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Magda Hassan
03-16-2009, 10:39 AM
AUDIO "America's Fiscal Collapse - Obama's Budget Will Impoverish America"
Radio Interview with Michel Chossudovsky

By Bonnie Faulkner

URL of this article: www.globalresearch.ca/index.php?context=va&aid=12674 (http://rs6.net/tn.jsp?et=1102506433743&e=001Wr9WseZal6tLBUZJxFqdJRmBKPdzJ5UiTjPjAJ7saMcJB 4wCiY8tlDP7fEvempdnHBQoi7OlLRebhQHKdda3GELsaVRD4dh 4-x4347AKZDUpAT2n6O3qR_KVt8t8TajIPoAWFWW7eWmdYu3VheJ 8bY7cYmdrkk_8QnMYR5968j0=)

Global Research (http://rs6.net/tn.jsp?et=1102506433743&e=001Wr9WseZal6s-QRohC8JaqT2q6fkQG4U6MYdQITga96H1J7qfe_TX8Abvxwflub GrGW98xy6TspLKkJ3cPAbPBjZuMw-As4Xvhlu-kRzq4B24siEUvXG3Bg==), March 12, 2009
Guns and Butter, Pacifica (KPFA)

Click to listen

"America's Fiscal Collapse - Obama's Budget Will Impoverish America" (http://rs6.net/tn.jsp?et=1102506433743&e=001Wr9WseZal6tU7sbDro8zB0Mx2o-KkMqvNAnKS03YW62nqEhdt8-v-mEQOffDVokVlSMsdE_HFQzS837Y9zcXQXXs6m9rnP8MieSKRnp afZvAnIELSwnDa6M54ATvBVaJN1zjTy3tRpA=)
with economist and author, Michel Chossudovsky

Guns and Butter, KPFA

The administration's 2010 budget will entail the most drastic curtailment in public spending in American history, leading to social havoc and the potential impoverishment of millions of people. Defense spending and bank bailouts will consume all government revenue resulting in fiscal collapse that will lead to the privatization of the state.

Download (http://rs6.net/tn.jsp?et=1102506433743&e=001Wr9WseZal6tpfK4iuClES3fPYed_kd6cAYXSo-1smjOMF3-m8-XJJMKW8ZcOt0qXfLqJ45UHTfyeU7317blcISKdu_G-3uOh58AcM35IhkLrDuHzDc3NOThx1lotItQPXejJMejrc4L_v4 uCmk2ZPA==) this clip (mp3, 10.28 megabytes)
Play this clip in your Computer's media player

(http://rs6.net/tn.jsp?et=1102506433743&e=001Wr9WseZal6t0ewc79kS9GSXH1-8Dlp1vcoYxReaCmYupMhg2abP46SZvLsQcv7crkBxWfbAw-4Q2EjSB_2tymSSClRpHaTjWnlryWGX7thNeoVv-kKjyvRizIRF4HGnExigeGmDHCgcB4jfkRsJIf_6P5AdGUpYHhS j_PpIizkqCHjSvR0oMMiTTK79VP1l_hijBxKNd99FPJ93IROUp zNlncXAvJCo1aQKhv4321vt-EP4hHIoa9din2uWDsP1la8Lo8j_tLXI=)To consult Michel Chossudovsky detailed article on the process of fiscal collapse, click below:

America's Fiscal Collapse (http://rs6.net/tn.jsp?et=1102506433743&e=001Wr9WseZal6vWSzlDvy7eWkh_AwRGRjiJ9NF6bc_TFyVwx wVBn4Qw9gJ1YBRA3DCqdHvz-ZXGTVf9Mp0KoRxaF85IBV9ji7e6mXHrytnN6EkEPjyrrzL0Kgc 3yZBtjZAl8KMWWuOeRqS0uKm0EYp4bR3xxOsYXaEPhU2wqsbur 20=)
- by Michel Chossudovsky - 2009-03-02

Excerpt

At first sight, the budget proposal has all the appearances of an expansionary program, a demand oriented "Second New Deal" geared towards creating employment, rebuilding shattered social programs and reviving the real economy.
The realities are otherwise. Obama's promise is based on a mammoth austerity program. The entire fiscal structure is shattered, turned upside down.
To reach these stated objectives, a significant hike in public spending on social programs (health, education, housing, social security) would be required as well as the implementation of a large scale public investment program. Major shifts in the composition of public expenditure would also be required: i.e. a move out of a war economy, requiring a movement out of military related spending in favour of civilian programs.
In actuality, what we are dealing with is the most drastic curtailment in public spending in American history, leading to social havoc and the potential impoverishment of millions of people.
The Obama promise largely serves the interests of Wall Street, the defence contractors and the oil conglomerates. In turn, the Bush-Obama bank "bailouts" are leading America into a spiralling public debt crisis. The economic and social dislocations are potentially devastating.
Obama's budget submitted to Congress on February 26, 2009 envisages outlays for the 2010 fiscal year (commencing October 1st 2009) of $3.94 trillion, an increase of 32 percent. Total government revenues for the 2010 fiscal year, according to preliminary estimates by the Bureau of Budget, are of the order of $2.381 trillion.
The predicted budget deficit (according to the president's speech) is of the order of $1.75 trillion, almost 12 percent of the U.S. Gross Domestic Product.
War and Wall Street
This is a "War Budget". The austerity measures hit all major federal spending programs with the exception of: 1. Defence and the Middle East War: 2. the Wall Street bank bailout, 3. Interest payments on a staggering public debt.
The budget diverts tax revenues into financing the war. It legitimizes the fraudulent transfers of tax dollars to the financial elites under the "bank bailouts".
The pattern of deficit spending is not expansionary. We are not dealing with a Keynesian style deficit, which stimulates investment and consumer demand, leading to an expansion of production and employment.
America's Fiscal Collapse (http://rs6.net/tn.jsp?et=1102506433743&e=001Wr9WseZal6vWSzlDvy7eWkh_AwRGRjiJ9NF6bc_TFyVwx wVBn4Qw9gJ1YBRA3DCqdHvz-ZXGTVf9Mp0KoRxaF85IBV9ji7e6mXHrytnN6EkEPjyrrzL0Kgc 3yZBtjZAl8KMWWuOeRqS0uKm0EYp4bR3xxOsYXaEPhU2wqsbur 20=)



The Economic Depression was predicted in Michel Chossudovsky's 2003 best-seller


The Globalization of Poverty and the New World Order (http://rs6.net/tn.jsp?et=1102506433743&e=001Wr9WseZal6sqxlxD3xzzUNS6ptZL9Xs4NkmrzlJvuIlym Ya6QDjvDM6kfZqWaDXO61ISbEqn5QC2IZ0JoPbmdU3YuYIoXIo bENSrAcqB3Ab9od8ljRrkKIig50aJgiuBEwEYOSnLhw_j2i9oN ADrdQ==)


by Michel Chossudovsky



http://globalresearch.ca/globaloutlook/SHOPCA3.jpg (http://rs6.net/tn.jsp?et=1102506433743&e=001Wr9WseZal6uq4kJQzYSS2b-SVf5YFEFeo_WwMiGBq5tAWZdWvJCENPvTYCSfRXnU7w3utKROm 2mKYA4ODx5q5Zmq5d5X_OHRhyiXPLYvsnvXn-fniq6eweZCKjcjToRPIn8tVClhCQRVFDfH8JckFg==) In this new and expanded edition of Chossudovsky's international best-seller, the author outlines the contours of a New World Order which feeds on human poverty and the destruction of the environment, generates social apartheid, encourages racism and ethnic strife and undermines the rights of women. The result as his detailed examples from all parts of the world show so convincingly, is a globalization of poverty.
This book is a skillful combination of lucid explanation and cogently argued critique of the fundamental directions in which our world is moving financially and economically.
In this new enlarged edition –which includes ten new chapters and a new introduction-- the author reviews the causes and consequences of famine in Sub-Saharan Africa, the dramatic meltdown of financial markets, the demise of State social programs and the devastation resulting from corporate downsizing and trade liberalisation.
Michel Chossudovsky (http://rs6.net/tn.jsp?et=1102506433743&e=001Wr9WseZal6tKWCCfe8ae8VA9NUNDo09cK43h-2eJ5cjY7W_zxBjg17B9_A0wLkqWwZzz-vOvFa8lXdbMqh6-j6Ten9OYP59V8qic2cAd0dR9LEIvDM4X3sr4bUzuAo7Zp8fTxR eAWO-UwwcPj1fPUw==)is Professor of Economics at the University of Ottawa and Director of the Centre for Research on Globalization (CRG), which hosts the critically acclaimed website www.globalresearch.ca (http://rs6.net/tn.jsp?et=1102506433743&e=001Wr9WseZal6snIqFx3Uhk5l0CjOrVcXu6vC9HaqLZCeMlT SOhn62sqUUT0lux8QBZtL-Ub0bKmSaNQrcZWbWQltYuJ6RvPl5AsEOkEhVm5IpLWmLSC6YGI A==). He is a contributor to the Encyclopedia Britannica. His writings have been translated into more than 20 languages.


Published in 13 languages. More than 150,000 copies sold Worldwide.

TO ORDER CLICK HERE (http://rs6.net/tn.jsp?et=1102506433743&e=001Wr9WseZal6sqxlxD3xzzUNS6ptZL9Xs4NkmrzlJvuIlym Ya6QDjvDM6kfZqWaDXO61ISbEqn5QC2IZ0JoPbmdU3YuYIoXIo bENSrAcqB3Ab9od8ljRrkKIig50aJgiuBEwEYOSnLhw_j2i9oN ADrdQ==)

David Guyatt
03-16-2009, 02:44 PM
The Obama promise largely serves the interests of Wall Street, the defence contractors and the oil conglomerates.

Well, as long as someone benefits that's okay...