Best of the Week
Most Popular
1. 2019 From A Fourth Turning Perspective - James_Quinn
2.Beware the Young Stocks Bear Market! - Zeal_LLC
3.Safe Havens are Surging. What this Means for Stocks 2019 - Troy_Bombardia
4.Most Popular Financial Markets Analysis of 2018 - Trump and BrExit Chaos Dominate - Nadeem_Walayat
5.January 2019 Financial Markets Analysis and Forecasts - Nadeem_Walayat
6.Silver Price Trend Analysis 2019 - Nadeem_Walayat
7.Why 90% of Traders Lose - Nadeem_Walayat
8.What to do With Your Money in a Stocks Bear Market - Stephen_McBride
9.Stock Market What to Expect in the First 3~5 Months of 2019 - Chris_Vermeulen
10.China, Global Economy has Tipped over: The Surging Dollar and the Rallying Yen - FXCOT
Last 7 days
Stock Market VIX Volaility Analysis - 19th Mar 19
FREE Access to Stock and Finanacial Markets Trading Analysis Worth $1229! - 19th Mar 19
US Stock Markets Price Anomaly Setup Continues - 19th Mar 19
Gold Price Confirmation of the Warning - 18th Mar 19
Split Stock Market Warning - 18th Mar 19
Stock Market Trend Analysis 2019 - Video - 18th Mar 19
Best Precious Metals Investment and Trades for 2019 - 18th Mar 19
Hurdles for Gold Stocks - 18th Mar 19
Pento: Coming QE & Low Rates Will Be ‘Rocket Fuel for Gold’ - 18th Mar 19
"This is for Tommy Robinson" Shouts Knife Wielding White Supremacist Terrorist in London - 18th Mar 19
This Is How You Create the Biggest Credit Bubble in History - 17th Mar 19
Crude Oil Bulls - For Whom the Bell Tolls - 17th Mar 19
Gold Mining Stocks Fundamentals - 17th Mar 19
Why Buy a Land Rover - Range Rover vs Huge Tree Branch Falling on its Roof - 17th Mar 19
UKIP Urged to Change Name to BNP 2.0 So BrExit Party Can Fight a 2nd EU Referendum - 17th Mar 19
Tommy Robinson Looks Set to Become New UKIP Leader - 16th Mar 19
Gold Final Warning: Here Are the Stunning Implications of Plunging Gold Price - 16th Mar 19
Towards the End of a Stocks Bull Market, Short term Timing Becomes Difficult - 16th Mar 19
UKIP Brexit Facebook Groups Reveling in the New Zealand Terror Attacks Blaming Muslim Victims - 16th Mar 19
Gold – US Dollar vs US Dollar Index - 16th Mar 19
Islamophobic Hate Preachers Tommy Robinson and Katie Hopkins have Killed UKIP and Brexit - 16th Mar 19
Countdown to The Precious Metals Gold and Silver Breakout Rally - 15th Mar 19
Shale Oil Splutters: Brent on Track for $70 Target $100 in 2020 - 15th Mar 19
Setting up a Business Just Got Easier - 15th Mar 19
Stock Market Elliott Wave Analysis Trend Forercast - Video - 15th Mar 19
Gold Warning - Here Are the Stunning Implications of Plunging Gold Price - Part 1 - 15th Mar 19
UK Weather SHOCK - Trees Dropping Branches onto Cars in Stormy Winds - Sheffield - 15th Mar 19
Best Time to Trade Forex - 15th Mar 19
Why the Green New Deal Will Send Uranium Price Through the Roof - 14th Mar 19
S&P 500's New Medium-Term High, but Will Stock Market Uptrend Continue? - 14th Mar 19
US Conservatism - 14th Mar 19
Gold in the Age of High-speed Electronic Trading - 14th Mar 19
Britain's Demographic Time Bomb Has Gone Off! - 14th Mar 19
Why Walmart Will Crush Amazon - 14th Mar 19
2019 Economic Predictions - 14th Mar 19
Tax Avoidance Bills Sent to Thousands of Workers - 14th Mar 19
The Exponential Stocks Bull Market Explained - Video - 13th Mar 19
TSP Recession Indicator - Criss-Cross, Flip-Flop and Remembering 1966 - 13th Mar 19
Stock Investors Beware The Signs Of Recession / Deflation - 13th Mar 19
Is the Stock Market Still in a Bear Market? - 13th Mar 19
Stock Market Trend Analysis 2019 - 13th Mar 19
Gold Up-to-Date' COT Report: A Maddening Déjà Vu - 12th Mar 19
Save Fintech? Ban Short Selling. It's Not That Simple - 12th Mar 19
Palladium Blowup Could Expose Scam of Gold & Silver Futures - 12th Mar 19
Next Recession: Concentrating Future Losses & Bringing Them Forward In Time As Profits - 12th Mar 19
The Shift of the Philippine Peso Regime - 12th Mar 19
Theresa May BrExit Back Stab Deal Counting Down to Resignation, Tory Leadership Election - 12th Mar 19
Phase 1 of Stock Market Correction - 11th Mar 19
Long Awaited Stock Market Pullback has Finally Arrived - 11th Mar 19
US Presidential Cycle and the Stock Market - Video - 11th Mar 19
Stock Market Elliott Wave Analysis Trend Forercast - 11th Mar 19
Chinese Economic Data Shakes the Global Stock Markets - 11th Mar 19
The Fed Is Playing a Dangerous Game - 11th Mar 19
The Stock Market Has Called the Fed’s Bluff, What’s Next? - 11th Mar 19
Turkey Holiday Bazaar Extreme Jewelry Price Haggling - Fethiye Market - 11th Mar 19

Market Oracle FREE Newsletter

Stock and Finanacial Markets Trading Analysis Worth

United States Debt and Exporting of the U.S. Economy Abroad Silent Conspiracies

Politics / US Politics Apr 29, 2009 - 08:53 AM GMT

By: Richard_C_Cook

Politics

I met Senator Ernest F. “Fritz” Hollings (D-SC) in 1985 in the aftermath of the Space Shuttle Challenger disaster. I had testified before the Rogers Commission after I leaked documents to the New York Times about NASA’s past knowledge of flaws with the O-ring joints whose failure caused Challenger to blow up. Later I told commission investigators and the press it was political pressure from the Reagan White House that likely caused NASA to overrule the engineers who tried to stop the launch.


Senator Hollings, then senior Democratic member of the Republican-controlled Senate Commerce Committee, thought the same thing. He wanted the Senate to conduct its own investigation, but the Republicans blocked it.

One day Senator Hollings invited me to his office for a chat. He was both brilliant and humorous. Though he eventually backed off the issue, the work we did together led to a major article I wrote for the Washington Monthly entitled, “The Rogers Commission Failed.” My collaboration with the senator is described in detail in my book Challenger Revealed: An Insider’s Account of How the Reagan Administration Caused the Greatest Tragedy of the Space Age (Thunder’s Mouth Press, 2007).

Senator Hollings retired from the Senate in 2006 after 38 years of service. He remained a Democrat and kept his seat after the rest of his region went with the Republicans in 1968 through Richard Nixon’s “Southern strategy.” As a moderate he worked in the shadows of Democratic stalwarts like Walter Mondale or Ted Kennedy, and his run for the presidential nomination in 1992 went nowhere. But he was a reliable supporter of civil rights legislation and, with Strom Thurmond, the younger of a duo that became the longest-serving tandem from the same state in Senate history.

Today Fritz Hollings is 87 years old and going strong. As a senator, he opposed free trade as favoring corporate wealth over workers and families. While in the Senate he once said, in his customary tone of sarcasm, “We hear those in Congress running around and saying, ‘Free trade, free trade, I am for free trade,’ when they know free trade is like dry water. There is no such thing.” In his book Making Government Work (University of South Carolina Press, 2008), he wrote that it was protectionism that was instrumental in building modern America.

On April 28, 2009, Fritz published an article on the Economy in Crisis website that President Barack Obama and his economic team, along with every member of Congress, should be required to read. It is entitled, “Silent Conspiracies.” http://www.economyincrisis.org/articles/show/2785

The first conspiracy he discusses is the growth of debt. He writes, “President Reagan started a strategy of growth for the economy – cutting taxes, borrowing, spending, and growing the national debt instead of the economy.” After President Bill Clinton’s policy of fiscal restraint, George W. Bush came along. Fritz writes: “Under President George W. Bush, Democrats joined Republicans in a conspiracy of debt....”

Now we have the Bush-Obama bailouts. Fritz writes: “After six months of bail-outs and another trillion stimulation, there has been no ‘jump-start’ to the economy. In order to ‘jump-start’ the engine there must be an engine under the hood. To ‘jump-start’ the economy there must be an economy under the hood.”

So why isn’t there an economy? Simple: through free trade we exported it. Through this conspiracy, says Fritz: “We have offshored the economy, and no one mentions this problem. Investment, research, development, production, jobs are in flight to China, India and Mexico. Republicans and Democrats join in a ‘no-no’ to enforce our trade laws and compete in globalization. Globalization is nothing more than a trade war with production looking for a country cheaper to produce.”

Fritz doesn’t mince words. He knows how the political system works: “The President and Congress continue in their conspiracy of ‘free trade’ in order to get the campaign contributions from corporate America and the financial community.” eHe He writes that “these silent conspiracies must be exposed,” and he is doing it in a way that puts almost every other present or former politician in the U.S. to shame.

By Richard C. Cook
http:// www.richardccook.com

Copyright 2009 by Richard C. Cook

Richard C. Cook is a former U.S Treasury analyst who also worked in the Carter White House and for NASA and writes on public policy issues. His new book is We Hold These Truths: The Hope of Monetary Reform (Tendril Press 2009). His website is http://www.richardccook.com He is a member of the U.S. Basic Income Guarantee Network and has been an adviser to Congressman Dennis Kucinich and the American Monetary Institute http://www.monetary.org

Richard C. Cook Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules