In the Oct. 13 issue of her regular column in WallStreetOnParade.com, financial columnist Pam Martens rips into Hillary Clinton as a “Wall Street Democrat… who has no intention of restoring the Glass-Steagall Act… which kept our financial system sa…
Obama political strategist David Axelrod, whom LPAC’s sources confirm is still very much a member of the Obama inner circle, despite no longer having a White House office, pumped Bernie Sanders on the eve of the first Democratic Party debate as “utterly authentic,” as opposed to Hillary Clinton, whom he labelled as on “super probation … when it comes to inauthenticity.”
Axelrod’s public talk matches reports given to LPAC that Sanders does have a “window” with Obama’s White House.
Axelrod had also puffed Sanders a month earlier, then as “thoroughly authentic,” in a Sept. 18 speech in Chicago in which he identified “authenticity” as the quality which was key to the success of president George Bush and Barack Obama. Axelrod of course fails to admit that Bush and Obama are two of the United States’s most authentically British Crown-owned candidates, whose combined terms have brought the U.S. to the brink of destruction.
Sanders’s fundraising success is being hailed by Axelrod as “stunning,” and of far better quality than Hillary’s contributions when the third quarter’s results were reported. Axelrod, like top Al Gore 2000 strategist Ted Devine, who is now advising Sanders, assert that Sanders’s fundraising has secured his place as a major factor in the Democratic presidential race.
Neither Axelrod nor Devine mention, however, that Sanders’s online fundraising apparatus was seconded to him by Obama’s White House. Yahoo Politics picked up on this story, too, in an Oct. 7 piece (“How a Team of Obama Veterans Helped Bernie Sanders Pull in a Record Number of Donations”) reporting on the “small guerilla-marketing team” now running Sanders’s online fundraising operation, headed by Scott Goodstein and Arun Chaudhary, who ran Obama’s 2008 online fundraising operation.
Lyndon LaRouche today pronounced both Bernie Sanders and fellow Democratic presidential candidate Hillary Clinton politically dead, for their overt support of Barack Obama, including Clinton’s vociferous opposition to a return to the Glass-Steagall bill. That, LaRouche stated, leaves the Democratic Party and its Presidential campaign to be resuscitated by a radical return to the founding economic and philosophical principles of the U.S., as spearheaded by Lyndon LaRouche’s Manhattan Project.
The developments on the U.S. campaign front are part of a growing international pattern of the British Empire lashing out to try to recoup from Russian President Vladimir Putin’s strategic flanking operations, and from generally being on the defensive over recent months. Over the weekend, they activated Bernie Sanders, who performed a sharp about-face on his views on Obama on the eve of the Oct. 13 Presidential debate, by praising British stooge Obama to the skies in an Oct. 11 TV interview.
Another case of British-sponsored response to the existential threat to the survival of the British Empire, was the U.S. bombing of the Doctors Without Borders hospital in Kunduz, Afghanistan, which Lyndon LaRouche denounced as an act of intentional murder by the British-run Obama.
Over the past 24-48 hours, other elements to be considered as part of this pattern include:
• A mortar attack on the Russian Embassy in Damascus Monday. Two rounds hit the embassy, as a pro-Russian demonstration was occurring outside. No one was hurt, but Russian Foreign Minister Sergey Lavrov denounced the attack as “obviously a terrorist attack directed to most likely frighten the backers of the fight against terror and not allow them to win in the fight against extremism.”
• A domestic terrorist plot was dismantled by Russian authorities, in response to their successful operation in Syria.
• Obama and the Saudis are rearming the hard-hit Syrian terrorist apparatus with TOW anti-tank missiles and other weapons, at just the point that Syria and their Russian allies have them on the run.
• The NATO military exercise “Steadfast Noon” was launched, and will run from Oct. 13-16 from the air base at Büchel, Germany, It will simulate the delivery of nuclear weapons from bombers, including German Tornado jets. It involves the U.S. and eight other NATO states: Germany, Italy, Netherlands, Belgium, Poland, Czechia, Greece, and Turkey.
• A policy brawl has also erupted inside the United Kingdom over what policies to pursue, both economically and strategically. That fight has now broken out on national television, with BBC “Panorama” running a show in shameless defense of a criminal pedophile ring which heavily intersects the British Monarchy.
The removal of Barack Obama from the White House remains the most effective route to preventing the threat of thermonuclear war, and to finally burying the British Empire and its deadly policies.
Join us every Thursday night for a live Q&A session with American Statesman Lyndon LaRouche. Have a question? Call into our National Center ahead of time at 800-929-7566, or include your question for Mr. LaRouche in the comments section of our Youtube event.
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Lyndon LaRouche returns to Manhattan! Every Saturday the LPAC Manhattan Project hosts a live Q&A Town Hall event with American Statesman Lyndon LaRouche.
In a floor debate strongly critical against the EU scheme for a Capital Market Union, Member of European Parliament (MEP) Zanni spoke in favor of a Glass-Steagall reform on Oct. 7. As we have reported, the CMU scheme is an assault on the savings and loans (S&L) and credit union-based system of community banks, which in many European countries, notably Germany and Italy, are the unique source of credit for small and medium enterprises (SMEs, e.g. Mittelstand). In Italy, for instance, whereas large banks have reduced credit to the economy, the S&L system has increased it in the last years.
Zanni spoke by saying that ultimate aim of the proposal is different from its stated aims. “Its final goal in fact, is a new financial deregulation on the line of the wicked decisions taken in this sector over the last 20 years. I am not surprised that it is Lord Hill to push for this proposal: He is expression of the City of London financial lobby.
“It is not by pushing small savers to invest in financial products that problems are solved; if anything, we are creating new ones, as happened already in 2008. On one point, however, we agree— on the fact that there is a real problem in accessing credit, especially for SMEs.
“For us, there is only one solution, and that is: Banks should go back to performing their traditional role of depositing savings and issuing credit, and this is feasible only through a banking separation after the American Glass-Steagall model. Only in this way we can distinguish those who want to make free speculation activity and those who shall have a much more important role, i.e. financing the real economy.”
Zanni published the video of his intervention on his website, under the headline “No To CMU and Financial Deregulation; Yes To Banking Separation.” The video is accompanied by the invitation to watch an earlier video with an explanation of Glass-Steagall by Zanni and his colleague Marco Valli.
Fabio De Masi (GUE/NGL), another supporter of Glass-Steagall, also blasted the CMU plan. Both the Bank for International Settlements (BIS) and Alan Greenspan have warned about new financial crises. “The EU Commission will re-open the gambling house with the Capital Market Union. Banks and Insurances should invest in the infrastructure. Costs should be paid by taxpayers. The securitization industry — i.e. the packaging of junk loans — should be revived, this time instead of American mortgages, perhaps with European car loans. Volkswagen teaches us a lesson.
“Europe needs serious banks instead of gambling shops which are too big to fail. Therefore we should finally do our homework in the matter of bank structural reforms, as well as of a public investment program.”
Molly Scott Cato, a Green MEP from the U.K., said: “For those of us who are not yet ready to forgive and forget the financial crisis of 2008, this sets alarm bells ringing. With securitization, market traders created a dangerous game of pass the parcel where nobody could be sure whose parcel contained the toxic assets. Securitization is an attempt to pretend that hiding risk is the same as reducing risk, when it is nothing of the sort.”
Similarly, Spanish MEP Miguel Urbán Crespo from the Podemos party said that CMU could not be a mechanism for creating a “casino economy where the bank always wins.”
Strong critics of the CMU came also from conservative circles, especially German MEPs such as Werner Langen and Markus Ferber, who stressed that SMEs are well served by community banks and that capital market costs would be too high. Joachim Starbatty, a member of the anti-euro AfD party, said that the EU scheme envisions a single Deposit Insurance Fund out of many national, differently funded schemes. This has to be rejected, he said, and insisted, regarding the euro: “The euro divides Europe and feeds conflicts. It must be dissolved.”
His colleague Beatrix von Storch, however, spoke in favor of the deregulation idea on the basis of the CMU concept.
Tune in at 8PM Eastern for our weekly Friday night webcast. Tonight, Jeff Steinberg relates Lyndon LaRouche’s assessment on the developing situation around Russia, Syria, Obama, and the Kunduz MSF hospital bombing, from the standpoint of the changes …
“The Russians are here to win the war; this is what everyone knows.” Ali Hashem, chief news correspondent for Al Mayadeen News Network, writing in Al-Monitor October 7, quoted these words from a Lebanese source of his. Yes, it’s absolutely true, and every witting person does indeed know it. After months of planning, Putin has gone in to win. Americans find that impossible to believe just yet, because our country has been at war during most of the years since World War II,— but not to win. Never to win. Just the opposite,— the wars into which the British Empire has thrown us, as through Barack Obama, have been perpetual wars aimed at chaos, population-reduction, and the destruction of the US. No-win wars. But nevertheless, Putin actually went in to win; he intends to win.
And today was the second day of a “vast offensive,” as the Syrian Army put it, in which Russian airpower has been directly supporting Syrian troops in combat for the first time.
And it’s not even the war as such. More important, the alliance has totally reinvigorated Syria.
Now, nothing is the same. Everything has changed.
What is now happening in Syria, and in reality much more broadly, is exactly what Lyndon LaRouche said had to happen. Everyone else said, “I agree it’s needed, but it can’t happen.” LaRouche was right. Now they’re saying that “Yes, Wall Street must be shut down,— I agree it’s needed,— but it can’t happen.” Who will be proven right in the end?
Lyndon LaRouche will. He addressed a meeting of associates in roughly the following terms today.
The Obama freakout is continuing to spiral out of control; everything he does is blowing up. There is panic in the White House: expect self-inflicted wounds and punishments. Obama must be brought down! Shut down Wall Street and you bring down Obama at the same time.
On the whole, US leadership is disgusting. Compare it with the morality which has come forth in Germany in response to the refugee crisis. If it were not for Putin, we’d all be dead. At its root, the problem of the US is that it is a crooked, rotten society. But at the same time, there are some Americans, such as some of our military flag-officers, who have an elevated sense of responsibility, which sometimes goes way beyond their formal responsibilities. Such as dealing with Obama.
Can you tell the truth to Obama? No. Merkel is more forthcoming, but it’s a close call whether she can stay in office, or else will find herself replaced by forces who would be far worse than even Finance Minister Wolfgang Schäuble.
The problem is that the ideology of the Twentieth Century doesn’t function. The Twentieth Century has replaced morality by mathematics.
Now, Obama’s influence over Hillary Clinton is collapsing, and she’s abandoning him. He’s being rejected by Democrats and others; no one’s defending him. When we tell them he must be removed, instead of saying, “No,” as they did before, they say they agree, and ask how it can be done.
All of this was just there waiting to happen, until the moment when it was all triggered by Putin’s courageous action. What Putin has done is clear,— just look at his family background in World War II in the way he sees it. This is generally atypical for Europe. He is a man with a moral sense of purpose and a mission, who won’t be deterred or sidetracked. Putin is doing in Syria what LaRouche expected him to do.
Meanwhile, in the US Presidential selection-process, there is no single candidate who stands out as ready to do what is necessary. We need a process involving a number of candidates contributing to it. We have to build a unified Presidential team around a mission, rather than a personality.
Kerry is able to act in violation of Obama’s crazy policies because he knows that he has backing, and Obama has been rejected. Now, we must take it to the next step.
This way to the Action Center!
http://larouchepac.nationbuilder.com/
Join us every Thursday night at 9PM Eastern for a live Q&A session with American Statesman Lyndon LaRouche. Have a question? Call into our National Center ahead of time at 800-929-7566, or include your question for Mr. LaRouche in the comments section of our Youtube event.
As the LaRouche movement goes into high gear to shut down Wall Street and return to Glass-Steagall before a crash strikes, Wall Street and City of London bankers are now openly discussing the coming crash… and quietly panicking over how to handle it.
The lead article in the Oct. 3-9 edition of the Economist, the banner publication for City of London financial interests, warns that “the system is cracking,” and calls for an all-out effort to backstop the bubble with new waves of so-called quantitative easing—exactly as Lyndon LaRouche has warned is their intention. The article frets, however, that this hyperinflationary bailout policy may not work as it did in 2008, because the U.S. Congress might go instead for more regulation of the banks—although the article studiously avoids mentioning the feared words, “Glass-Steagall.”
A major problem today, the Economist writes, “is the lack of a backstop for the offshore dollar system if it faces a crisis. In 2008-09 the Fed reluctantly came to the rescue, acting as a lender of last resort by offering $1 trillion of dollar liquidity to foreign banks and central banks. The sums involved in a future crisis would be far higher. The offshore dollar world is almost twice as large as it was in 2007. By the 2020s, it could be as big as America’s banking industry. Since 2008-09, Congress has grown wary of the Fed’s emergency lending. Come the next crisis, the Fed’s plans to issue vast swap lines might meet regulatory or congressional resistance.”
The Economist article concludes: “There are things America can do to shoulder more responsibility–for instance, by setting up bigger emergency swap lines with more central banks. More likely is a splintering of the system, as other countries choose to insulate themselves from Fed decisions by embracing capital controls. The dollar has no peers. But the system that it anchors is cracking.”
Similarly, Forbes magazine’s Antoine Gara wrote on Oct. 2 about the danger of a new blowout, which unusually admits that the underlying problem is the gigantic pile of derivatives sitting on top of numerous nominal debt bubbles. Gara, in reviewing the current Glencore crisis, tries to whistle past the graveyard, arguing that “Glencore’s unraveling won’t turn into the next Lehman Brothers crisis.” He says that is because Glencore does not have the derivatives exposure that Lehman had.
But, he admits, “were Goldman Sachs, Morgan Stanley, or any other large investment bank to be thrown into Glencore’s current predicament, there would be good cause to worry about a Lehman 2.0. There are over $600 trillion in OTC derivatives outstanding [in actuality, there are probably double that amount–ed.], a greater number than prior to the crisis, and many of those contracts continue to trade bilaterally among banks, linking firms together.”
Gara concludes: “For the likes of JP Morgan, Bank of America, Citigroup, Goldman Sachs and Morgan Stanley, these issues remain a topic of life or death. Last quarter, each firm disclosed trillions, if not tens of trillions outstanding in OTC derivatives contracts. No amount of rising retained capital would
protect those firms if there were a messy Lehman-like bankruptcy.”
by William Jones
The Chinese edition of the EIR report, “The New Silk Road Becomes the World Land-Bridge” was officially presented by Helga Zepp-LaRouche, the founder of the Schiller Institutes, at a symposium sponsored by the Chongyang Institute for Financial Studies at Renmin University on Sept. 29. The Chongyang Institute is also a co-sponsor of the Chinese-language report.
The Chongyang Institute was established a few years ago by graduates of Renmin University, and fashions itself as the new type of think-tank called for recently by President Xi Jinping, who is concerned about receiving the best analysis of the present world situation and some key recommendations for policy as China and the world enter into a new era of international relations. Wang Wen, the Executive Dean of the Chongyang Institute, as well as Mr. Fu Jianming, the Vice President of the Pheonix Publishing & Media Group which published the Chinese version of the report, made introductory comments at the press conference, which drew 70 people, including at least 15 journalists.
In her address to the symposium, Mrs. LaRouche explained her role in the germination of the idea known in China as the “One Belt, One Road.”
She explained how she and her husband, economist and statesman Lyndon LaRouche, had, with the break-up of the Soviet Union, expanded on the series of development programs they had worked on for decades, to elaborate a program for linking the entire Eurasian continent.
This would be done with a system of high-speed rail lines that would help bring the land-locked and newly independent nations of Central Asia, and vast underpopulated and underdeveloped regions of Central Russia, into the mainstream of international commerce and trade, thereby creating a land corridor for trade and economic development between Europe and Asia. The LaRouches dubbed this “The Eurasian Land-Bridge.”
Discussions with representatives of the Chinese government in the early 1990s led to a conference in Beijing organized under the auspices of the Chinese Ministry of Science and Technology in 1996, Mrs. LaRouche explained. This conference with leading experts from China and 34 other Eurasian countries, included an address by Mrs. LaRouche devoted to the implementation of this project.
The Asian financial crisis of 1997 and the ruble crisis of 1998 prevented the further movement of this project. And it was only in September 2013 that Chinese President Xi Jinping revived the notion in his famous speech at Nazarbayev University in Kazakhstan, calling for the creation of a Silk Road Economic Belt to unite Europe and Asia.
The concept of the New Silk Road points in the direction of a new paradigm of mankind, Zepp-LaRouche told her audience, and away from the “geopolitics” which caused two world wars in the last century, to replace it with the idea of the common aims of mankind, which is reflected in Xi Jinping’s “win-win policy.” While the “One Belt, One Road” has become the going term for the Chinese project, Mrs. LaRouche underlined the importance of the Silk Road precedent. “We should keep the term the New Silk Road,” she said, “as it clearly expresses this cultural vision of cooperation manifested by the ancient Silk Road.”
She then went into the crisis in the Middle East and the massive flow of refugees into Europe from the war-torn areas created by U.S. policy under Bush and Obama. There is a very recent recognition by many European nations, that there must be a change in policy and the root causes of the refugee crisis must be adressed, she said. It is not enough to fight the Islamic extremists militarily; there must also be a real economic reconstruction of the entire region, which is now completely destroyed by war, to create a future for the young people now being attracted to violent jihad.
“We can extend the Silk Road to the Middle East,” she said, “creating centers of development. We can make the deserts bloom and create new cities. The New Silk Road can become a peace order for the Twenty-First Century,” she said. “If successful, it will create a new age of civilization, and if it fails, we will enter a new dark age.”
EIR‘s Washington Bureau Chief Bill Jones then outlined the tremendous possibilities opened for the world, including the United States, with the implementation of the Silk Road project. He noted how Lyndon LaRouche, in 1975, proposed the creation of an International Development Bank for financing the development of the Third World, and how the Foreign Minister of Guyana Fred Wills, had, in collaboration with LaRouche, issued at the UN General Assembly in 1976 a call for a New World Economic Order and a debt moratorium for the developing nations.
“But there would be no new world economic order nor any debt moratorium,” Jones said. And the world then entered into a new phase of inflationary expansion of the world financial system which now encompasses over $2 quadrillion of accumulated—and unpayable—debt. “President Xi’s project of a land and maritime Silk Road Initiative offers now the possibility of reversing that dangerous trajectory,” Jones said.
“The world stands in amazement over China’s development in the last few decades,” Jones said, “and now China is offering a similar development for the rest of the world.”
Jones also noted that, while the U.S. Administration has been less than enthusiastic about the project, there was a growing understanding in the United States, particularly at the state and local levels, which are greatly suffering the effects of the financial crisis, as well as among industrial layers, that what China is doing—and is offering the world—represents a ray of hope in an otherwise disastrous economic situation.
These two presentations were followed by comments from eight leading Chinese scholars, who had read the report. Their reaction to the report was absolutely electric. Professor Bao Shixiu, formerly a Professor of Military Strategy at the PLA Academy of Military Sciences, said that bringing together the countries of the region around the New Silk Road initiative in a process of regional development was the task of the day.
This was also the idea behind the notion of the Eurasian Land-Bridge put forward by the Schiller Institute in the 1990s, he said.
Ding Yifan, the former deputy director of the World Development Institute of the Development Research Center of the State Council of the P.R.C., underlined the importance of the economic concepts of Lyndon LaRouche, laying at the basis of the report.
“Helga Zepp-LaRouche put forward the concept of the Eurasian Land-Bridge as a war avoidance concept,” Ding added. “The new concept of the Belt and Road has received great attention from the whole world. … We cannot allow capital to control everything. Instead, we must control capital.”
Shi Ze from the China Institute of International Studies explained how the problem in the world today is caused by geopolitical thinking.
Tao Qingmei of the Beijing Long Way Foundation noted that the report also mooted the question of a new order and a new relationship between nations.
Wang Xiangsui, the director for the Center for Strategic Studies at Beijing University of Aeronautics and Astronautics, called the report “a road to the future.”
Zhang Jianping, the Director of the Department of International Economic Cooperation at the National Development and Reform Commission, underlined the collaborative nature of the Silk Road Initiative and its openness to all countries. While noting skepticism from the U.S. side about the Silk Road project, he saw a certain shift in policy with regard to the U.S. view of the AIIB. Europe, on the other hand, was becoming absolutely enthusiastic about the project. Zhang felt that the EIR report, which he also noted was the result of 20 years’ labor, was an important element in promoting the idea of the New Silk Road in the United States.
Zhao Changhui from the China Export-Import Bank praised Progress Publishing for bringing out this report. He called the Silk Road project a thousand-year initiative. “When reading the report we have to ask ourselves how we can make a difference. It leads us to reflect on our own obligations.” He said that scholars must develop a long-term vision, as it was reflected in the report.
Liu Ying, the Director of the Department of Cooperative Research at Chongyang Institute, noted that the report was written from a global perspective, but from a modern global perspective, including from a space perspective.
All the participants received a copy of the Chinese report. The Chongyang Institute had purchased 1000 copies which they will distribute free of charge to a wide section of the Chinese political and intellectual circles. There was a considerable amount of coverage of the press conference in the economic press stressing the fact that this was the first analysis by “American scholars” of the Chinese project. There was also widespread recognition in the media reports of the role of Mrs. LaRouche and the Schiller Institute as a key initiator of this project in the early 1990s.
The high-level participation in the event by eight Chinese scholars, and the sponsorship by the prestigious Chongyang Institute for Financial Studies, underlined the fact that the EIR report has now become an authoritative source for Chinese scholars in pursuing the “One Belt, One Road” project. The economic concepts championed by Lyndon LaRouche over the period of 50-plus years have now become a staple for the intellectual layers in this, the most populous country in the world.
“British Crown’s Depopulation Pope,” Commander of the British Empire Hans Joachim Schellnhuber, was targeted as one of the key authors of Pope Francis’s genocidal encyclical, Laudato Si’, in two serious English-language denunciations of that encyclical…
Led by Goldman Sachs, every Wall Street spokesman is now laying it down as a near-certainty, that the Federal Reserve is through planning rate increases and by early next year will be introducing a new money-printing bailout, “Quantitative Easing 4.”
The license for this criminal conspiracy was given by the Oct. 2 release of the Labor Department’s September “employment report,” which revealed such devastation of productivity and productive activity in the U.S. economy, that Wall Street was certain, within an hour of its release, that a Fed QE4 was theirs.
But that devastation is precisely the result of collusion between the Fed and Wall Street since 2008 in “the financial crime of the Century” — including QE1, 2, and 3. Another long period of such “easing” as Wall Street plans for, will wipe out the labor force and Americans’ livelihoods entirely.
Therefore it must be prevented, by shutting down Wall Street’s operations, beginning immediately by restoring the Glass-Steagall Act.
An example of the lunacy of Wall Street’s current mood was given in a Bloomberg News article Oct. 5 which noted that “deflation has already returned to both Europe and Japan,” and then quoted the head of Goldman Sachs Asia-Pacific Asset Management: “`The next stage for both the Bank of Japan and ECB [European Central Bank] is more easing. They’re going to keep putting fuel on the fire, but at some point the fire’s big and there’s nothing left to burn — What do we do? So your immediate response to that would be a huge sell-off in risk assets.'” In other words, a crash. Virtually every other bank “research department” and investment broker was putting out the same plan: “The Fed is now a slave to the markets,” as Deutsche Bank expressed it, and will “ease.” Goldman’s chief economist Jan Hatzius repeated, “We would advise the Fed to lean toward easing early next year.”
That September “employment” report had shown 580,000 more Americans dropping out of the labor force in that one month! There are 150 million work-eligible Americans now in the labor force — the same number as seven years ago — but 95 million, just as eligible, are now out of it. That’s just 60% of the total potential workforce actually in it; when until 2000 and Bush-Obama, for decades 80% of work-eligible Americans had joined and stayed in the labor force. And for those 95 million out of the workforce, the Census’ official poverty rate is 23%. Productive employment numbers have continued to decline outright over Obama’s seven years, while the Fed has QE’d up a completely speculative asset-based economy for Wall Street. Raw productivity hasn’t risen for five years in the U.S. economy; the more important total-factor productivity, reflecting technological progress, has not risen for 15 years and is now falling.
Another “QE” bailout? Working people in the United States will not survive it.
Key responsible Congressmen and Senators (and there are some), and other US government representatives must meet at once, to issue Findings of Fact and Statements of Commitment roughly as follows, for immediate enactment into law, and into immediate effect.
1.) There is now an acute emergency which threatens to kill millions of Americans, primarily, and also citizens of other countries.
2.) This is due immediately to the bankruptcy of Wall Street. Wall Street is totally and irremediably bankrupt. The successive Bush and Obama bailouts and the rounds of “quantitative easing,” have only succeeded in making all of Wall Street’s values valueless, and finalizing its bankruptcy.
3.) If Wall Street is permitted to blow out again on its own terms, as now appears imminent, the result will be the worst panic in history, which will close down everything that remains of the US economy. We will have mass death, on the order of the Black Plague which wiped out one-third of the population of Europe. Another Wall Street bailout, which Obama will demand if he is permitted to remain in office, would trigger a hyper-inflation just as deadly.
4.) Hence, Wall Street must be closed down pre-emptively by US Government action, in the spirit of what Franklin Roosevelt would do if he were alive today. (Although the crisis he faced was far milder.) Only activities compatible with a strict Glass-Steagall standard must be allowed to continue.
5.) The Federal Government must issue US dollars as credit to preserve the lives of the population and employ all the employable, in the spirit of Roosevelt’s kindred actions with Harry Hopkins.
6.) Over the slightly longer term, US Federal credit must be used to rapidly raise the level of productivity of US labor, through increased energy-flux density with scientific and technological progress.
7.) Finally removing Barack Obama from office would be an excellent starting-point for these urgent reforms.
