Accuracy in Media

in New York
on the occasion of the 63rd session of the U.N. General Assembly, members of
the Socialist International (SI) called for the establishment of a World
Financial Organization to provide “global stability” and regulate the financial
systems of the nations of the world. This will be the inevitable result of the
U.S. Congress passing a socialist-style takeover of the U.S. financial
sector. This centralization of power will make it easier to integrate the U.S. into a
global socialist system.

SI, which shares the same basic economic goals as international Communism, is
an association of 170 political parties and organizations from all continents,
including the Democratic Socialists of America (DSA), whose Chicago branch has backed Barack Obama’s
political career from the start. Congressional passage of the “bailout” bill,
strongly supported by Obama and Senator John McCain, sets the stage for an
Obama White House win on November 4 and even further expansion of the federal
government into the economy and other sectors. In short, socialism is coming,
and American-style capitalism is on the way out. But it’s socialism at home and

disruption occurred on Monday when the House of Representatives, led by
conservatives, defeated the proposed $700- billion takeover scheme. On CNBC on
Tuesday, Michelle Caruso-Cabrera
brought up the subject of “four ways around Congress,” adding, “I know it’s a
flippant title and those who believe in the checks and balances in the
Constitution will probably be upset by the title.” One panelist wondered
if the Federal Reserve could just intervene on its own.

What they were entertaining was the notion of bypassing Congress
and establishing an economic dictatorship in the United States. They thought this
was something worth discussing because corporate socialists were demanding it.

wondered how we had gotten to this time and place, in which television
personalities would express open disdain for America’s constitutional system.
The exchange between Caruso-Cabrera and her colleagues demonstrated that those who posture as “pro-business”
can really be socialists at heart. They are also undemocratic.  

On CNBC, which I thought was pro-business,
news analysts frequently complained that the “ideology” of the House
Republicans had gotten in the way of the planned takeover of the financial
sector. That “ideology” is free enterprise capitalism. 

Over at the “conservative” Fox News
Channel, the TV personalities keep referring to this plan as a “rescue,” in
order to play down the magnitude of the socialist transformation of the U.S. economy.
The term “rescue” sounds so much better than “bailout” or “Marxism” or

Meanwhile―and this is no joke―Wachovia
is still running TV ads on Fox News saying that people who invest in the
company get showered with money from the sky as they walk down the street. This
is the same company that just sold its failing banking operations.

If the “bailout” passes―and it seems as if the plan is to
keep voting until Congress gets it “right”―then the Treasury Department and
the Federal Reserve will take control of U.S. credit markets. The next phase of
the plan is global.

The proposed World Financial Organization (WFO) would “fill up
the gap in the existing structure of the financial system by monitoring and
regulating private capital flows,” its proponents say. Those “private flows”
represent capitalism.

The WFO, a long-time dream of officials of the United Nations,
could lay the groundwork for a global tax to drain away some of that money for
government purposes on a global basis. A proposed “World Tax Organization,”
which has been on their drawing board for years, would collect and dispense the

U.N. has long played host to meetings of the SI and former U.N.
Secretary-General Boutros Boutros-Ghali was a former vice-president of the SI.
This year’s meeting, which was held on September 26, included “invited guests”
from the United Nations such as Juan
Somavía, Director-General of the International Labor Organization; Kemal Dervis, Administrator of the
United Nations Development Program; and Alicia
Bárcena, Executive Secretary of the Economic Commission for Latin
America and the Caribbean.

The SI proposal is coming to light as libertarian thinker and
writer Martin Masse has captured public attention with an
insisting that the proposed federal
takeover of the financial sector in the U.S. represents a comeback by Karl
Marx, the father of communism, who had proposed government
control of capital

“If he were to rise from the dead today,” Masse
writes, “Marx might be delighted to discover that most economists and financial
commentators, including many who claim to favor the free market, agree with
him.” He cites commentaries in favor of the “bailout” plan from so-called
conservatives at the Heritage Foundation and the Wall Street Journal and other

The Heritage Foundation endorsed the
takeover, even though it admits that “constitutional
concerns remain” about the plan and the “centralization of power” is worrisome.

Also consider “conservative” Don Lambro of the
Washington Times, who was extremely upset that conservative House Republicans
had “cowardly” listened to their constituents and had voted against the plan.
“Free-market advocates said that America’s free-enterprise
capitalist system rewards success and punishes failure, and government has no
business intervening in the marketplace to pick the winners and losers,” he
said. “That is unarguable when the economy is working as it should, but when
entire economic sectors are failing as a result of a credit collapse or a loss
of confidence in the nation’s banking and other financial institutions, then it
is sometimes necessary for government to step in to restore them. This is one
of those times.”

Indeed, Marx would be pleased.

This is a time when we get to distinguish the
fake from the real conservatives.

True conservatives understand that, by
capitulating to the political Left, McCain and the Republican Party will be
ceding unnecessary ground to Barack Obama and his “progressive” Democrats. In
the same way they have tried to strip Sarah Palin of her conservative core
values and beliefs, the McCain Republicans are laying the groundwork for their
own defeat because they are coming across as “me, too” politicians without the
principles they were supposed to be running on.

If they are honest about this debacle, they
would have to admit that, of all the Republicans running for president, only
Rep. Ron Paul had predicted the crisis that was coming. But they can’t admit
this because they know in their hearts that their proposed “solution,” which
amounts to more government, more spending, and more debt, can only make things
worse in the long run. And that is why Rep. Paul and so many House
conservatives so strongly opposed it. The takeover plan will only postpone the
inevitable and leave us with a much bigger government.

backers in the Democratic Socialists of America are ecstatic and preparing for
a complete government takeover in the U.S. “While recognizing the critical
limitations of the Obama candidacy and the American political system,” the
organization said in a
, “DSA believes that the possible election of Senator Obama to the
presidency in November represents a potential opening for social and labor
movements to generate the critical political momentum necessary to implement a
progressive political agenda.”

The DSA cautioned,
however, that the Left should not be so involved in the national presidential
campaign that it ignores the general election races for the U.S. House and
Senate. “We need more progressives in Congress as well as increased Democratic
majorities,” it said.

With the collapse of the
McCain campaign, and the complete mishandling of Governor Palin’s candidacy, it
looks like a landslide for Obama and his socialist backers. Normally Republican
states are now reported to be moving from McCain’s column and going for Obama.

The Socialist International, meanwhile, is
preparing for a high-level meeting in Mexico
on November 17-18, “to discuss an agenda with the urgent world financial
situation at its center, following U.S. elections.”

Ready to fight back against media bias?
Join us by donating to AIM today.


Comments are turned off for this article.