All The News That Fits

Ending American Financial Dominance

Posted by Nancy on March 22, 2009

In his recent comments article in the Canadian National Post, Terence Corcoran asks if this is the end of America .  He opens with the following assessment:

Helicopter Ben Bernanke’s Federal Reserve is dropping trillions of fresh paper dollars on the world economy, the President of the United States is cracking jokes on late night comedy shows, his energy minister is threatening a trade war over carbon emissions, his treasury secretary is dithering over a banking reform program amid rising concerns over his competence and a monumentally dysfunctional U.S. Congress is launching another public jihad against corporations and bankers.

As an aghast world — from China to Chicago and Chihuahua — watches, the circus-like U.S. political system seems to be declining into near chaos. Through it all, stock and financial markets are paralyzed. The more the policy regime does, the worse the outlook gets. The multi-ringed spectacle raises a disturbing question in many minds: Is this the end of America?

Multi-ringed spectacle?  As in Dante’s rings of Hell?  Corcoran has little optimism regarding what is happening and ends with this:

Reform of health care, environmental policy, education, energy, banking, regulation — every nook and cranny of the U.S. economy has been put on alert for major change. Expansion of government spending, plunging the U.S. into unprecedented deficits, is without parallel. In economic policy, through regulation and control of energy output, financial services and monetary expansion, the U.S. government has embarked on a fundamental reshaping of America. It is designed, in short, to bring on the end of America. (emphasis added)

Obama seems intent on destroying the foundations of our economy, or in the words of one banker, ““It’s like a McCarthy witch-hunt…This is the most profoundly anti- American thing I’ve ever seen.”

Perhaps the most anti-American thing of all is the shredding of the Constitution and the incitement of class envy emanating from all levels of government in Washington.  What a disgusting display of power when our elected officials pass legislation to RETROACTIVELY enact confiscatory tax rates against specific individuals.  And no, it doesn’t matter that the AIG bonuses were ill-advised and over-sized.  The power of the federal government should never be used retroactively, especially when it appears they are assuaging the outrage before it is directed at them for their demonstrable lack of intelligent oversight.  Can there be a more dangerous precedent?

Now Obama wants to expand bonus oversight to all banks, Wall Street, hedge funds, etc.

For every action there is an equal reaction, and some of the country’s best money minds are already moving to private industry or foreign banking systems.

“There are three big industries where the US has global leadership: financial services, media and technology. Introducing this 90 per cent tax is like taking one of those industries out the back and shooting it,” said a top Wall Street executive.

Who did Wall Street support last November? 

Obama. 

I wonder how that’s working for them, as they watch either the intentional or incompetent destruction of our financial systems.

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