Saturday, February 26, 2011

Paul Craig Roberts: Obama's budget = class war

Obama’s new budget is a continuation of Wall Street’s class war against the poor and middle class. Wall Street wasn’t through with us when the banksters sold their fraudulent derivatives into our pension funds, wrecked Americans’ job prospects and retirement plans, secured a $700 billion bailout at taxpayers’ expense while foreclosing on the homes of millions of Americans, and loaded up the Federal Reserve’s balance sheet with several trillion dollars of junk financial paper in exchange for newly created money to shore up the banks’ balance sheets. The effect of the Federal Reserve’s "quantitative easing" on inflation, interest rates, and the dollar’s foreign exchange value are yet to hit. When they do, Americans will get a lesson in poverty.

Now the ruling oligarchies have struck again, this time through the federal budget. The U.S. government has a huge military/security budget. It is as large as the budgets of the rest of the world combined. The Pentagon, CIA, and Homeland Security budgets account for the $1.1 trillion federal deficit that the Obama administration forecasts for fiscal year 2012. This massive deficit spending serves only one purpose--the enrichment of the private companies that serve the military/security complex. These companies, along with those on Wall Street, are who elect the U.S. government....

...All we need is a few million more Americans with nothing to lose in order to bring the disturbances in the Middle East home to America.

With the U.S. military bogged down in wars abroad, an American revolution would have the best chance of success.

Read the whole thing here. PCR is just the gift that keeps on giving.


  1. It is riduculous the concessions made by the Obama administration, and I would think it would be the nail in the coffin of all those who claim Obama is a liberal extremist (he's a conservative, and not even a moderate one at that).

    I still highly doubt there will be a violent upheaval, but if there were... it's nice to know the winning side won't be the aging elite, it will be the robust and disaffected youth.

  2. Obama is not liberal or conservative but a leftish neocon supporting his masters in the oligarchy. Too bad the indoctrinated youth is made up of some useful, some slacktivists, a few parasites, and lots of ignorance.


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