Interview of Paul Craig Roberts by the Russian Geopolitical institute GEOFOR. There are two main avenues to a potential US financial crisis. Such a crisis, because of US financial dominance and because of the interconnections of globalism, which was a huge mistake for humanity, would be international. One avenue to crisis is the Federal Reserve’s... Read More

September marked a decade since the bursting of the housing bubble, which was followed by the stock market meltdown and the government bailout of the big banks and Wall Street. Last week’s frantic stock market sell-off indicates the failure to learn the lesson of 2008 makes another meltdown inevitable.In 2001-2002 the Federal Reserve responded to... Read More

Subprime mortgages did not cause the financial crisis, nor did the housing bubble or Lehman Brothers. The financial crisis originated in a corner of the shadow banking system called the repo market. That’s where the bank run occurred that froze the secondary market, sent prices on mortgage-backed assets plunging, and pushed the financial system into... Read More

How many nails does it require to whack down forever the coffin lid on European social democracy? Lenin, outraged in 1914 at the sight of Social Democratic parties across Europe rallying behind their national flags and voting war credits to unleash the horrors of the First World War, would have been caustically unsurprised just over... Read More

If the economy deteriorates in the L-shaped “hockey-stick� rut that many economists forecast, what political price will President Obama and the Democrats pay for having returned the financial keys to the Bush Republican appointees who gave away the store in the first place? Reappointing Federal Reserve Chairman Ben Bernanke may end up injuring not only... Read More

Counterpunch The State of the Union address is in danger of purveying the usual euphemisms. I expect Obama to brag that he has overseen a recovery. But can there be any such thing as a jobless recovery? What has recovered are stock market averages and Wall Street bonuses, not disposable personal income or discretionary spending... Read More

This commentary from the Daily Reckoning can be read here

This interview from the Business Spectator can be read here.

These extraordinary times–unprecedented in modern history–are marked by a worldwide depression and regional wars involving all the major imperial powers. This book exposes the roots of the crisis in the unsustainability of the United States’ military-driven empire building based on a volatile speculative economy, and influenced by Zionist policy makers committed to the colonialist state... Read More

Political Economy Research I am travelling in Europe for three weeks to discuss the global financial crisis with government officials, politicians and labor leaders. What is most remarkable is how differently the financial problem is perceived over here. Its like being in another economic universe, not just another continent. The U.S. media are silent about... Read More

All the idols of capitalism over the past three decades crashed. The assumptions and presumptions, paradigm and prognosis of indefinite progress under liberal free market capitalism have been tested and have failed. We are living the end of an entire epoch: Experts everywhere witness the collapse of the US and world financial system, the absence... Read More

Ben Bernanke’s False Analogy Global Research On the March 15 CBS show “60 Minutes�, Federal Reserve Chairman Ben Bernanke used a false analogy already popularized by President Obama in his quasi-State of the Union Speech. He likened the financial sector to a house burning down – fair enough, as it is destroying property values, leading... Read More

Global Research The financial “wealth creation� game is over. Economies emerged from World War II relatively free of debt, but the 60-year global run-up has run its course. Finance capitalism is in a state of collapse, and a new wave of credit cannot revive it. A quarter to a third of U.S. real estate has... Read More

GlobalResearch Martin Wolf started off his Financial Times column today (February 11) with the bold question: “Has Barack Obama’s presidency already failed?�[1] The stock market had a similar opinion, plunging 382 points. Having promised “change,� Mr. Obama is giving us more Clinton-Bush via Robert Rubin’s protégé, Tim Geithner. Tuesday’s $2.5 trillion Financial Stabilization Plan to... Read More

PARIS — What is the Kremlin up to? These past two weeks have produced seemingly contradictory and certainly confusing messages from Moscow. First, those who relish irony would have loved the recent economic forum in the ugly little Swiss ski resort of Davos. Don't get me wrong. Switzerland is the world's most beautiful country. It's... Read More

Before we discuss what's left of the economy, a few words about one brave man. The shoes Iraqi journalist Muntader al-Zaidi threw at George Bush in Baghdad had more courage and truth in them than all the honeyed, sycophantic words of America's fawning media. Zaidi reminded the world that George Bush, Dick Cheney and their... Read More

Counterpunch On Friday, October 24, the pound sterling dropped to just $1.58 (down from $1.73 earlier in the week, an enormous plunge by foreign-exchange standards), and the euro sunk to just $1.26, while Japan’s yen soared by 10 per cent. These shifts threatened to disrupt export markets and hence industrial sales patterns. Global stock markets... Read More

An empire built on debt, is an empire built on sand. The US government now owes a staggering $10 trillion. American consumers owe $14 trillion. Welcome to the United States of debt. Twenty-four trillion dollars is a gargantuan sum, even for the mighty US economy. It is now clear that America's once lauded "prosperity" was... Read More

Now that there has been a respite in the financial tsunami sweeping the globe, finger-pointing is sure to begin. The chief culprit for this near-death experience must be the star-crossed Bush administration and its reckless financial policies. The roots of the current financial crisis began before President Bush took office. During the Clinton years, finance... Read More

The ongoing collapse of the stock market and the loss of hundreds of billions of dollars managed by Wall Street investment banks illustrate the pitfalls and danger of free market capitalism facing the entire working population of the United States. Introduction 1.The near bankruptcy of Social Security The attempt by the White House and leading... Read More

Seven years after 9/11, we witness another, greater and even more enjoyable collapse, that of the American financial pyramid. It took some twenty years in building; its collapse took only a few weeks. Let us cut the hypocritical crap: this was a wonderful show, no ifs, ands or buts. The US stock markets boomed when... Read More