For Part 1, click here.
For Part 2, click here.
Most so-called journalists today, moneyed “professionals” whom Paul Craig Roberts bitterly calls presstitutes, would not know the truth if it walked up and hit them. Roberts, who served as Assistant Treasury Secretary under Ronald Reagan and afterwards as an assistant editor with the Wall Street Journal, was excommunicated from the mainstream in 2004 for questioning free trade orthodoxy, on the grounds that changed technology has exacted corresponding changes in how corporations operate since the days of David Ricardo. Comparative advantage, he argued, has been replaced with absolute advantagedue to the present-day mobility of capital and its capacity to shift operations to third-world nations where labor is cheap and environmental regulations virtually nonexistent.