LEAFLET: Take the U.S. Economy from Bankrupt Wall Street; Create Federal Credit for Growth and Employment

The Wall Street system of banks is again facing a bankruptcy crisis — this time triggered by collapsing oil and commodity debt and derivatives — and even central bankers know that it will be as bad as a second 2008 crash, or worse.

These banks have been generally bankrupt since the impact of the elimination of Glass-Steagall. Wall Street’s bankruptcy crisis is made worse by the free fall of the euro and the fact that all the biggest European banks, most definitely including the London banks, are loaded to the gills with toxic debt securities of more and more varieties, and have never written any of it off since 2008.

A financial crash worse than 2008 is looming over this whole bankrupt London-Wall Street system of banks. The United States must act immediately generate a buffer against this crash for its economy and citizens.

The Wall Street banks should effectively be shut down, put through a bankruptcy reorganization so that they may continue some limited function as commercial banks. Their ability to manage things in the U.S. economy must be terminated now, or the economy faces a terrible crisis…