A careful study of Osama bin Laden’s videos, letters and Internet statements makes clear that Al Qaeda’s goal is more than to terrorize Americans or to drive us out of the Middle East. Bin Laden believes that Al Qaeda can bring about the economic collapse of the United States and to achieve this goal, he has adopted a strategy of targeting America’s financial centers and economic infrastructure.
Bin Laden cites the 9/11 attacks as proof that this strategy can succeed. In a November 2004 videotape broadcast on Al Jazeera, he boasted that Al Qaeda spent $500,000 on the event, while America lost, “according to the lowest estimate, $500 billion … meaning that every dollar of Al Qaeda defeated a million dollars [of America] … besides the loss of a huge number of jobs.”
Osama bin Laden said that our next attack would be from inside our own government. Is Al Qaeda winning this war on terror? The economy is in a melt down and Obama is spending not billions, but trillions of dollars at an all time record. Is this playing into the hands of Osama bin Laden?
Stock market crash: A swift plunge in stocks to about 5000 on the Dow, 500 on the S&P 500 and 900 on the Nasdaq … or lower. (For our reasons, see “ Stocks to fall AT LEAST another 40%! “)
Corporate bankruptcies: A chain reaction of Chapter 11 filings or federal takeovers, including not only General Motors and Chrysler, but also Ann Taylor, Best Buy, Jet Blue, Macy’s, Saks Fifth Avenue, Sears, Toys “R” Us, U.S. Airways and even giants like Ford or General Electric.
Megabank failures: Bankruptcies or nationalization not only of Citigroup and Bank of America, but also JPMorgan Chase and HSBC. (See my January issue, “ Megabanks Could Fail Despite Federal Aid .”)
Nationwide epidemic of small and medium-sized bank failures: Outright FDIC takeovers, with little prospect of nationalization. (I’ll give you a link to our free guide with a more extensive list in a moment.)
Insurance failures: State takeovers of companies like Ambac Assurance, Bankers Life and Casualty, Conseco, FGIC, Medical Liability Mutual, Mortgage Guaranty Insurance, Nuclear Electric Insurance, PMI Mortgage, Standard Life of Indiana and many others. (Our free guide also contains a more extensive list of insurers.)
Cities and states: An epidemic of defaults by thousands of cities, states and other issuers of tax-exempt municipal bonds.
Stock market shutdowns: Trading halts on major, big-cap stocks … plus on-again, off-again exchange shutdowns, making it increasingly difficult for investors to liquidate their holdings at any price.
Credit market deep freeze: A virtual shutdown in all debt markets except U.S. Treasuries. An avalanche of selling — and virtually no buyers — for corporate bonds, commercial paper, asset-backed securities, municipal bonds and all forms of bank loans.
Government bond collapse: A steep decline in the price of medium-and long-term government securities, as the U.S. Treasury bids aggressively for scarce funds to finance a ballooning budget deficit. Read More
So now I will ask again. Is Obama’s record setting big spending falling right into the hands of the terrorist and their agenda of bring down American economy?