In an excerpt from Kincaid's story he discusses an interview conducted by Accuracy in Media with financial expert and author of The Wizards of Wallstreet, Zubi Diamond. In this interview, Diamond expresses his "deep disgust with the Federal Reserve’s decision to print more money and buy more U.S. debt, saying it is a sign that the U.S. capitalist system is moving closer to collapse."
Further, Kincaid writes:
...Diamond went on to say, “The Fed is following the economic models of Third World countries by printing more money and devaluing their currencies. If you keep doing what Third World economies do, eventually you will become a Third World economy.”
The Fed’s new action, labeled “quantitative easing” or QE2, follows a first attempt at “QE,” known as QE1. QE means that the Federal Reserve is printing more money and buying more government debt. In total, according to Investor’s Business Daily, “the Fed will have created $2.5 trillion out of the blue.” (emphasis mine)
“What is most troubling to me about this,” Diamond added, “is that the Fed’s QE2 is in alignment with George Soros’s agenda to destroy global capitalism.” The decline of the dollar “is what George Soros wants and what he has proposed in the past,” he noted.
Soros, the billionaire hedge fund operator who finances various leftist and Marxist groups, including Media Matters, has made his fortune by betting on the collapse of national economies and currencies. He was convicted of insider trading in France.
Media Matters recently received $1 million from Soros so that it could try to mute the effectiveness of conservative media organizations and personalities, some of them critical of Soros.
Diamond states that if continuation down this path is not stopped immediately then the collapse of capitalism will net George Soros and members of his hedge fund a gargantuan pay day. “They are betting against the dollar and moving assets to gold and to the emerging economies. They are betting against U.S. survival as a capitalist nation,” says Mr. Diamond. (again, emphasis are mine)
Diamond’s criticism follows the shocking statements of Charles Ortel, managing director of Newport Value Partners, who told AIM that the Federal Reserve plan to buy $600 billion of U.S. Government securities “borders on the criminal” because the impact will be the devaluation of the dollar by 20 percent and the destruction of $10 trillion of household net worth.
...Charles Ortel had told AIM that the result of the upheaval will be a new “global regulatory regime” to manage the U.S. and other economies. In this regard, talk of global taxes by the United Nations has increased recently and Obama himself endorsed the concept in a document adopted by the September 20-22 U.N. Summit on the Millennium Development Goals.
So George Soros is further positioning his resources in order to weaken the dollar while investing in emerging nations and buying up gold. He has invested millions upon millions of dollars in left wing media entities to shout down and try to silence his critics, all the while Chairman Ben Bernake of the Federal Reserve, almost in synchronization with Soros' plan, works to monetize our debt and thereby further destroy the value of the U.S. dollar.
This does indeed look like the formation of the perfect storm. While, Soros will be more difficult to deal with, the Federal Reserve needs to be stopped by President Obama and Congress immediately before they continue to devalue our currency further. The collapse of our economy, and indeed of capitalism, may very well be the result otherwise. One also wonders if this is indeed what President Obama wishes also.
Read Cliff Kincaid's entire story in Canada Free Press here.