Today's news from the UK includes the linked article in which British bankers announce that they will be forced to drop American clients and to disinvest in US shares if Obama's new proposed tax rules go into effect. It seems that the Brits do not want to have to deal with the IRS in the event that one of their clients fails to pay the requisite taxes.
In English, this news means that by putting these new rules into effect, Obama the Magnificent will make business relationships between Britain and the US much more difficult. He will also force down the stock prices of many US corporations as they are dumped by the large London banks. Indeed, if the French and Germans follow suit, there may be another drop in the US markets equivalent to the panic that hit them when Obama took office. We are only just coming back from that drop and another drop would be very deleterious to the economy.
So once again Obama strikes a blow against the US economy. I thought he was trying to protect jobs of American workers. The truth is that he is singlehandedly causing the unemployment rate to soar.
So here are the three easy lessons to destroy the US economy: 1) elect obama; 2)elect obama; and 3) elect Obama.
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