How the US Economy Was Lost – Paul Craig Roberts

The American economy has gone away. It is not coming back until free trade myths are buried six feet under.

America’s 20th century economic success was based on two things. Free trade was not one of them. America’s economic success was based on protectionism, which was ensured by the union victory in the Civil War, and on British indebtedness, which destroyed the British pound as world reserve currency. Following World War II, the US dollar took the role as reserve currency, a privilege that allows the US to pay its international bills in its own currency.

Video: Money Masters Producer on Economic Meltdown

Patrick Carmack, the producer of the acclaimed documentary “The Money Masters” detailing how private international bankers gained control of the American economy, shares his view on the current meltdown in the global financial services sector.