Friday, December 31, 2010

Jim Quinn,

"Where Are All the Jobs?"


"The profits are being generated on Wall Street through collusion with the Federal Reserve, as the insolvent Wall Street banks accept free money from the Federal Reserve to generate speculative profits at the expense of senior citizens earning 0.20% on their CDs. The mega-multinationals are 'earning' their profits by continuing to ship American jobs overseas at a record pace. The Economic Policy Institute, a Washington think tank, says American companies have created 1.4 million jobs overseas this year. The additional 1.4 million jobs would have lowered the US unemployment rate to 8.9%, says Robert Scott, the institute’s senior international economist...The hollowing out of the American economy has been going on for decades and despite the usual rhetoric out of Washington DC, it continues unabated today....

"We’ve degenerated from a productive, goods-producing society to a consumption-based, debt-fueled society. This is a classic late-stage trait of declining empires. Rome and Britain before us experienced similar declines....

"The wealth of the country has been pillaged by an elite group at the very top of the economic food chain who were able to reap the rewards of globalization (outsourcing American jobs), manipulate the debt-based financial system through synthetic fraud products, and avoid taxes by hiring thousands of lawyers, accountants, and tax consultants."

Complete commentary viewable at Minyanville.

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