PAUL CRAIG ROBERTS is the great uncle of CRACKERNOMICS
What is Crackernomics?
CRACKERNOMICS is a relatively recent form of ‘radical’ economics practiced by (Germanic) White Protestants. It was created in the aftermath of the Credit Crunch.
CRACKERNOMICS is derived from Monetarism and Reganomics and takes elements of traditional Germanic right wing and left wing politics and analysis to create a new synthesis. It tries to explain the economic and political emergency that has swallowed the Germanic world as follows
- The CREDIT CRUNCH is the result of specific discretionary policy decisions such as the repeal of the Glass Steagall Act in the 1990’s.
- The CREDIT CRUNCH is not the inevitable consequence of economic and political developments since the end of the GERMANIC wars in 1945.
- It is possible to materially change what is happening to the GERMANIC economic system (usually by buying gold or attacking the Big Banks etc etc.) see Max KEISER
Paul Craig Roberts argues that the entire economic policy of the united states is
‘dedicated to saving four banks that are too large to fail’, ‘
implying that this is a distorted and imbalanced economic policy caused by the undue influence of a small group in the American economy.
As a consequence of this savers are deprived of ‘interest income’ which forces them into government bonds to protect what wealth they have remaining.
Roberts argues that the real problem is the massive amount of derivative creation that equals many times the worlds real GDP. However, Roberts correctly observes that much of the derivative exposure ‘nets out’ meaning that the real extent of the exposure to risk it represents is impossible to calculate.
He then goes on to express the hope that this situation will somehow bring about a revolution of some kind blah, blah….
The reality is this
Government monetary policy is dedicated to preserving the developing DEMOCRATISED MONEY system that is being created, not specific institutions.
The repeal of Glass Steagall is only one element of the deregulated framework necessary for DEMOCRATISED MONEY.
State issued money is being stripped of most of its core functions in preparation for these functions being transferred wholesale to DEMOCRATISED MONEY
The function ‘interest producing’ is the main function that is being stripped away at the present time. Government issued bonds will now perform this function in the short to medium term.
When this process is finished only the exchange function will remain in the control of the state and this state of affairs will continue unless and until this also can be made profitable.
Derivatives are simply one form of DEMOCTRATISED MONEY. Their net worth is impossible to calculate in the same way that any form of independent National currency is.
That is the whole point of the exercise.
Each form of DEMOCRATISED MONEY will have its own inflation and exchange rate.
When the government finally is able to abandon the interest function you and everyone else will be forced to choose one of many forms of democratised money to protect your ‘wealth’.
Then you will find out that these new forms of money are money like lottery tickets than rail tickets.
And then we will all be ‘risk takers’ and ‘entrepreneurs’.
Whether we like it or not.
CRACKERNOMICS spends its time lamenting this new state of affairs and suggesting hair brained schemes to allow the HERRENVOLK of the Anglo Saxon world to hang on to their ill gotten gains.
Germanic world domination is coming to an end.
Whom the Gods would destroy they first make mad