American - Economist | April 3, 1939 -
When I met with Chinese policymakers in 2006, I advised them that there was a limit to how long they could rely on the U.S. consumer market, as jobs offshoring was destroying it.
Paul Craig Roberts
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Few, if any, corporations absorb the full cost of their operations. Corporations shove many of their costs onto the environment, the public sector, and distant third parties.
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Despite massive evidence to the contrary, libertarians hold tight to their romantic concept of capitalism, which, freed from government interference, serves the consumer with the best products at the lowest prices.
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The public subsidies provided to miners, loggers, and ranchers are as extravagant and as harmful to the public interest as the subsidies that the Federal Reserve and Treasury provide to the 'banks too big to fail.'
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Once a country descends into evil, it doesn't emerge.
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Clearly America is exceptional in its immorality, lack of human compassion, and disrespect for law and its founding document.
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The great problem with corporate capitalism is that publicly owned companies have short time horizons. Unlike a privately owned business, the top executives of a publicly owned corporation generally come to their positions late in life. Consequently, they have a few years in which to make their fortune.
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By offshoring the production of their products, U.S. corporations transferred technology, physical plant, and business knowhow to China.
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Offshoring manufacturing jobs left Americans with fewer high-value-added, well-paid jobs, and the U.S. middle class downsized. Ladders of upward mobility were taken down. Income and wealth distributions worsened.
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Washington is a black hole into which all sanity is sucked out of government deliberations.
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In 2004, I predicted in a nationally televised conference in Washington, D.C., that the U.S. would be a Third World country in 20 years.
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The concentration of U.S. income and wealth in the hands of the very rich is a new development in my lifetime.
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