Best of the Week
Most Popular
1.UK General Election BBC Exit Polls Forecast Accuracy - Nadeem_Walayat
2.UK General Election 2017 Seats Final Forecast, Labour, Conservative Lib-Dem, SNP - Nadeem_Walayat
3.UK General Election 2017 Forecast: Conservative 358, Labour 212 Seats - Nadeem_Walayat
4.Theresa May to Resign, Fatal Error Was to Believe Worthless Opinion Polls! - Nadeem_Walayat
5.UK House Prices Forecast General Election 2017 Conservative Seats Result - Nadeem_Walayat
6.The Stock Market Crash of 2017 That Never Was But Could it Still Come to Pass? - Sol_Palha
7.[TRADE ALERT] Write This Gold Stock Ticker Down Now - WallStreetNation
8.UK General Election Results Map 2017 vs 2015 vs Opinion Polls - Nadeem_Walayat
9.Orphaned Poisoned Waters,Severe Chronic Water Shortage Imminent - Richard_Mills
10.How The Smart Money Is Playing The Lithium Boom - OilPrice_Com
Last 7 days
Sheffield Great Flood of 2007, 10 Years On - Unique Timeline of What Happened - 24th Jun 17
US Stock Market Correction Could be Underway - 24th Jun 17
Proof That This Economic Recovery Narrative is False - 24th Jun 17
Best Cash ISA for Soaring Inflation, Kent Reliance Illustrates the Great ISA Rip Off - 24th Jun 17
Gold Summer Doldrums - 23rd Jun 17
Hedgers Net Short the Euro, US Market Rotates; 2 Horsemen Set to Ride? - 23rd Jun 17
Nether Edge By Election Result: Labour Win Sheffield City Council Seat by 132 Votes - 23rd Jun 17
Grenfell Fire: 600 of 4000 Tower Blocks Ticking Time Bomb Death Traps! - 22nd Jun 17
Car Sales About To Go Over The Cliff - 22nd Jun 17
LOG 0.786 support in CRUDE OIL and COCOA - 22nd Jun 17
More Stock Market Fluctuations Along New Record Highs - 22nd Jun 17
Understanding true money, Pound Sterling must make another historic low, Euro and Gold outlook! - 22nd Jun 17
Green Party Could Control Sheffield City Council Balance of Power Local Election 2018 - 22nd Jun 17
Ratio Combo Charts : Hidden Clues to the Gold Market Puzzle - 22nd Jun 17
Steem Hard Forks & Now People Are Making Even More Money On Blockchain Steemit - 22nd Jun 17
4 Steps for Comparing Binary Options Providers - 22nd Jun 17
Nether Edge & Sharrow By-Election, Will Labour Lose Safe Council Seat, Sheffield? - 21st Jun 17
Stock Market SPX Making New Lows - 21st Jun 17
Your Future Wealth Depends on what You Decide to Keep and Invest in Now - 21st Jun 17
Either Bitcoin Will Fail OR Bitcoin Is A Government Invention Meant To Enslave... - 21st Jun 17
Strength in Gold and Silver Mining Stocks and Its Implications - 21st Jun 17
Inflation is No Longer in Stealth Mode - 21st Jun 17
CRUDE OIL UPDATE- “0.30 risk is cheap for changing implication!” - 20th Jun 17
Crude Oil Verifies Price Breakdown – Or Is It Something More? - 20th Jun 17
Trump Backs ISIS As He Pushes US Onto Brink of World War III With Russia - 20th Jun 17
Most Popular Auto Trading Tools for trading with Stock Markets - 20th Jun 17
GDXJ Gold Stocks Massacre: The Aftermath - 20th Jun 17
Why Walkers Crisps Pay Packet Promotion is RUBBISH! - 20th Jun 17
7 Signs You Should Add Gold To Your Portfolio Now - 19th Jun 17
US Bonds and Related Market Indicators - 19th Jun 17
Wireless Wars: The Billion Dollar Tech Boom No One Is Talking About - 19th Jun 17
Amey Playing Cat and Mouse Game with Sheffield Residents and Tree Campaigners - 19th Jun 17
Positive Stock Market Expectations, But Will Uptrend Continue? - 19th Jun 17
Gold Proprietary Cycle Indicator Remains Down - 19th Jun 17
Stock Market Higher Highs Still Likely - 18th Jun 17
The US Government Clamps Down on Ability of Americans To Purchase Bitcoin - 18th Jun 17
NDX/NAZ Continue downward pressure on the US Stock Market - 18th Jun 17
Return of the Gold Bear? - 18th Jun 17
Are Sheffield's High Rise Tower Blocks Safe? Grenfell Cladding Fire Disaster! - 18th Jun 17
Globalist Takeover Of The Internet Moves Into Overdrive - 17th Jun 17
Crazy Charging Stocks Bull Market Random Thoughts - 17th Jun 17
Reflation, Deflation and Gold - 17th Jun 17
Here’s The Case For An Upside Risk In The Global Economy - 17th Jun 17
Gold Bullish on Fed Interest Rate Hike - 16th Jun 17
Drones Upending Business Models and Reshaping Industry Landscapes - 16th Jun 17
Grenfell Tower Cladding Fire Disaster, 4,000 Ticking Time Bombs, Sheffield Council Flats Panic! - 16th Jun 17
Heating Oil Bottom Is In.(probably) - 16th Jun 17
Here’s the Investing Reason Active Funds Can’t Beat Passive Funds—and It Worries Me a Lot - 16th Jun 17
Is There Gold “Hype” and is Gold an Emotional Trade? - 16th Jun 17

Market Oracle FREE Newsletter

The MRI 3D Report

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

© 2005-2017 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

Catching a Falling Financial Knife