LPAC Press Release: Pass Glass Steagall Now, or You're Doomed

Discussion in 'Politics' started by hvactec, Oct 23, 2011.

  1. hvactec
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    hvactec VIP Member

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    In view of the fact that the world financial system is at a point of no return, American statesman and economist Lyndon LaRouche said today, "there is no other issue on the table, that means anything in terms of the survival of this nation and the people in it, than Glass-Steagall. If it's not enacted, you are doomed, period."

    But, he added, "Glass-Steagall alone does not contain the remedy, in and of itself, to save this economy." Once Glass-Steagall is enacted, we must move forward to a credit system, along the lines of the Hamiltonian system embedded in our Constitution. "What I'm proposing is a return to the policy of the Founders of the United States."

    Presently, there is a bill before the U.S. House of Representatives (H.R. 1489) to restore FDR's Glass-Steagall, which has 47 cosponsors, plus sponsor Rep. Marcy Kaptur (D-OH). No Senators have yet introduced a companion bill. As of yet, there is not the political support needed to ram the bill through in time.

    - Expose Wall Street's Lie -

    Right now, there is a campaign by Wall Street to intimidate people into opposing the drive for Glass-Steagall, said LaRouche, using the outright lie that enacting Glass-Steagall will close every bank in the United States. "This is a damned lie, and only damned fools believe in it." And LPAC intends to destroy this lie.

    LaRouche: "Because Glass-Steagall will not sink all the banks. It will sink about six, big fat banks which ought not to be banks, at all! And the sooner they're wiped out, the better! That's good for you!"

    "The fact is, you're going to have thousands of other banks, which are not these merchant banks! And what we're going to do is two things: We're going to eliminate the obligations of those banks, those honest banks which are real banks, to this kind of illegal kind of obligation! We're essentially going to exterminate the merchant banking system, in the present form it exists! Not by going out and exterminating, but simply by taking away all the pleasure of their money."

    - Organize a Credit System -

    "Now, as a result, we're going to have banks which will still exist! Of commercial banks, and commercial banking institutions, or things like commercial banking institutions, under similar law; we're going to have them. But what are we going to do? Well, the Federal government is going to put this whole system through a bankruptcy reorganization, and two measures will be taken: First of all, we will protect banks which may be insolvent, but are still viable as banks. We're going to keep them alive. We're going to supply, under the Hamilton rule, of the Constitution, we're going to go back and supplement the present financial system, with a banking system, which is a Federally guaranteed banking system." As for the Federal Reserve, "we're going to replace that by going back to a Hamilton National Banking System, based on a credit system, which is the U.S. system."

    read more LPAC Press Release: Pass Glass Steagall Now, or You're Doomed
     
  2. Vengeance
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    Vengeance Romans 12:19

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    i would be in favor of Glass-Steagalls reinstatement but that will never happen now- Dodd-Frank was written specifically to head that off. Congress does not bite the hand that feeds.
     
  3. Baruch Menachem
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    Baruch Menachem '

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    Lyndon LaRuche is still alive? How old must he be? He was doddering and senile 40 years ago.
     

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