Paul Craig Roberts: The Gangsters Who Run America and Wall Street!

• “I have concluded that corruption is so dominant in the US today that change for the better cannot come from internal sources. Change for the better, if it comes, will come from economic collapse resulting from the prostitution of public policy to serve a handful of elites.”
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• Paul Craig Roberts: The Gangsters Who Run America and Wall Street! 
  by Paul Craig Roberts, http://www.presstv.com/ 
  The gangsters who run the US financial system have determined opponents. Among them are Elizabeth Warren, Nomi Prins, Pam and Russ Martens, Michael Hudson, and David Stockman.
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  I have often expressed my admiration for Warren, Prins, Martens, and Hudson. In his latest column, David Stockman has earned my admiration and forgiveness. I say forgiveness because in my opinion Stockman came close to sabotaging President Reagan’s economic program.
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  None of us on whom the president was relying expected that Stockman would be the weak link. Stockman, a member of the House, was an advocate of the new policy and a friend of U.S. Rep. Jack Kemp. I knew Stockman and had worked with him in putting together a new approach to economic policy in the short time between the November election and January inauguration.
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  The success of the new policy depended upon Stockman, who we managed to have appointed Director of the Office of Management and Budget, on Federal Reserve Chairman Paul Volcker, and on my office in the U.S. Treasury where I was appointed Assistant Secretary for domestic Economic Policy.
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  The problem we confronted was the worsening “Phillips curve” tradeoffs between inflation and unemployment that had produced a situation termed “stagflation.” The Phillips curve illustrated that an increase in employment had to be “paid for” by accepting higher inflation, and a reduction in inflation had to be “paid for” in terms of higher unemployment. The trade-offs between inflation and unemployment were worsening. The dilemma came to a head when Milton Friedman showed that the Phillips curve trade-offs had broken down and that higher inflation now brought higher unemployment.
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  The new situation was described as “stagflation.” The Keynesian macroeconomists and policymakers could not explain the cause of stagflation and had no remedy.
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