Interesting story over at Pajamas media – the conclusion:
It should be noted that Freeman doesn’t claim that outside forces were responsible for the major factors of the economic crisis, namely the subprime mortgage fiasco, but that these outside forces might have intentionally helped things along. The report identifies three key stages in this possible economic attack:
* The first phase was a speculative run-up in oil prices that generated as much as $2 trillion of excess wealth for oil-producing nations, filling the coffers of Sovereign Wealth Funds, especially those that follow Shariah Compliant Finance.
* The second phase appears to have begun in 2008 with a series of bear raids targeting U.S. financial services firms that appeared to be systemically significant.
* The risk of a Phase Three has quickly emerged, suggesting a potential direct economic attack on the U.S. Treasury and U.S. dollar.
The run up in oil prices prior to the crash was patently absurd. I remember being flabbergasted that a world awash in oil would have such a rapid rise in price. It didn’t make sense at the time, and still makes no sense today (though our current run up does make sense – with all tyrannies under pressure, oil production is at risk of sustained disruption). But its one thing for it to be absurd, quite another for it to be deliberate – and I don’t really think it was deliberate, though we can count on it that people ill-disposed towards the United States took advantage and probably helped manipulate the bubble higher than it it otherwise would have gone. As for the bear raids – that, in hindsight, appears less like an attack than like a few people out there figuring out how bankrupt our financial system was and taking advantage of the situation.
The lesson here is to work hard to develope our own resources – to make ourselves less vulnerable to the actions of outsiders by making, mining and growing more of our own things (especially energy) and, of course, getting out of debt so that foreigners cannot buy influence in our nation. Quaint as it may sound, the solution to all things is to have faith and work hard (who would have thunk it?). We became a bit faithless over the years and eschewed hard work as if it were the plague…that has to change. And when it does, we’ll get back on track and be what America is supposed to be – the Land of Opportunity, Land of the Free, Home of the Brave.
UPDATE: Oil prices continue their spike today, with the prediction now for the nationwide average for gas to be at $3.50-3.75 by spring. I paid $3.49 yesterday…it was only on the 21st of February that I was pitching a whine about $3.31…if gas goes to $4 a gallon this year, then you can count on renewed recession within 12 months.