| Why Obama is Sabotaging U.S. Economic Growth |
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| from Zubi Diamond |
| Tuesday, 29 June 2010 04:47 |
| If the financial reform bill passes, the bad Wall Street will win, the good Wall Street will not. And investors and American families will lose. As I explained in my article, The Dodd "Financial Reform" Bill Lets Obama Off the Hook, the bad Wall Street consists of the hedge fund short sellers, the predators who loot investment capital and slow down economic growth.
I wrote in my book, Wizards of Wall Street, that we will never recover from this crisis until the 7-point action plan is implemented. My recommendations include restricting short sale transactions, ending mark-to-market accounting completely, restoring the old financial market circuit breakers, and restoring the old uptick rule without any modification. These changes will protect invested capital and save the capitalist system. You cannot solve a problem unless you know correctly and truthfully what caused the problem. The elected officials and the big media lent deaf ears to my analysis and forecasts. But everything I predicted is unfolding before our very eyes. But brace yourself: the worst is yet to come unless my recommendations are implemented completely. Treasury Secretary Tim Geithner says the U.S, can no longer drive global growth. What does this mean? Answering a question on the BBC, Geithner said that the administration is now taking steps to come out with better growth outcomes across the global economy. Translation: The administration has purposely hamstrung U.S. economic growth as a way to burst the bubble of America's supremacy. The financial reform bill carries this process forward by suppressing the capitalist spirit, business freedom, and economic growth. President Obama had hoped to carry his trophy legislation to the Chinese and Russians at the G20 and G8 meetings. It would have been like bringing America's head on a platter. Ask yourself: with the administration passing the financial reform bill, will it translate to solving the economic crisis? Will it translate to robust economic growth for America? Will it heal the private sector and create more jobs and reduce the unemployment rate or stop the stock market from crashing again? The answer is "No." Then you should ask yourself: Does the Obama administration know this? The answer is "Yes." The Obama Administration knows very well that passing the financial reform bill is not going to improve the unemployment picture, or solve the economic crisis, or even prevent the stock market from crashing again. Yet they rushed it through without fixing the root cause of the economic crisis-the influence of the hedge fund short sellers that are organized in the Managed Funds Association (MFA), the most powerful special interest group in America. Billionaire George Soros is one of its most prominent members. If anything, the passing of this financial reform bill is a guarantee that the U.S. economy is not going to recover, and that the stock market will crash again and again and again, leading to more job losses and increased unemployment. Why are they doing this? Tim Geithner just gave you the answer. They do not want the United States of America to drive global growth anymore. And that is in alignment with the agenda of George Soros, the MFA, and the Center for American Progress, which I call the Center for American Destruction. They are bursting what George Soros calls the bubble of American supremacy in order to achieve global equilibrium among nations. It's also called international socialism. They do not want America to be the global economic leader anymore. They will "redistribute" America's greatness to other economies, namely China and Russia, to achieve a balance of power by transferring our technology and technological advantage to them. Obama is carrying the water for George Soros and the MFA. He is lobbying the European world leaders to continue stimulus spending, borrowing and printing more money to replace the $11 trillion that has been looted from the U.S. economy, as well as an additional $3 trillion looted from our European allies and world economy, for a total of $14 trillion. The final outcome of all this unsustainable spending and debt will be the collapse of the global capitalist system, the collapse of America and her European allies preceded by the greatest stock market crash of all time. The Dow will collapse to 2000. It will be the "I have fallen and I can't get up" level. Unless corrective action is taken and taken fast, George Soros will prevail in his quest for the destruction of the global capitalist system and permanently transfer global economic leadership from the West to East, from America to China. Carrying out this agenda is your President, Barack Obama. The Chinese are already good at practicing capitalism. It is the source of wealth creation, through which they sustain their socialism. What they and the Russians need more than anything else is our technology and our know-how and ability to innovate. They want our technology and our technological innovation. Barack Obama wants them to have it. And he is giving it to them. The transfer process is occurring as we speak. America's technology companies will go to Russia and China and build a Silicon Valley for them with Chinese and Russian workers in the factories learning, studying, and copying from the Americans after which when they acquire the knowledge, they will kick the Americans out. Barack Obama has embraced our enemies and shunned our allies. He has pursued policies that will strengthen our enemies and weaken our allies. Barack Obama is either an idiot or an enemy agent. Either way he is not fit to be president. Misguided Americans have inadvertently elected a dummy or an enemy agent as their President. The financial reform bill is the death knell to capitalism in America and the installation of socialism in America. The financial reform bill was written by the hedge fund short sellers. The passing of the financial reform bill will signify officially through legislation the end of capitalism and the installation of Marxist socialism in America. But Americans do not want the tyranny of socialism. With the passage of the financial reform bill, and Mary Schapiro at the Securities and Exchange Commission (SEC) being a captured regulator, and the agency being under the influence of the Managed Funds Association, the invested capital of America's capitalist investors is not protected by any law or regulation. American corporations are trapped, hogtied and caged. They are now like toothless tigers, having been defanged by the MFA through this financial reform bill with a U.S. government seal of approval. There will be more stock price manipulation through unrestricted computerized hedge fund short selling, wreaking havoc on the capitalist publicly traded companies and their shareholders. And no one can do anything about it. Our publicly traded companies can now be held hostage by the hedge fund short sellers as they continue preying on investors. They can evaporate any of the publicly traded companies in short order. They demonstrated that capability in the "flash crash" of May 6, 2010, when they drove down the stock price of Accenture (ticker symbol CAN) from $44 per share to one cent per share in a 15-minute time period. Any company considered "too big to fail" under the financial reform bill can be looted and seized. Their share prices will be driven down to zero through unrestricted computerized hedge fund short selling. This process will wipe out the shareholders and investors. These are the "Wizards of Wall Street." Let the blackmail and intimidation of corporate America begin. We are in a fight for the survival of America. Capitalism is synonymous with America. Capitalism is Americanism. Do not leave this fight to the next man, because there is no next man but you. You must do your part to spread the truth. Only when we get the big megaphones like Glenn Beck, Mark Levin or Rush Limbaugh to tell the American people the truth, do we stand a chance of stopping the diabolical agenda of George Soros and Barack Obama. Otherwise, they are prevailing every day as we speak, and gaining momentum. But by the time the people realize the truth, it may be too late with nothing left to salvage. George Soros said that because America is too powerful, even if nations join together against America, they will not defeat her. He thinks a "regime change" in America from capitalism to socialism is possible through very difficult economic conditions. This is what is happening now as we speak. I have the solution for job creation in the private sector and the solution to end the economic crisis. More taxes or more stimulus spending is not the answer. The answer is not tax cuts, either. Tax cuts in our current state are like offering a sick child an ice cream when what the child needs is a medicine to cure the illness, after which a bowl of ice cream will taste very good. Tax cuts are good but they will not solve the economic crisis or create jobs in the private sector. What is needed is legal protection for the invested capital. I repeat: You have to protect the invested capital that is needed to create jobs, and to protect the value of our homes and assets. You must restrict short sale transactions, end mark to market accounting completely, restore the old circuit breakers, and restore the old uptick rule to their original condition without any modification. You must encourage and protect capitalism and risk-taking, before the private sector can see a recovery and start creating jobs. Consider that the Chinese and Indian economies are growing, expanding and even over-heating. They both rejected and banned short selling. As a result, their invested capital is protected. The Australian economy is growing, expanding and over-heating. The Australians preserved the short sale restriction regulation and the uptick rule. Hence, invested capital and stock equity ownership in Australia are protected by law. The European governments which lost money in the Wall Street collapse can follow the money paper trail from their side. They have an idea of what happened; the Germans have already banned naked short selling. To counter the misinformation and the influence of the special interests, I am imploring all the freedom lovers and patriots to pick up the phone and call your favorite TV or talk-radio host or any important personality who you may have access to, and see if you can get through to tell him or her what is going on. We are in a fight. This is a fight to save America, to save capitalism, and to protect us from the disaster of socialism which is fast approaching. Time is running out. * Zubi Diamond, a successful businessman, stock market investor and trader, has about 15 years of financial market experience and more than 23 years experience as an entrepreneur. His research led to the book, Wizards of Wall Street & Washington Lap Dogs; The Scam That Elected Barack Obama. |
New home sales have dropped by 33 percent. The unemployment picture is not improving. The stimulus bill did not work. What is happening to our economy?
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