Glass-Steagall Portends New Era for Mankind: Death of Wall Street Is Cause for Celebration

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