Did Financial Terrorists Cause Crash of 2008?


There’s a new theory that the financial crisis of 2008 was caused, or exacerbated by, financial terrorists. I doubt the report is sanctioned by the Obama administration, because if proven to be true, the “Blame Bush” game will be even less effective than it is today.

The Washington Times reported:

Evidence outlined in a Pentagon contractor report suggests that financial subversion carried out by unknown parties, such as terrorists or hostile nations, contributed to the 2008 economic crash by covertly using vulnerabilities in the U.S. financial system.

The unclassified 2009 report “Economic Warfare: Risks and Responses” by financial analyst Kevin D. Freeman, a copy of which was obtained by The Washington Times, states that “a three-phased attack was planned and is in the process against the United States economy.”

While economic analysts and a final report from the federal government’s Financial Crisis Inquiry Commission blame the crash on such economic factors as high-risk mortgage lending practices and poor federal regulation and supervision, the Pentagon contractor adds a new element: “outside forces,” a factor the commission did not examine.

“There is sufficient justification to question whether outside forces triggered, capitalized upon or magnified the economic difficulties of 2008,” the report says, explaining that those domestic economic factors would have caused a “normal downturn” but not the “near collapse” of the global economic system that took place. ….

Middle Eastern states, the Chinese, Iranians, Russians and Venezuelans were mentioned as possible culprits. No mention of George Soros.

Of course government officials don’t even want to examine the possibility that foul play may have been a factor.

Update: Via Memeorandum, PJ Tatler has a link to a copy of the report itself.