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‘Free Traitors’ Blamed for U.S. Financial Collapse
By Alejandro Lichauco
As one watches with unavoidable sympathy the anguish and desperate cry of the American electorate for relief from their deepening impoverishment, one must at the same time decry their failure to gasp that their plight has been brought about by a traitor class. And who constitutes that class and wherein lies its treason?
That class is the group of free traders and free market ideologues who have dominated the domestic and foreign policy of the United States since the last world war. And wherein lies their treason?
Their treason lies in the ideology which they had imposed on a chain of captive U.S. governments and which culminated in what is known as globalization. If you find this bizarre and difficult to believe then just ponder on the answer which former Federal Reserve Bank Chairman Alan Greenspan gave to a recent U.S. Senate inquiry. When asked by the investigating committee on what went wrong and why the there was a Wall
Street meltdown, Greenspan’s answer was: “My flawed ideology.”
Meaning the ideology of the free market. All through his career (at the Fed), which spanned 20 years, Greenspan admitted that his policies and acts were dictated by his ideology: The ideology of the free market. It’s an ideology which Greenspan said dictated that the state, or government, should stay out of the economy and shouldn’t attempt to regulate private business—particularly the banks and Wall Street.
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Years ago, the U.S. Congress had already sensed that there was something wrong with the lending operation of the banks, and asked Greenspan to regulate it. But Greenspan didn’t and trusted fully, so he claimed, in the dogma of his ideology that the market doesn’t commit mistakes; and if it does then the market can be trusted to correct its own mistakes.
That kind of thinking was what destroyed America’s industrial base because it was an intrinsic part of the ideology that the government shouldn’t regulate imports to protect domestic industries. And so, imports flooded the American market until they destroyed just about every industry worth the name. Years ago, American women complained that they couldn’t find American-made bras in the market.
In a year’s time, the American automobile industry—already a skeleton of its former self—will be gone. GM, Ford and Chrysler, which once dominated the world car industry, are now on the verge of bankruptcy. As for the steel industry, there isn’t any such thing now in the U.S., and it was the steel and car industries that constituted the core of America’s industrial power.
How did all this come about? How did the U.S. come to adopt and practice for so long an ideology which killed the American economy—at one time the only economy in the world worth talking about?
A traitor class—that’s what American patriots and nationalists like Pat Buchanan, once a senior consultant to President Reagan and a Republican presidential candidate, maintain.
In the 1990s, Buchanan wrote a book he entitled The Great Betrayal. The main theme of the book was that the American economy was being handled by a class—the class of free traders—which didn’t believe in national loyalties and whose loyalty lay primarily, if not exclusively, with the multinational corporations.
Over the years, this class of American-made traitors, consisting in the main of multinational CEOs (chief executive officers) managed to convince just about every U.S. administration that the U.S. government shouldn’t do anything to protect America’s domestic industries from the flood of cheap imports. That would be a violation of the free market doctrine, so the traitors argued. And with enormous lobby money behind them, it wasn’t too difficult to convince those who manned the strategic high places of the U.S. government to take to the free market, free trade doctrine.
Another American patriot, Ross Perot, years ago complained of how former American bureaucrats negotiating America’s trade agreements eventually wound up as lobbyists for foreign governments determined to flood the American market with cheap imports produced in their home countries. With America’s industrial class gone, the principal source of prime borrowers evaporated. Banks thus found themselves with money oozing out of their ears and they didn’t have any prime borrowers to lend to, and so they wound up lending to sub-prime borrowers—borrowers without the ability to pay.
That’s how a treasonous ideology, weaved by an American traitor class, broke America down and reduced it to a miserable Third World state.
Alejandro Lichauco, is a well-known liberal—yet nationalist—columnist and author based in the Philippines. He is known as a strong proponent of nationalist economics. He is also the author of many books including Imperialism in the Philippines.
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(Issue # 3, January 19, 2009)
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