The most serious problems lie in the financial sphere, where the economy’s debt overhead has grown more rapidly than the ‘real’ economy’s ability to carry this debt. … The essence of the global financial bubble is that savings are diverted to inflate the stock market, bond market and real estate prices rather than to build new factories and employ more labor.
So the Bush-Obama administration has taken a fiscal stance diametrically opposed to that of the patron saint of free enterprise. While escalating war in Afghanistan and maintaining over 850 military bases around the world, the administration has run up the national debt that Smith decried. By shifting the tax burden off property and off rent-seeking monopolies – above all, off the financial sector – this policy has raised America’s cost of living and doing business, thereby undercutting its competitive power and running up larger and larger foreign debt.
В своём оруэлловском обращении к ОНН президент Обама заявил, что если бы в Сирии существовала демократия, то никакого восстания против Ассада бы не было. Он подразумевал ИГИЛ. Где есть демократия, добавил он, там нет революции и насилия. Это была [открытая] угроза проведения революций, восстаний и переворотов в любой стране, которая не кажется [американцам] «демократической.»
…if you increase living standards you make labor more productive. This is why Asia today is becoming more productive than the United States.
To the deficit commission, a depression is the solution to the problem, not a problem.