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THE NEW ECONOMY IS A HOAX 1of4 PAUL CRAIG ROBERTS Video Clips. Duration : 10.73 Mins.We had a good read. For the benefit of yourself. Be sure to read to the end. I want you to get good knowledge from Federal Reserve Interest Rates . America: A Country of Serfs Ruled By Oligarchs by Paul Craig Roberts FULL ARTICLE HERE: www.vdare.com The problems of the American economy are too great to be reached by traditional policies. Large numbers of middle class American jobs have been moved offshore: manufacturing, industrial and professional service jobs. When the jobs are moved offshore, consumer incomes and US GDP go with them. So many jobs have been moved abroad that there has been no growth in US real incomes in the 21st century, except for the incomes of the super rich who collect multi-million dollar bonuses for moving US jobs offshore. Without growth in consumer incomes, the economy can go nowhere. Washington policymakers substituted debt growth for income growth. Instead of growing richer, consumers grew more indebted. Federal Reserve chairman Alan Greenspan accomplished this with his low interest rate policy, which drove up housing prices, producing home equity that consumers could tap and spend by refinancing their homes. Unable to maintain their accustomed living standards with income alone, Americans spent their equity in their homes and ran up credit card debts, maxing out credit cards in anticipation that rising asset prices would cover the debts. When the bubble burst, the debts strangled consumer demand, and the economy died. As I write about the economic hardships created for Americans by Wall Street and corporate greed and by indifferent and bribed political representatives, I get many ...