Author: Spencer

Former Bill Clinton Labor Secretary Robert Reich yesterday attacked Hillary Clinton’s refusal to back reinstating Glass-Steagall—according to her economic advisor Alan Blinder—as “a big mistake”— politically, because many believe she is too close to the Wall Street banks, and “economically,” because “the repeal of Glass-Steagall led directly to the 2008 Wall Street crash.”

Reich goes through the Glass-Steagall basics: it was passed after the 1929 crash to restore the public’s faith in the banking system, by preventing banks from both taking deposits and gambling.

Reich quotes Sen. Elizabeth Warren on her Glass-Steagal bill: “The idea is pretty simple behind this one. If banks want to engage in high-risk trading — they can go for it, but they can’t get access to insured deposits and put the taxpayers on the hook for that reason.”

Noting that it worked for six decades, until its 1999 repeal, Reich adds, “A personal note. I worked for Bill Clinton as Secretary of Labor and I believe most of his economic policies were sound. But during those years I was in fairly continuous battle with some other of his advisers who seemed determined to do Wall Street’s bidding. On Glass-Steagall, they clearly won.”

Reich then debunks the canards about Glass-Steagall’s irrelevance to the 2008 crash:

• “The real culprits were non-banks like Lehman Brothers and Bear Stearns.” 

Reich says, “Baloney. These nonbanks get their funding from the big banks” as lines of credit, mortgages, and repurchase agreements. How could they get easy credit on bad collateral? Because Glass-Steagall was gone.”

• “Mortgage brokers” were the culprits.

Reich says they share some of the blame, but again, it was the big banks who were enablers. “The mortgage brokers couldn’t have funded the mortgage loans if the banks hadn’t bought them, and the big banks couldn’t have bought them if Glass-Steagall was still in place.”

• “None of the big banks actually failed.”

This, Reich says, is like arguing that lifeguards are no longer necessary at beaches where no one has drowned. If the government hadn’t thrown them lifelines, many would have gone under. They were bailed out because they were too big to fail.”

“This is precisely what the Glass-Steagall Act was designed to prevent—and did prevent for more than six decades. Hillary Clinton, of all people, should remember.”

In a long interview with the New Statesman published July 13, former Greek Finance Minister Yanis Varoufakis described how the Eurogroup and the ECB from the beginning plotted to put Greece up against a wall and force it into a humiliating defeat.

In the Eurogroup, comprising the euro area finance ministers, Varoufakis was simply ignored by his fellow finance ministers; his interventions and proposals at meetings were not responded to. The Eurogroup used dilatory tactics and then accused Greece of implementing those tricks. Germany’s Schäuble once blurted out that he would not discuss the program, because it has been accepted by the previous government and “we can’t possibly allow an election to change anything. Because we have elections all the time, there are 19 of us; if every time there was an election and something changed, the contracts between us wouldn’t mean anything.”

At that point, Varoufakis stood up and said: “Well, perhaps we should simply not hold elections any more for indebted countries,” and there was no answer.

In Varoufakis’s reconstruction, the decisive role of the ECB in strangling Greece is briefly but clearly described: 

Reuters was leaked a copy, Tuesday, of an IMF staff report dated July 14, that candidly admitted that the austerity deal struck over the weekend between the EU and Greece cannot work, and that Greece needs a huge debt write-down. The leaking of the report, the second such document produced by the IMF staff in the past two weeks, caused a firestorm of news coverage in Europe and the United States, and put the full genocidal nature of the deal in stark relief.

The IMF report began with a blunt assessment: “Greece’s debt can now only be made sustainable through debt relief measures that go far beyond what Europe has been willing to consider so far.” The staff document concluded that, under the terms of the weekend deal, Greek debt would soar to more than 200% of current GDP within two years.

The concluding paragraph of the IMF document spelled out three options:

Under the IMF charter, the Fund cannot make loans that are judged “unsustainable.” In effect, the report, along with its public disclosure, was tantamount to an announcement by the IMF that they were pulling out of the Greek bailout. Germany had insisted that the IMF had to be a participant in any new debt agreement.

The media coverage of the IMF report and its implications was thunderous. The New York Times headlined a story by Josh Barro “The IMF Is Telling Europe the Euro Doesn’t Work.” The article made clear that the Greek crisis has brought the euro system to its “Emperor has no clothes” moment, “one that may finally force eurozone members to either move closer to fiscal union or break up.” Since fiscal union is out of the question, the Times openly admitted that the entire Maastricht System is going down.

Business Insider headlines screamed, “The IMF Has Triggered a ‘Political Earthquake’ in Greece’s Bailout Negotiations.” Zero Hedge announced, “IMF May Walk Away from Greek Bailout,” and Ambrose Evans-Pritchard, writing in the Daily Telegraph, wrote, “IMF Stuns Europe with Call for Massive Greek Debt Relief,” leading with, “The International Monetary Fund set off a political earthquake in Europe, warning that Greece may need a full moratorium on debt payments for 30 years and perhaps even long-term subsidies to claw its way out of depression.”

A prominent U.S. intelligence official told EIR that he sees a danger of an outright military coup in Greece to overthrow the Tsipras government in what he called a “fascist turn in Europe.” It may be, the threat of such a coup and similar threats were behind the fact that, late Wednesday night, the Greek Parliament ratified the debt deal. The German Bundestag will convene on Friday, July 17, for a similar vote. Schäuble and an even more hardline faction in the CDU/CSU oppose the deal, preferring to kick Greece out of the euro altogether.

The public leaking of a July 14 IMF staff report, admitting that the so-called deal reached over the weekend with Greece cannot work, and that Greece will need a massive debt cancellation or restructuring, has once again demonstrated that there are circles in Europe, typified by both the British Monarchy and German Finance Minister Schaeuble, who are out to commit Nazi-style genocide.  The IMF document proposed, as one of three options, that there should be a 30-year moratorium on Greek debt payments—both principal and interest—to avert a total collapse of the Greek nation.

In stark contrast, Schaeuble is demanding full payment, combined with profound austerity, as a rationale for Greek expulsion from the European Monetary Union (EMU).  The City of London, on behalf of the Crown, is calling for the looting of Greek deposits in a bail-in, more far-reaching and criminal than the Cyprus bail-in.  High-level US intelligence sources are warning of a pending military coup in Greece, as part of an overall move towards outright fascism throughout Europe.  When Ukraine, under Yanukovych, rejected the murderous European Union Eastern Partnership swindle, Nuland and company engineered a coup d’etat, using outright neo-Nazi Banderist killers to do the job. Now, the same fate is being proposed for a full European Union and EMU member state, Greece.

Under these circumstances, Lyndon LaRouche on Wednesday reiterated that the only solution to the complete disintegration of the entire trans-Atlantic region is the immediate passage of Glass-Steagall in the United States.  The push for Glass- Steagall, coming out of the US Senate, is driven by a clear recognition, among a handful of key Senators, that the situation throughout the trans-Atlantic region has reached a point of no return.  Either Glass-Steagall is pushed through immediately in the United States, or Europe is doomed.

There is a clear sense that the London/Wall Street system is on the edge of utter disintegration.  US Treasury Secretary Jack Lew was dispatched, on emergency basis, to Berlin, Frankfurt, Paris, and Brussels on Wednesday, to directly intervene.  Lew, like Obama, has no solution, but is desperate because the whole Wall Street system is on the very edge.  A Greek default triggers a massive derivatives blowout, that will hit Wall Street, London, Frankfurt, and Paris instantaneously.

Momentum for Glass-Steagall continues to grow, accompanied by a building backlash against Hillary Clinton, for her failure to join the fight for Glass-Steagall.  Former Clinton Administration Labor Secretary Robert Reich, on Wednesday, penned a scathing critique of Hillary, who was on the scene as First Lady for the takedown of Glass Steagall—and the consequences of that coup against her husband.  “She should know better,” Reich concluded.

It is no secret that Lyndon LaRouche called the shot on this entire breakdown crisis, long before the 2007-2008 crash; and he also spelled out the only available remedy, starting with the immediate passage of Glass-Steagall, just as it was originally promoted by FDR.  Wall Street is hopelessly bankrupt, the British Crown is pursuing a policy of mass genocide, now playing out in the heart of continental Europe, and the LaRouche solution is the only sane option.

That reality is impossible to avoid at this point.  A Glass- Steagall victory is within reach, and that changes everything.

The plan Greek Prime Minister Alexis Tsipras was brutalized into accepting from the country’s creditors, has created a huge popular backlash which calls into question whether the policy can be implemented. The sense of rage in the Greek population is clear. Former diplomat, and member of the EPAM People’s United Front, Leonidas Chrysanthopoulos told Russian broadcast agency RT that the agreement was unacceptable and could not be implemented. He said he fears that the situation could get violent.

The defense minister and leader of Tsipras’ coalition partner Independent Greeks Party, Panos Kammenos, spoke to Reuters after meeting with Prime Minister Alexis Tsipras: “‘The prime minister of this country was faced with a coup staged by Germany and other countries, this deal introduced many new issues … we cannot agree with it.'”

Former Finance Minister Yanis Varoufakis denounced the agreement in no uncertain terms. He told Australian Radio:

Comparing the agreement to the 1967 military coup d’état, he said,

Varoufakis revealed that he had drafted very preliminary plans in case of a forced Grexit, but it was feared that once known, the plans would become a self-fulfilling prophecy playing into the hands of those who want Greece out.

There is opposition being expressed throughout Tsipras’ Syriza Party; it is reported that 32 Syriza MPs, including four ministers, have distanced themselves from the agreement.

Labor Minister Panos Skourletis, a former spokesman for Syriza, told state television the government will need “borrowed votes from the opposition” in order to pass the new austerity measures demanded by creditors. Kathimerini quotes him as saying,  “I cannot see how we can avoid elections in 2015. … It’s unnatural: We believe in something different than what we’ve been forced to sign with a gun pointed to our head.

The Iskra website, which speaks for Syriza’s Left Platform led by Energy Minister Panagiotis Lafazanis, charged that “After 17 hours of ‘negotiations,’ the leaders of Eurozone states reached a humiliating agreement for Greece and the Greek people,” as a “debt colony” in a “German-supervised EU.”

The Syriza parliamentary faction is to meet Today.

Yesterday was a day of shame for Europe, said Helga Zepp-LaRouche, who as Schiller Institute Founder has led the campaign to bring Europe into the BRICS-allied nations. The EU now exists only as a monstrous construct, Zepp-LaRouche said in a conference call yesterday; she cited Financial Times senior columnist Wolfgang Munchau, who wrote on Monday morning, “Greece’s creditors have destroyed the Eurozone.”

The European Union “plan” for Greece is yet another criminal, evilly intended, and grossly incompetent action by what passes for the leaders of Europe. After cutting off all liquidity to the Greek banking system by European Central Bank action, in effect collapsing Greece’s payments system, it forced a looting agreement on Greece that will directly seize its infrastructure and banks, impose deeper austerity to dramatically worsen depression which is already killing and sickening large numbers, and force a regime change. The economy has already collapsed by 25%, unemployment is 27%, youth unemployment 65%, etc.

This insane and virtually Nazi “solution” for Greece is most dramatically demonstrated by its intention to increase Greece’s absolutely unpayable debt pile—already at over 350 billion Euros and 180% of its Gross Domestic Product—by another 86 billion Euros to 225% of GDP! In addition, according to Eurogroup president Joeren Diysselbloem yesterday, the plan will take “airplanes, airports, infrastructures, and most certainly banks,” and put them in a “fund” to be sold off under control of the European Commission, for Greece’s creditors, from Germany to the vulture funds.

During the Nazi occupation of Greece in WWII, Hitler compelled a “forced loan” from Greece to Nazi Germany — still unrepaid. Now Chancellor Merkel compels “forced payments” of unpayable debts, which arose from a massive 2010-12 bailout of London and European banks.

This morning’s “plan” is based on a huge public lie, attempting to claim that just because that debt is unpayable, does not mean any of it should be written down.

The document reads:

The truth is that the London-centered megabanks are bankrupt despite the massive bailouts, are deep in trillions of euros of derivatives bets on the debts of Europe’s superindebted countries, and therefore will not stand for any debt writedown. That is why those debts are unpayable; the only way out is Glass-Steagall reorganization of those banks to let the speculative units fail. The debt writedowns could occur, as they did for Germany in 1953 to launch its “Wirtschaftswunder.”

EIR Founding Editor Lyndon LaRouche said again today: “The claims against Greece are fake, The British Empire institutions issued fraudulent debt to bail out banks, and said Greece owed it! These guys are really Nazis.”

The new “plan” calls for a series of tax increases including raising the value added tax, reforming pensions and eliminating supplements for the poorest pensioners, and labor reforms. It calls for the establishment of a 50 billion Euro fund comprised of state assets slated for privatization. This is despite the fact that the International Monetary Fund in the recent debt sustainability report stat that such a figure is pure fantasy.

These measures all have to passed as laws — laws reviewed in advance by “European institutions” — by the Greek Parliament by Wednesday, July 15. Until then the European Central Bank will not restart even emergency liquidity operations to the Greek banks, which remain closed.

In a statement released after the end of the talks Greek Prime Minister Alexis Tsipras said the deal was extremely tough, but that it was agreed upon to prevent the “financial asphyxiation and the collapse of the financial system—this was planned to the last detail — having recently been designed to perfection, and in the process of being implemented.”

But as noted, this asphyxiation will continue, as blackmail, at least until after the Parliament legislates the “plan.”

It was a mere five words, almost inaudible, even in the video, then drowned out by intentional applauding by the crowd, yet history has been changed as a result. “Senator Clinton, will you restore Glass-Steagall?” was the call from LaRouche PAC activist Daniel Burke, made repeatedly from the back of the room, as Clinton was ending her “economic policy” speech—a speech entirely devoid of any content—at the New School in New York City yesterday morning. There were to be no questions allowed. While Burke was quickly escorted out, and Clinton thus saved by the orchestrated crowd noise, the news had already begun to circulate around the globe.

The first coverage appeared within minutes, on the website Business Insider, which interviewed Burke immediately after his expulsion from the hall. It reported his affiliation with LaRouchePAC and Lyndon LaRouche, what the Glass-Steagall Act is, and that Burke was supporting the action, “by a bipartisan group of Senators including Sen. Elizabeth Warren (D-MA) to restore Glass-Steagall.” He said this is particularly important because the situation in Greece could fuel another crisis. “It should be passed immediately, preferably in the next two weeks,” Business Insider reported him saying. “We really do not know what will come of the potential for an immediate financial crash on the basis of the Greek trigger.”

In its coverage, American Banker succinctly noted,

By his own count, as a result of his intervention, Burke had been interviewed by at least nine news venues, within minutes of his ejection from the event, including the Wall Street Journal, French TV, Politico, Newsday Britain’s London Independent, with additional outlets taking photos or printed material for further reference.

Thus forced to respond, Clinton issued one of the few declarative policy statements of her campaign, so far. “You’re not going to see Glass-Steagall” from Hillary, was the curt statement to Reuters of Alan Blinder, one of a stable of ten “economic advisors” recently hired by her campaign. The Hill led the U.S. coverage of this “no” from Clinton, with the New York City and Los Angeles press, among others, reporting that Hillary was isolated among other candidates who support Glass-Steagall. On Facebook and Twitter, this was galvanizing supporters of those other candidates and undecided Democrats; one New York teacher activist, for example, slammed his union leadership for prematurely endorsing Hillary, while publicly supporting Senator Warren’s Glass-Steagall bill S 1709!

In his first reaction to the events, Lyndon LaRouche declared, “If she’s not willing to defend Glass-Steagall, then she’s definitely not qualified to be a candidate.” Mr. LaRouche elaborated his view of the matter further, on yesterday’s LaRouchePAC Policy Committee.

Upon reflection on the new and brutal cruelties just imposed on the Greek nation and people by European “leaders,” Lyndon LaRouche declared last evening,

The day also saw the thorough exposure of Hillary Clinton’s disqualifications as a Presidential candidate, by the simple five-word question demanded of her by LaRouche PAC representative Daniel Burke at her New York City speech: “Will you restore Glass-Steagall?” Her failure to answer, and then her advisor’s statement to the press that she will oppose Glass-Steagall, became growing news all over the United States and in British press.

LaRouche said:

The two matters are directly linked, as LaRouche PAC’s Burke made clear in his interviews with press: The euro debt breakdown can trigger a trans-Atlantic banking crisis at any time, and the only sure action against that is to restore Glass-Steagall to force, fast, in the United States in order to push it through in Europe. That is why Senators moved on Glass-Steagall legislation this week, knowing the rapidly growing danger of a new and greater financial crash.

Greek Prime Minister Alexis Tsipras was brutalized today in his meeting with Angela Merkel, Francois Hollande, and European Council President Donald Tusk of Poland. He was told either that he had to become a ward of the EU, and immediately legislate genocidal “reforms,” letter-for-letter as dictated to him,— or else he would be thrown out of the euro zone and watch all his banks collapse. The Guardian wrote that a top EU official said that Tsipras was subjected to “extensive mental waterboarding.”

Face it: the Eurozone may not be there when you get up in the morning,— if not this morning, then any morning this week. And Wall Street will go with it, likely immediately. The entire speculative financial system of the United States and everyone else, is doomed to very early collapse; this wildly over-inflated bubble is just waiting for the pinprick,— and the blowout of the Eurozone is much bigger than a pinprick. Wall Street will be wiped out in the United States just as well as in Europe. But we can regain control by bringing the speculators and their masters in London to their knees with Glass-Steagall; the Presidency of the U.S. will do it.

This is what the four U.S. senators realized, and why they reintroduced Glass-Steagall last week,— not as a pro-forma action, but as the one act capable of averting imminent disaster, and creating the possibility of a way forward. Wall Street is finished; now it’s time to return to the Presidency created by our Constitution, and get rid of Wall Street and what it portends. They’re hopelessly bankrupt,— what would you want to invest in them for?

You must organize your friends, colleagues, and anyone else who can understand this, to widely and rapidly extend the motion from the four U.S. Senators (and the 60 House cosponsors), all the way to successful passage and implementation. There must be unified national attention to this mission, with all points moving forward at the same time, rather than some points some of the time. Only our movement can do this, and bring the world back from the brink of the abyss. But when people say, “Be practical,” their brains are dead. Merely nominal commitment, merely nominal membership, entitles no one to drag their feet,— still less to make YOU drag YOUR feet. Anyone who hangs back is simply doing it out of stupidity. Instead, they should face their stupidity and overcome it. They should understand that they’re not living up the the standard required of a human being. Never kiss their ass and ask THEM to recruit YOU.

Some are doing the work, but they won’t force others out of their own stupidity. Even with all the good work they’re doing, they won’t confront the stupidity which has become the law of the land, especially since the death of Franklin Roosevelt. What is Wall Street, after all, but the conquering banner of all this stupidity and degeneracy?

The following is a paraphrase of remarks Lyndon LaRouche made during a preparatory discussion for tonight’s live webcast on LaRouchePAC.com.

We are now on the verge of a new era for mankind. The members of the Senate who have taken the initiative to introduce legislation to restore Glass-Steagall should be legitimately recognized and congratulated as heroes. They deserve full credit where credit is due. I am pleasantly surprised that some leading people in Congress have finally begun to see reality as I see it, and have responded. Why did they take this action? Because these members of the Senate are fully aware that a collapse of the entire United States economy is about to occur if these Glass-Steagall measures are not taken.

The consequences of not passing Glass-Steagall now would be fatal for the United States and for the world. What compelled these Senators to act now? It is because they know that the entire Wall Street system is in the process of a total collapse — the European system as well. Therefore, we should congratulate these leaders in the US Senate for taking this immediate action, because if Wall Street goes bust, it would set off a panic across the entire transatlantic region, a full-fledged collapse of the entire transatlantic system. Wall Street is not viable; it’s dead, and doesn’t deserve a funeral. We should probably have a traditional Irish wake instead, because this is a time for celebration! With the action that has been initiated in the Senate, we can do exactly what Franklin Roosevelt did in the beginning of his presidency and liberate ourselves from these parasites.

This will be the greatest recovery action in the recent history of the United States. Congress must use its authority to take an emergency action now — not some time in the indefinite future, but now — to save the United States from being sucked into a total collapse of the international Wall Street system, which would be the greatest collapse in history. We’re witnessing a terminal bankruptcy such as what occurs with a bankrupt corporation, only this time it’s an entire nation and an entire region of the world, the entirety of the north-transatlantic system. 

Therefore, nothing else is of the priority as the urgency of this bill. The entire transatlantic system is collapsing as we speak, a reality which members of the Senate have now recognized. They may not be saying it publicly for fear of setting off a panic, but their actions speak loudly enough. Don’t think deductively, in terms of trying to add up events and the experiences of the moment. This is the future speaking, and the future is now being recognized by a significant group within the US Senate. Their decision to move with Glass-Steagall in this way now, is a product of the realization that the entire swindle is now coming down. The authority of Wall Street has been eliminated. And the only way to save the US economy is by going back to Glass-Steagall immediately. For this reason, they deserve full credit for the seriousness of their actions, and this must be recognized as a wonderful event which changes the entire shape of history. 

With Glass-Steagall, we can change the whole ordering of relative values in the entire transatlantic region. Don’t worry about stock values. Don’t worry about Wall Street’s interests. The entire Wall Street system is a fatal liability within the US economic system as a whole, and must simply be cancelled. We can’t have an institution which is as bankrupt as Wall Street is now, poisoning our system from within. This entire thing is about to go! These bankrupt values must be cancelled. At that point, the United States will be liberated. All the fictitious values will be eliminated and suddenly we will have a fresh view of reality. Those activities which are real and productive will suddenly rise in their relative value as opposed to the parasites that were dragging us down. The people of the United States who have been suffering under this fraudulent system will be liberated and given the sense of the opportunity to be productive again, the opportunity to create the future. We will save the United States by wiping out this false value and reestablishing real economic value, by purging the garbage from our system and flushing it down where it belongs. What we are witnessing right now is the death of Wall Street, and that is a cause for celebration! And we should celebrate this action that’s been taken by members of the US Senate and extend our congratulations to them, since we have unique authority on this matter. We’ve been calling for this action for quite a long time.

Think about the future! What does the restoration of Glass-Steagall portend? A new era for mankind! That’s how it can be described! The greatest economic recovery in recent history. A total reordering of values not only here in the United States, but in Europe and in the world. Look at the role of China and Russia. These nations are unleashing productive forces which are unprecedented in their scope! They are crucial, and have the power to initiate a science driver era for the planet. Look at the potential for a positive relationship between Germany and Russia, if Merkel and Schauble can be defeated. This can reorder the economies of Europe as a whole. Look at the actions that the BRICS countries have taken during their recent summit in Russia this week. This portends a great future for mankind. And Glass-Steagall here in the United States has a crucial role to play. And then what happens as a direct consequence of Glass-Steagall? What happens next? The name of the future is Alexander Hamilton, the hero of New York! Simply go back to his four laws, his four reports to Congress. That’s your road map for the recovery of the United States. We do exactly what Franklin Roosevelt did, starting with Glass-Steagall. And what compelled these Senators to act on this right now, at the moment that they did? Because they know that Wall Street is dead. And we should not mourn. Wall Street is dead! God be praised!

I’m interested, tell me more

The European Parliament split between enthusiastic and hysterical reactions to Alexei Tsipras’s speech before the plenary session yesterday. Tsipras stressed that the “no” vote in the referendum was an extraordinary event: “The Greek people made a brave choice, under unprecedented pressures, with the banks being closed, with the majority of the media attempting to terrorize people that a NO vote would lead to a rupture with Europe,” he said.

Whereas Tsipras earned support from the UK Independence Party’s Nigel Farage and the French Front National’s Marine Le Pen, and a non-belligerent attitude from the Socialists, conservative and liberal spokesmen were hysterically aggressive.

Former Belgian Premier Guy Verhofstadt, a major actor in the Maidan coup, started to accuse Syriza of being complicit in the clientelistic system of Greek politics. He lectured Tsipras on the reforms he has to carry out, cutting down the public sector and reforming the financial system.

Manfred Weber, leader of the European People’s Party faction, accused Tsipras of “destroying confidence in Europe.” “You are not telling your people the truth. That is not dignified politics. You are surrounding yourself with the wrong friends” he said referring to the letter Fidel Castro wrote to the Greek Prime Minister. He then lectured Tsipras on the rights of the smaller, poorer countries of the Eurozone who will have to pay for the Greeks’ profligacy. “How can you tell Bulgaria that Greece can’t countenance any further cuts, when in at least five EU countries the standards of living are lower than Greece?”

In his reply, Tsipras addressed Weber directly: “The most important moment of solidarity in modern European history, was in 1953, when your country emerged deeply in debt and looted by two world wars — and in Europe, the European peoples, showed the greatest solidarity at the London Conference in 1953, when they decided to write off 60% of Germany’s debt, as well as growth clauses.”

As for reforms, he countered false accusations that Greece had not presented reforms by saying it in fact presented a 47-page document saying,

The turning point facing mankind couldn’t have been shown more clearly than in the two contrasting dynamics on Wednesday. On the one hand, was the spectacle of the brawl in the European Parliament that followed the speech of Greek Prime Minister Alexis Tsipras. On the other, is the forward looking process coming together in Ufa, Russia, at the summit meeting of the BRICS nations, where the new potential for mankind is coming together.

The unraveling of the bankrupt trans-Atlantic system is truly driving the functionaries of the dying system mad. Witness the utter freakout after Greek Prime Minister Tsipras presented the case, backed by the overwhelming vote of the Greek people, that all the efforts to save the British Empire’s Euro system by killing Greece have failed. Tsipras demanded that Europe face the reality and write down the debts. Devoid of any rational response, the so-called proponents of “European Unity” hurled insults, calling Tsipras a liar and demanding that Greece sacrifice itself for the good of the ‘lost cause.’

Meanwhile, a far different mood of cooperation for the common interest of mankind is coming together as the BRICS and SCO summits get underway. The warm greetings of Russian President Putin and Chinese President Xi exemplify the spirit of cooperation for progress which can form the basis for Man’s continuing role in the galaxy. The real working meetings of the summit will take place tomorrow, but already in the preparatory meetings, agreements for cooperation in space and rail among the BRICS and other nations, indicate the actual basis for mankind’s future.

But for progress to proceed, the bankrupt system must be finally put out of its misery. And that means the immediate implementation of Glass-Steagall, which was just reintroduced yesterday into the U.S. Senate.

 In a discussion with the LaRouchePAC Policy Committee today, LaRouche emphasized that we can’t solve the problem unless we close down Wall Street. ,” LaRouche said:

LaRouche has been at the center of this fight since he defeated the British representative, Abba Lerner, in a debate in Brooklyn, NY, in 1971. That is why he was railroaded into prison. Then, the repeal of Glass-Steagall, as Bill Clinton was being driven out of office, set in motion the process that led to the complete bankruptcy of the United States and the trans-Atlantic system.

LaRouche has known since before the 1970’s what had to be done to prevent the bankruptcy of the system that has been unfolding ever since. The question now is,