Best of the Week
Most Popular
1. Five Charts That Show We Are on the Brink of an Unthinkable Financial Crisis- John_Mauldin
2.Bitcoin Parabolic Mania - Zeal_LLC
3.Bitcoin Doesn’t Exist – 2 - Raul_I_Meijer
4.Best Time / Month of Year to BUY a USED Car is DECEMBER, UK Analysis - Nadeem_Walayat
5.Labour Sheffield City Council Election Panic Could Prompt Suspension of Tree Felling's Private Security - N_Walayat
6.War on Gold Intensifies: It Betrays the Elitists’ Panic and Augurs Their Coming Defeat Part2 - Stewart_Dougherty
7.How High Will Gold Go? - Harry_Dent
8.Bitcoin Doesn’t Exist – Forks and Mad Max - Raul_I_Meijer
9.UK Stagflation Risk As Inflation Hits 3.1% and House Prices Fall - GoldCore
10.New EU Rules For Cross-Border Cash, Gold Bullion Movements - GoldCore
Last 7 days
Bond Market Bear Creating Gold Bull Market - 19th Jan 18
Gold Stocks GDX $25 Breakout on Earnings - 19th Jan 18
SPX is Higher But No Breakout - 19th Jan 18
Game Changer for Bitcoin - 19th Jan 18
Upside Risk for Gold in 2018 - 19th Jan 18
Money Minute - A 60-second snapshot of the UK Economy - 19th Jan 18
Discovery Sport Real MPG Fuel Economy Vs Land Rover 53.3 MPG Sales Pitch - 19th Jan 18
For Americans Buying Gold and Silver: Still a Big U.S. Pricing Advantage - 19th Jan 18
5 Maps And Charts That Predict Geopolitical Trends In 2018 - 19th Jan 18
North Korean Quagmire: Part 2. Bombing, Nuclear Threats, and Resolution - 19th Jan 18
Complete Guide On Forex Trading Market - 19th Jan 18
Bitcoin Crash Sees Flight To Physical Gold Coins and Bars - 18th Jan 18
The Interest Rates Are What Matter In This Market - 18th Jan 18
Crude Oil Sweat, Blood and Tears - 18th Jan 18
Land Rover Discovery Sport - Week 3 HSE Black Test Review - 18th Jan 18
The North Korea Quagmire: Part 1, A Contest of Colonialism and Communism - 18th Jan 18
Understand Currency Trade and Make Plenty of Money - 18th Jan 18
Bitcoin Price Crash Below $10,000. What's Next? We have answers… - 18th Jan 18
How to Trade Gold During Second Half of January, Daily Cycle Prediction - 18th Jan 18
More U.S. States Are Knocking Down Gold & Silver Barriers - 18th Jan 18
5 Economic Predictions for 2018 - 18th Jan 18
Land Rover Discovery Sport - What You Need to Know Before Buying - Owning Week 2 - 17th Jan 18
Bitcoin and Stock Prices, Both Symptoms of Speculative Extremes! - 17th Jan 18
So That’s What Stock Market Volatility Looks Like - 17th Jan 18
Tips On Choosing the Right Forex Dealer - 17th Jan 18
Crude Oil is Starting 2018 Strong but there's Undeniable Risk to the Downside - 16th Jan 18
SPX, NDX, INDU and RUT Stock Indices all at Resistance Levels - 16th Jan 18
Silver Prices To Surge – JP Morgan Has Acquired A “Massive Quantity of Physical Silver” - 16th Jan 18
Carillion Bankruptcy and the PFI Sector Spiraling Costs Crisis, Amey, G4S, Balfour Beatty, Serco.... - 16th Jan 18
Artificial Intelligence - Extermination of Humanity - 16th Jan 18
Carillion Goes Bust, as Government Refuses to Bailout PFI Contractors Debt and Pensions Liabilities - 15th Jan 18
What Really Happens in Iran?  - 15th Jan 18
Stock Market Near an Intermediate Top? - 15th Jan 18
The Key Economic Indicator You Should Watch in 2018 - 15th Jan 18
London Property Market Crash Looms As Prices Drop To 2 1/2 Year Low - 15th Jan 18
Some Fascinating Stock Market Fibonacci Relationships... - 15th Jan 18
How to Know If This Stock Market Rally Will Continue for Two More Months? - 14th Jan 18
Everything SMIGGLE from Pencil Cases to Water Bottles, Pens and Springs! - 14th Jan 18
Land Rover Discovery Sport Very Bad MPG Fuel Economy! Real Owner's Review - 14th Jan 18
Gold Miners’ Status Updated - 13th Jan 18
Gold And Silver – Review of Annual, Qrtly, Monthly, Weekly Charts. Reality v Sentiment - 13th Jan 18
Gold GLD ETF Update.. Bear Market Reversal Watch - 13th Jan 18
Stock Market Leadership In 2018 To Come From Oil & Gas - 13th Jan 18
Stock Market Primed for a Reversal - 13th Jan 18
Live Trading Webinar: Discover 3 High-Confidence Trade Set-Ups - 13th Jan 18
Optimum Entry Point for Gold and Silver Stocks - 12th Jan 18
Stock Selloffs Great for Gold - 12th Jan 18
These 3 Facts Show Gold Is Set to Surge in 2018 - 12th Jan 18
How China is Locking Up Critical Resources in the US’s Own Backyard - 12th Jan 18
Stock futures are struggling. May reverse Today - 12th Jan 18
Three Surprising Places You See Cryptocurrency - 12th Jan 18
Semi Seconductor Stocks Canary Still Chirping, But He’s Gonna Croak in 2018 - 12th Jan 18
Land Rover Discovery Sport Panoramic Sunroof Questions Answered - 12th Jan 18
Information About Trading With Alpari And Its Advantages - 12th Jan 18

Market Oracle FREE Newsletter

6 Critical Money Making Rules

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

© 2005-2018 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