the next to be consumed by the cannabilistic system they think they know and control.  That system must maintain the illusion of perpetual growth, or it will collapse.  Unfortunately, that system is awash in bad debt and cannot expand by extending new debt, as it normally does.  To maintain the illusion of growth, the system must increase the pace at which it consumes itself, and that's precisely what it's doing, as Russ describes here.