Who’s Behind The Financial Crisis?

by Cliff Kincaid - March 4th, 2010 - Accuracy In Media

The New York Times is quoting a spokesman for George Soros as saying that the well-known hedge fund operator is guilty of no wrong-doing in connection with the financial upheaval currently affecting Greece and Europe as a whole. But Zubi Diamond, author of the powerful new book, Wizards of Wall Street, says the agenda of Soros and other short sellers is clear.

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He says the Managed Funds Association, the lobbying arm of the hedge fund short sellers, is crafty and deceitful. "When they tell you that short selling contributes liquidity to the market, that is a lie," he says. "Short selling destroys capital and takes away liquidity from the market. When they tell you that they are taking steps to remove manipulation from the stock market, that is a lie. They are taking steps to introduce manipulation to the stock market, and prime the stock market for manipulation and looting. When they tell you that the uptick rule is outdated, because of decimalization, that is a lie. They lie to deceive, to bring forth a big payday from short selling, hence the looting of America and America's wealthiest corporations and their shareholders, sanctioned by their Washington D.C. lapdogs."

"The most influential members of Managed Funds Association, the hedge fund short sellers, have an anti-capitalism agenda, an anti-industrialized nation agenda, and a far left liberal, Marxist radical agenda," Diamond says." Hedge Fund short sellers are not capitalist. They are anti-capitalist and they are not investors; they are anti-investors." He says they "loot" companies and countries.

I keep on arguing to Republicans that Wall Street is our enemy. It is not free enterprise. It has evolved so that it is the exact opposite of free enterprise. The current goal of Wall Street is crony capitalism, mergers and acquistions, the establishment of a monopoly of companies in concert with big government. It is not the promulgation of competitive free enterprise.

The problem we have is that so few Republicans really understand free enterprise. As a result they still have a knee jerk reaction to Wall Street based on out dated ideas. They grew up thinking Wall Street was capitalism and they will not look at what is really happening in the world today. They are thus supporting the very people who are trying to destroy our freedom and our nation.