Obama Has Declared War on Capitalism Wednesday, 27 Apr 2011 10:20 AM By Wayne Allyn Root Share: More . . . A A | E

Obama Has Declared War on Capitalism

Wednesday, 27 Apr 2011 10:20 AM

By Wayne Allyn Root
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It’s official. Obama has declared war on capitalism. Which is funny, because he never officially declared war on Libya.

Just days ago, Obama publicly blamed “speculators” for the rising price of gas. 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 that risks money to buy things, and attempts to re-sell later at a profit is a SPECULATOR.

By going after oil speculators, 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.

Why is 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 Obama's political opposition.

Fess up, Mr. President. You are well aware that most people who invest, or risk money, or own businesses, can't stand you and your gangster government. The political truth is that you seek to brand your opposition as evil, and plunder them so they can no longer contribute to your opposition.

Perhaps he is too busy to watch the movie "Atlas Shrugged."

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.

Without speculation (i.e. financial risk), America’s corporations could not raise capital. 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 the old Soviet Union how well that worked out.

Despite any rhetoric to the contrary, 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 risked or invested a dime in his life. 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 D.C.

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? 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.

It’s time to stop Obama before his gangster government shuts down all forms of enterprise. Before all the money is redistributed from the productive class to the entitlement class in naked vote-buying schemes.

Before Obama declares profits a dirty word. Before speculation, investing, or profit-taking becomes a crime in Obama's America. It’s time to recognize that this president is anathema to the freedoms and ideals of our Founding Fathers.

Wayne Allyn Root is a former libertarian vice presidential nominee. He now serves as chairman of the Libertarian National Congressional Committee. He is the best-selling author of "The Conscience of a Libertarian: Empowering the Citizen Revolution with God, Guns, Gold & Tax Cuts." His website: ROOTforAmerica.com