It’s official. President Obama has declared war on capitalism, which is funny because he never officially declared war on Libya. But our fearless Marxist-in-chief reserves a special brand of hatred for capitalism, entrepreneurship and rich people. Just days ago, Mr. Obama publicly blamed “speculators” for the rising price of gas. Mr. Obama publicly announced a war on speculators and speculation, imposing the Justice Department, government lawyers, Cabinet heads and the whole Big Brother kitchen sink on this “evil” bunch of capitalists.
Well I have news for you, Mr. Obama. You better go after many other Americans, too: home buyers, stock buyers, gold buyers, art buyers, classic-car buyers, wholesalers, small-business owners and investors. Because everyone who risks money to buy things and attempts to resell later at a profit is a speculator.
By going after oil speculators, Mr. Obama is setting the stage to go after every businessman and woman in America, seeking to redefine profits as either immoral or criminal, and targeting, demonizing and punishing the people who invest in America, courageously take financial risk and create most new jobs.
Why is Mr. Obama engaging in class warfare? Because A) he has to blame and demonize someone for his failures; B) he has to distract American consumers and voters from a failing economy and $5 per gallon gas; and C) most investors and speculators are fiscal conservatives, many of whom contribute to Mr. Obama’s political opposition.
Fess up, Mr. President. You are well aware that most people who invest, risk money or own businesses can’t stand you and your gangster government. They have you figured out as a Marxist out to ruin the U.S. economy and redistribute (aka steal) from the productive class and give to the entitlement class. The naked political truth is that you seek to brand your opponents as evil and plunder them so they can no longer contribute to your opposition.
Perhaps El Presidente is much too busy looting producers to watch the movie “Atlas Shrugged.” So, let’s teach our Marxist-in-chief an economics lesson. Speculation is the underpinning of our entire economy, the very foundation of capitalism. It’s what has made America the greatest nation in world history. Profit - the end result of speculation - is why Americans are willing to take risks with their hard-earned money. It’s why they invest in business, which creates jobs for Americans.
Without speculation (i.e. financial risk), America’s corporations could not raise capital. Without speculators or investors, we’d have no economy. Without speculation, we’d have no jobs. Speculation sets the fair price for goods, products and services. One investor or speculator offers to buy a product at a certain price, while another offers to sell at a different price. This price-seeking mechanism redirects the economic engine of producers to best fulfill the needs of consumers.
Without speculation there is no free-market economy - only a socialist state with industry, prices and wages controlled by the government. You can ask Cuba, Venezuela, North Korea or remnants of the old Soviet Union how well that worked out.
Despite any rhetoric to the contrary, Mr. Obama lives in a rarefied, insulated world where he can afford to be ignorant of basic economics. He has collected a safe paycheck his whole life from either government or some community organization. He has never created a job. He has never made a payroll.
There is a big difference between my hometown of Las Vegas and Washington. In Vegas, the drunks gamble with their own money. Unfortunately for all of us, Mr. Obama is drunk with his own power, funded by your money and is dispensing it to entitlement-addicted voters and the politically connected like it’s party time on New Year’s Eve. Mr. Obama is wrecking the U.S. economy for generations to come. Now he is declaring war on the very people who take the financial risks, create the jobs and pay most of the taxes, for his own political gain.
Here’s one more economics lesson for you, Mr. Obama. You know why the price of gas is going up? Just look at the Marxist in the mirror. It’s your refusal to issue permits for oil drilling that has allowed the speculators to bet the price of oil up. It’s your federal taxes on each gallon of gasoline that are actually higher than the profit for each gallon earned by ExxonMobil. It’s your Federal Reserve printing unlimited sums of fake money to pay for your irresponsible spending that makes our dollars lose value and therefore, raises the price of gas. Look in the mirror, Mr. President - you are the problem, not speculation nor capitalism. It’s the Marxist in the mirror that is responsible.
It’s time to stop Mr. Obama before his gangster government shuts down all forms of enterprise. Before all the money is stolen, extorted or redistributed from the productive class to the entitlement class in naked vote-buying schemes. Before Mr. Obama declares profits a dirty word, before speculation, investing and profit-taking become a crime in Mr. Obama’s Marxist States of America. It’s time to recognize that this president is anathema to the freedoms and ideals of our Founding Fathers and send this Wesley Mouch (the villain from “Atlas Shrugged,” a typical government bureaucrat who cripples the economy) to early retirement.
Wayne Allyn Root is a former Libertarian vice-presidential nominee and author of “The Conscience of a Libertarian: Empowering the Citizen Revolution with God, Guns, Gold, Gambling & Tax Cuts” (Wiley, 2009). He writes at RootforAmerica.com.