- Obama downplays IRS scandal, blames Obamacare rollout on ‘outdated’ agencies
- Pregnancies decline overall, up among older women
- Pentagon plans to destroy Syrian chemical arms on ship at sea
- Paris Metro issues ‘politeness manual’ to improve passengers’ behavior
- Justin Bieber, crew detained at Australian airport in drug search
- Lee Rigby trial: Muslim who machete-hacked soldier calls it ‘humane’ kill
- GM ending Chevy sales in Europe to focus on Opel and Vauxhall
- Putin’s diplomats to U.S. busted for living high life off $1.5M bilked from Medicaid
- Happy Meal: Couple goes to McDonald’s, leaves with bag packed with cash
- Boehner: It took me 3 to 4 hours to sign up for Obamacare
Financial terrorism suspected in 2008 economic crash
Pentagon study sees element
“We are in an era like the 1950s where technological innovation is transforming the tools of coercion and war,” he said. “We tend not to see this, and look at information warfare, financial warfare, precision strike, [weapons of mass destruction], etc. as separate silos. It’s their parallel co-evolution that leads to interesting options, like counter-elite targeting. And no one is really looking at this in an overall ‘systems’ way. Diplomacy is way behind here.”
“The preponderance of evidence that cannot be easily dismissed demands a thorough and immediate study be commenced,” the report says. “Ignoring the likelihood of this very real threat ensures a catastrophic event.”
The report concluded that the evidence of an attack is strong enough that “financial terrorism may have cost the global economy as much as $50 trillion.”
Because of secrecy surrounding global banking and finance, finding the exact identities of the attackers will be difficult.
But U.S. opponents in Russia who could wage economic warfare include elements of the former KGB intelligence and political police who regard the economy as a “logical extension of the Cold War,” the report says.
Asked by The Times who he thought to be the most likely behind the financial attacks, Mr. Freeman said: “Unfortunately, the two major strategic threats, radical jihadists and the Chinese, are among the best positioned in the economic battle space.”
Also, the report lists as suspects advocates of Islamic law, who have publicly called for opposition to capitalism as a way to promote what they regard as the superiority of Islam.
Further Pentagon Low Intensity Conflict office research into possible economic warfare or financial terrorism being behind the economic collapse by the Pentagon’s Special Operations and was blocked, Mr. Freeman said.
The Pentagon report states that the evidence of financial subversion revealed that the first two phases of an attack on the U.S. economy took place from 2007 to 2009 and “based on recent global market activity, it appears that the predicted Phase III may be underway right now.”
The report states that federal authorities must further investigate two significant events in the months leading up to the financial crisis.
The first phase of the economic attack, the report said, was the escalation of oil prices by speculators from 2007 to mid-2008 that coincided with the housing finance crisis.
In the second phase, the stock market collapsed by what the report called a “bear raid” from unidentified sources on Bear Stearns, Lehman Brothers and other Wall Street firms.
© Copyright 2013 The Washington Times, LLC. Click here for reprint permission.
About the Author
Bill Gertz is a national security columnist for The Washington Times and senior editor at The Washington Free Beacon (www.freebeacon.com). He has been with The Times since 1985.
He is the author of six books, four of them national best-sellers. His latest book, “The Failure Factory,” on government bureaucracy and national security, was published in September 2008.
- Inside the Ring: China targeting U.S. spy flights amid escalating tensions
- Inside the Ring: Tensions high during Joe Biden's Beijing visit
- Inside the Ring: U.S. funds China's nuclear security
- Inside the Ring: Danger of China conflict grows
- Inside the Ring: North Korean missiles deemed a serious threat to U.S.
Why such hatred toward America's freedom of religion?
- 'Hunger Games' delivers Obama's message on income inequality: liberal group
- Inside China: Nuclear submarines capable of widespread attack on U.S.
- NAPOLITANO: Pope Francis should be saving souls, not pocketbooks
- CARSON: Getting to the top by starting at the bottom
- Activists encourage Obama to circumvent Congress, use more executive authority
- Russian diplomats busted bilking $1.5 million from Medicaid
- Democratic infighting erupts over 'we can have it all' fantasy on entitlements
- Obama returns to class warfare as poll numbers plunge
- U.S. pilot scares off Iranians with 'Top Gun'-worthy stunt: 'You really ought to go home'
- Obama lived with Uncle Onyango Obama in the 1980s, White House admits
Independent voices from the The Washington Times Communities
Criticism may not be agreeable, but it is necessary. It fulfills the same function as pain in the human body. It calls attention to an unhealthy state of things.
Understanding economic events with a free market explanation
John Wood illustrates a new American politics, and the path to get there.
Interviews and show reviews from the Los Angeles punk scene past and present. Los Angeles has always been rich in punk rock talent since punk rock was born.
White House pets gone wild!