(AP) - President Barack Obama plans to nationalize the railroad, banking, airline and oil industries during the next four years according to a copy of his second inaugural speech leaked Saturday morning to the Associated Press.
"The people have spoken and it is time to follow in the footsteps of great men including Karl Marx, Vladimir Lenin and Chairman Mao," the speech reads. "Capitalism has failed, and it is time for a new people's revolution."
According to the text of the speech salaries for all workers and executives in the nationalized industries will be permanently frozen. In addition, it would become a federal crime to quit any job in those industries.
"Things are going to be different now," the speech says. "Socialized humanitarianism is the type of change you can believe in that I promised the American people four years ago."
The speech also outlines a new narrative of his biography.
"When I was born an impoverished child in Kenya, I could never have dreamed that I would one day lead America in a progressive social revolution," it reads. "But, my mother told me that this nation would embrace an immigrant boy and if I worked hard and kept my nose to the grindstone that I could achieve any goal I reached for."
It then concludes with a call to arms to create a new centralized system of government.
"When the Founding Fathers first ratified The Constitution they lived in a world where having three branches of government and a series of checks and balances made sense," Obama plans to say. "But, in today's world that can lead to government gridlock. Congress itself has become obsolete and it is clear that all federal powers should reside with the executive branch. I wish to thank members of Congress for their fine service to this nation and hope they can be a part of streamlining our system in the future."
Officials close to Obama said that after his speech the President plans to nominate noted entrepreneur Adrian Veidt to be Energy Secretary and military expert Edward Blake to be Secretary of Defense.