Commentary

flat taxThe ideas of Karl Marx are alive and well — in the U.S. tax code. One of the planks of the Communist Manifesto, which states the conditions necessary for a transition from a capitalist to a communist society, is "a heavy progressive or graduated income tax." A progressive tax system is one in which the tax rate increases as the taxable amount increases. Since the permanent adoption of the income tax in 1913, the United States has always had a progressive tax system.

United NationsWith the European Union leading the way, the internationalists are preparing to exploit the recent global financial turmoil to hold a "second Bretton Woods" and radically restructure the world's entire international financial system. The first Bretton Woods international conference in 1944, lest we forget, ended up saddling the world with the International Monetary Fund, the World Bank (known formally as the International Bank for Reconstruction and Development), and the General Agreement on Tariffs and Trade (GATT).

McCain ObamaWhen Sen. John McCain was campaigning in Waukesha, Wisconsin, on October 9, a supporter told him "I'm really mad" because of "socialists taking over the country," the Associated Press reported. "I think I got the message," McCain responded. "The gentleman is right." McCain then went on to talk about the Democrats' control of Congress.

Silvio BerlusconiIn response to the ongoing financial crisis, world leaders are planning "a new Bretton Woods," according to Italian Prime Minister Silvio Berlusconi. According to an October 10th article by Steve Schere on the business and financial news website Bloomberg.com:

Italian Prime Minister Silvio Berlusconi said political leaders are discussing the idea of closing the world's financial markets while they "rewrite the rules of international finance.''

'The idea of suspending the markets for the time it takes to rewrite the rules is being discussed,'' Berlusconi said today after a Cabinet meeting in Naples, Italy. A solution to the financial crisis 'can't just be for one country, or even just for Europe, but global.''

Treasury Secretary Henry PaulsonITEM: The New York Times for September 9 editorialized: "As an act of crisis management, the government takeover of Fannie Mae and Freddie Mac, the mortgage-finance giants, was a reasonable and reassuring move. It ensures the flow of mortgage credit and is likely to reduce mortgage rates, which are important steps toward the eventual recovery of the ailing United States housing market."

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