Author: Spencer

A careful survey of British intelligence operations around the globe reveals a clear picture: The British Monarchy is provoking war and chaos in every corner of the globe, in pursuit of the stated goal of reducing world population by 80% or more in short order.

The British hand is most visible in the Persian Gulf, where London’s wholly-owned junior partner, the Saudi Monarchy, has instigated a new perpetual war between Sunni and Shi’a, Arabs and Persians, triggered by the Jan. 2 execution of a leading Shi’a cleric from the oil-rich, Shi’a-majority Eastern Province. MI6 mouthpiece Ambrose Evans-Pritchard gloated in the pages of the Daily Telegraph this week that the execution of Nimr al-Nimr will lead to violent retaliation by Shi’a protesters, acting under orders from the Iranian Revolutionary Guard Corps, to include attacks on the major Saudi oil pipelines. This, Evans-Pritchard declares, will lead to $200 a barrel oil prices and a global economic crash.

The British Crown has been pursuing two critical policies in recent years: The provoking of the perpetual Sunni versus Shi’a conflict, to ultimately engulf the entire Islamic world; and the orchestrating of a New Cold War, leading to inevitable thermonuclear hot war, pitting the United States against Russia and China. British pawn Barack Obama has brought the United States to the edge of war with Moscow and Beijing, as has been recently noted by Russian President Vladimir Putin, with the release of Russia’s new National Security Strategy, which highlighted Washington and NATO’s policy of “color revolution” regime change, ultimately directed at Russia and China. Former U.S. Defense Secretary William Perry has warned recently that the U.S. is on a trajectory for thermonuclear confrontation with Russia, and it must be stopped now.

The announcement on Jan. 6 by the North Korean government, that they successfully detonated a hydrogen bomb, has put all of Asia, once again, on a hair-trigger for confrontation, compounding U.S. Defense Secretary Ashton Carter’s repeated provocations against China over the South China Sea.

While promoting Washington-Beijing conflict, the British are themselves courting China, to secure the City of London as the center of global yuan trading, at the same time that they are doing everything possible to break up the BRICS alliance of Brazil, Russia, India, China, and South Africa. The latest issue of the City of London flagship publication The Economist, features extensive attacks on Brazilian President Dilma Roussef and South African President Jacob Zuma, whom London has identified as the weak links in the BRICS chain. British Foreign Secretary Philip Hammond was in Beijing this week, staking out London’s position as the bridge between China’s Asian Infrastructure Investment Bank (AIIB) and Europe.

At the same time, the British are also pursuing the option of sinking continental Europe, under the already-unraveling chaos of the bail-out and bail-in policies, that went into effect on Jan. 1, 2016 across the entire European Union. Prime Minister David Cameron announced on Jan. 6 that he will be freeing all members of his cabinet to choose how they campaign for the upcoming referendum on Britain’s withdrawal from the European Union. That referendum is now scheduled for this summer, at a point that continental Europe is expected to be facing all-out social chaos and/or war. In effect, Cameron’s actions are paving the way for a full “Brexit” from the EU, on a greatly accelerated timetable.

Those who fail to understand the British factor are doomed to succumb to the mass kill program that London has in store. The trans-Atlantic region is under the vise grip of the British System, and is coming apart at unprecedented speed. This is not the result of bad luck, but willful British policy. Prince Philip, the Royal Consort has openly declared his goal of wiping out billions of human beings to preserve British power under a depopulated global Malthusian dictatorship. It is in the public record.

With the British tool Barack Obama entering his final months in office, the British are clearly accelerating the mass murder program. It can be defeated, starting with the removal of Obama from office for high crimes and misdemeanors, and by wiping out the power of London and Wall Street. By ousting Obama and reinstating Glass-Steagall, the monster that is the British Empire can be decisively crushed. For the first time in recorded history, the world can be freed on a permanent basis, from the genocidal scourge of Empire. That is the challenge on the table at this moment.

The first week of the New Year has started on cue with international turmoil, marked by the advent of officialized “bail-in” policy in the Trans-Atlantic region, and backing for barbarism by Saudi Arabia, the official ally of Barack Obama and London. Unless stopped, the end result threatens to be nuclear annihilation.

The means exist to pull back from doom. The requirement? Having the human identity to take action.

One focus for this, is the reality that the U.S. Congress abdicated its responsibilities completely before the 2015 year-end, and now they slink back to Washington, when the stakes are do-or-die. The House of Representatives membership will be back today for the second session of the 114th Congress; the Senate returns next week.

The events of the hour point to the necessity to break with the dead Wall Street system through Glass-Steagall reinstatement as specified in H.R.381 and Senate bill S.1709, as well as production credits; and to break with British/Saudi geopolitics, as specified in the bills to expose their murderous nature, in H.Res.14 and Senate bill S.1471, which would reveal the Saudi role in the mass murder of Americans on Sept. 11, 2001. As for ousting Obama, the multiple options are well known—impeachment, 25th Amendment, or the “Nixon Moment.”

Among the headline events in the Americas yesterday, Puerto Rico was set to default on $37 million of its debt, sinking further into chaotic social conditions, due to the inaction of Congress. Puerto Rico leads all states in the United States in absolute rate of population decline.

Next in line in population loss, according to new data from the U.S. Census, is West Virginia. A former coal and industrial state, West Virginia now has more deaths than births. Drug use is rampant. This is “bail-in” in action, of the population’s means of existence, by allowing the dead Wall Street system to continue.

More big “names” in the shale oil and gas boom, such as Argent Energy Trust (based in Calgary) are now officially defaulting, setting off waves of insolvency.

As Lyndon LaRouche warned yesterday in the weekly LaRouche PAC Policy Committee webcast, what the U.S. faces is “a run-away explosion of bankruptcy.” It is “careening to a breakdown panic” and not a mere crisis, problem or episode. What the LaRouche forces and their allies do will determine whether U.S. society exists or not.

That is the truth beyond today’s headlines of the big losses on U.S. and world stock markets on the first trading day of the New Year. Dramatic, but only just the opening tremors. The image to have, LaRouche said, is as if the system of planets would disintegrate. The time has come to recognize evil per se, and get rid of it.

I want to take action!

As the doomsday of Jan. 1 approaches, mankind is facing the possibility of human extinction, if not by nuclear war brought on by President Obama’s madness in threatening war on Russia and China, then by economic disintegration caused by the cowardice of the Congress in not shutting down Wall Street through FDR-modeled Glass-Steagall legislation.

The root of the problem, Lyndon LaRouche insisted in a discussion with his associates Dec. 28, lies in the fact that mankind has lost sight of natural law—in fact, the nations of the Trans-Atlantic are increasingly governed by Satanic law, which creates so-called legal justifications for mass murder, illegal wars, negative economic growth, and for stealing money, health care, and even food from the population, in order to sustain bankrupt New York and London banks.

LaRouche elaborated:

As we face the greatest threat to civilization in modern history, our citizens and all citizens of the world, must hold themselves to this higher standard, not only for our own sake, but for the sake of the future existence of mankind. Those who follow the lesser law, the Satanic law, must be removed from positions of leadership immediately, beginning with President Obama.

Lyndon LaRouche today demanded that the Wall Street and City of London bankers who are preparing to ring in the New Year with outright thievery of billions of dollars of citizens’ bank accounts and savings—all under the rubric of “bail-in” procedures to salvage their bankrupt banks—should be promptly arrested and jailed before they are able to commit their pre-announced crimes.

It used to be called fraud. Back in the 1920s and 1930s, JP Morgan and other banks knowingly defrauded their clients by pushing them to buy shares in their banks, which shortly went belly-up. Some bankers went to jail for the crime back then— courtesy of FDR.

A few years ago, Spain’s major banks, including Banco Santander, pulled the same operation by selling their own clients so-called “preferentes” shares in the failing banks, saddling their customers with enormous losses.

Earlier this year, in the case of Puerto Rico, some of the world’s largest banks, again including Santander and UBS, were caught red-handed similarly off-loading bad Puerto Rican municipal bonds from their own books, while at the same time suckering their clients into buying them. They received a minor fine when they were caught in the fraud.

And in Italy, four banks were just bailed-in by expropriating the holdings in the banks of 10,000 of their clients.

But now this fraudulent practice is about to be codified as not only fully legal under the new bail-in regulations that will be implemented by the European Union as of Jan. 1, 2016; but it is furthermore being required of Europe’s banks, to the tune of 8% of their total assets, which are to be sold as “bail-in bonds.” This is paper that is the financial equivalent of rat’s poison: it is guaranteed to fail at the point of a bail-in of the bank in question.

As for the United States, the bad news is that the Wall Street banks also intend to steal people’s savings in this country. The good news is that most Americans are so poor that they don’t have any savings left to steal. A CNBC MarketWatch article noted today that a recent Google Consumer Survey showed that about 62% of Americans have less than $1,000 in savings to deal with any emergencies. A similar survey by Bankrate.com also found that 62% had no savings, adding that, among those who had savings prior to the 2008 blowout, 57% said they had used some or all of their savings to deal with the crisis.

LaRouche commented that most countries in Asia are in good shape; China is doing a good job; Russian-Indian cooperation is very good; but the U.S. is in terrible shape, induced by Obama and his Wall Street-dictated policies.

Lyndon LaRouche today demanded that the Wall Street and City of London bankers who are preparing to ring in the New Year with outright thievery of billions of dollars of citizens’ bank accounts and savings—all under the rubric of “bail-in” procedures to salvage their bankrupt banks—should be promptly arrested and jailed before they are able to commit their pre-announced crimes.

It used to be called fraud. Back in the 1920s and 1930s, JP Morgan and other banks knowingly defrauded their clients by pushing them to buy shares in their banks, which shortly went belly-up. Some bankers went to jail for the crime back then— courtesy of FDR.

A few years ago, Spain’s major banks, including Banco Santander, pulled the same operation by selling their own clients so-called “preferentes” shares in the failing banks, saddling their customers with enormous losses.

Earlier this year, in the case of Puerto Rico, some of the world’s largest banks, again including Santander and UBS, were caught red-handed similarly off-loading bad Puerto Rican municipal bonds from their own books, while at the same time suckering their clients into buying them. They received a minor fine when they were caught in the fraud.

And in Italy, four banks were just bailed-in by expropriating the holdings in the banks of 10,000 of their clients.

But now this fraudulent practice is about to be codified as not only fully legal under the new bail-in regulations that will be implemented by the European Union as of Jan. 1, 2016; but it is furthermore being required of Europe’s banks, to the tune of 8% of their total assets, which are to be sold as “bail-in bonds.” This is paper that is the financial equivalent of rat’s poison: it is guaranteed to fail at the point of a bail-in of the bank in question.

As for the United States, the bad news is that the Wall Street banks also intend to steal people’s savings in this country. The good news is that most Americans are so poor that they don’t have any savings left to steal. A CNBC MarketWatch article noted today that a recent Google Consumer Survey showed that about 62% of Americans have less than $1,000 in savings to deal with any emergencies. A similar survey by Bankrate.com also found that 62% had no savings, adding that, among those who had savings prior to the 2008 blowout, 57% said they had used some or all of their savings to deal with the crisis.

LaRouche commented that most countries in Asia are in good shape; China is doing a good job; Russian-Indian cooperation is very good; but the U.S. is in terrible shape, induced by Obama and his Wall Street-dictated policies.

In the crash process already underway of the entire, dead Trans-Atlantic Financial System, there are now cases by the hour, of insolvencies and withdrawal-runs, while on Jan. 1, a raft of “official” measures take effect, which will add nuclear fuel to the fire. Lyndon LaRouche said of this process last week, “What you’re getting is an accelerated rate of crisis. The rate of acceleration—the self-acceleration of the process—is such that, within one week, the whole thing could be wiped out. We’re in that kind of situation.”

We are at a point of do-or-die challenge this Christmas: either we force action to re-instate Glass-Steagall and the related emergency measures, or else, it’s mass hell and damnation.

Monday’s Wall Street Journal presented a review of the latest updates on the financial disintegration, by recounting the names of the hedge funds which have gone under, and also covering the situation of several more prominent firms, which are nominally in business, only by imposing “deferred payment” to client speculators, who want to cash out. For example, a unit of the infamous Carlyle Group LP, Claren Road Asset Management, is expected to have, as of Jan. 1, a sum of $1.25 billion under their management, way down from $8.5 billion they had just 15 months ago, before their client-investors began demanding mass-withdrawals over 2015. However, since the Claren Road operation has imposed a “delayed-repayment” policy for six months, the imputed year-end $1.25 billion does not even cover the outstanding demands deferred over the third and fourth quarters of 2015. The same situation applies to many other Wall Street houses of speculation, whether big names or small fry.

The bums are bankrupt! Some of the withdrawals and sell-offs taking place, besides being a stampede for the exits, are due to attempts to meet contracts and reserve requirements, but that very fact marks that the system is gone. Then comes Jan. 1, with many new detonation points.

In the European Union, new rules for bail-in go into effect on Jan. 1, after the bail-in policy has already been implemented in Cyprus, Italy, Portugal, Spain and elsewhere, with killer consequences. The official name of the EU measure, is Article 55, titled, Bank Recovery and Resolution Directive (BRRD).

In Eurasia, on Jan. 1, the Ukraine free trade accord with the European Union goes into effect. At the same time, the Dec. 21 talks among Russia, Ukraine, and the EU on how to proceed, fell apart. “Ukraine is going down,” LaRouche noted. They cannot get anywhere.
In the Americas, as of Jan. 1, Puerto Rico, with no action taken by Washington, D.C., is on track for default.

Overall, on Jan. 1, the third installment of the Basel Accords is to take effect. What the 2016 Basel III rules do, is order banks to sell masses of deadly bail-in bonds; in other words, banks must issue “rat poison” to savers and investors. This stuff goes under the rubrics of “long-term,” or “loss absorbing,” or most elegantly, “Basel III-compliant” bonds.

Add in the Obama/London war drive, and the consequences of allowing this insanity to continue another day are deadly. LaRouche is sounding the call for “a mobilization of the willing”—those willing to see the problem, and those willing to act.

In a Dec. 18 statement from Washington, where he had been for three days of talks, Puerto Rican Governor, Alejandro García Padilla, again warned that his island’s dire fiscal crisis “will soon become a humanitarian crisis under the American flag.”

Congress’s refusal to provide Puerto Rico with bankruptcy protection in the recently passed omnibus spending bill, at the behest of Wall Street and its vulture funds, García charged, means that

In Washington, Governor García met with a number of Democratic supporters, and with House Speaker Paul Ryan, who promised he will take action on restructuring legislation for the island by March 31, 2016, and will hold hearings on the situation as soon as Congress returns in January. Governor García Padilla said Dec. 18 that he will hold Ryan to that pledge, which, he said, “must include a broad comprehensive restructuring authority and an economic growth plan.” However, Ryan’s promise will have no effect on the fact that Puerto Rico has a $1.4 billion payment due on Jan. 1, which it cannot pay.

Despite the debt crisis, the Governor yesterday authorized payment of $120 million owed to public-sector employees for their Christmas bonus.

The rate of acceleration of the financial crash demands action now—before Christmas. Unless Wall Street is dumped in the coming days, there is no guarantee that the United States will still be standing, come the New Year. Nearly $15 trillion in junk bonds and investment-grade commercial bonds have been cashed in, in just the past week. For the most part, firms are covering losses, in anticipation of an even bigger blowout at some very near-term date.

This is deadly serious. An uncontrolled blowout of the trans-Atlantic financial system, which could be hours or days away, would create the kind of mass chaos that is the classic British recipe for the worst kind of fascist dictatorship, which always, inevitably, leads to general war. As of Jan. 1, Europe officially goes under bail-in rules, pushed through by the European Commission. Already, banks in Italy and Portugal have looted stock and bond holders in failed banks, and the next step is the full-scale Cyprus Model of depositor looting. The Paris daily Le Parisien yesterday gave its readers a taste of bail-in, under the headline “What If Your Bank Went Belly-Up?”

Closer to home, Puerto Rico is going to default on $1.4 billion of its $72 billion debt on Jan. 1, and the U.S. Congress chose to willfully ignore that crisis, by refusing to pass legislation approving the bankruptcy protection, afforded to all American states and municipalities. Speaker of the House Paul Ryan and Minority Leader Nancy Pelosi have announced that they “pledge” to get to that legislation by March 31, but that is a sick joke, because the crisis for Puerto Rico and the entire trans-Atlantic region is not going to wait for March. It is coming now.

Lyndon LaRouche yesterday warned that, unless there is a complete plan for the wiping out of Wall Street and the launching of a Franklin Roosevelt-modeled recovery before Christmas, the American people face an imminent prospect of complete social breakdown. A top-down strategic plan must be in place immediately, along the precise lines that LaRouche has spelled out in recent days.

Congress has demonstrated its cowardice, most recently by passing a disastrous appropriations bill that defies the reality of the imminent crash. Congress must be defied and ridiculed for its incompetence. Either you shut down Obama and Wall Street now, or there is no chance. The policy has to be to sink Wall Street, and sink those, like Obama and the majority in the Congress, who have gone along with Wall Street.

LaRouche also emphasized that the Saudi disease of promotion of Wahhabi terrorism must be eradicated. The Obama Administration has systematically covered up the mountains of evidence that the Saudis are behind the growth of al-Qaeda, the Islamic State, the Taliban and Boko Haram. The Saudis, along with their British sponsors, have unleashed a narco-terrorist jihadist assault against every major nation on the planet, and top Obama officials, from Susan Rice, to CIA Director John Brennan, to Director of National Intelligence Gen. James Clapper, have presided over a vicious cover-up of those crimes, targeting and persecuting any honest intelligence officers who spoke the truth, in defiance of Obama’s vicious fantasies. They are fully complicit in the rise of ISIS, the Paris and San Bernardino attacks, and should be prosecuted under U.S. criminal codes and international law.

The evidence of these crimes is breaking through the wall of containment. Now is the time for the 28 pages from the original Joint Congressional Inquiry into 9/11 to be fully released to the public. Those pages, according to U.S. officials who have read them, will prove that al-Qaeda, from the outset, was a creation of the British and Saudi Monarchies, and this was known to top officials of the U.S. government, including Presidents George W. Bush and Barack Obama, who are fully complicit.

The policy has to be to screw the enemy up thoroughly. Hit them on their most vulnerable, deadly flanks, starting with the fact that Wall Street is dead, already dead. We are on the edge of a great folly, and the survival of the nation and humankind is on the line in the immediate coming hours and days.

I’m interested, tell me more

Lyndon LaRouche addressed associates in these terms in a discussion on Dec 16.

This is what I’m thinking.  We’re on the edge right now. We’ve got an indication which had been piling up around us,— this has got us super-activated.  And it’s not super-activated in the sense of excess; we’re not exaggerating anything.  We’re underestimating by a great margin; we’re failing to grasp the rate of acceleration of this collapse which is now underway.  I mean, there are historical precedents for this thing, of exactly this kind of thing.  And we’ve struck upon it.  And it could be a week from now, the whole system could be coming down.  That’s the situation you’re in.  Because there’s no value.

And therefore, you don’t have any solution in the sense of a businesslike solution; it doesn’t exist.  And what you have to do is understand what is happening now, versus what would have happened in terms of the Franklin Roosevelt approach.

Because this is a totally uncontrolled, globally uncontrolled process of self-acceleration.  In other words, the acceleration accelerates the rate of acceleration.  So if you think you’re going to be out of business by New Year’s, you’ll have been dead by then.

You’re going to have to think about food supply; you’re going to have think about health care; you’re going to have to think about everything.  You don’t have any security.  The only way you can have security is by creating it.  And you create the security by presenting exactly what will happen if we don’t do the job we have to do.  You have to say, “the British Monarchy is a corpse.  But typical of the British, their corpses tend to walk around the landscape, long after they’re dead.”

So there is no solution to this thing; there is no existing solution to this problem.  And it’s on a global scale, or at least a trans-Atlantic scale immediately, and will of course affect Asia as well, and Russia also.

And the only thing you can do is Franklin Roosevelt’s policy; you have say, “Declare Franklin Roosevelt’s policy, now, against Wall Street.” That’s the only way you can solve the problem.  Otherwise you’ve got something that’s going to accelerate, and there’s nothing you can do about it.  And what you have to do, is pose the fact that there will be no solution unless Wall Street is put out of business right now. That’s what Franklin Roosevelt did in effect.  He shut down Wall Street, which ended the inflation that was going on at that point before the election. And the only way you can do this, is to shut it down.

In other words, you can’t argue it, you’ve got to shut it down.  And you just have to cancel all so-called assets, which are not appropriate for this role.  You simply say, “You don’t get any money at all. You get no compensation whatsoever.  You’re shut out of business; you don’t exist any more.”

And that’s what Franklin Roosevelt did, in effect, in his operation of shutting down Wall Street.  You have to shut Wall Street down on a global basis, and you have to do it right away. And you have to put it out, and say “We’re warning you, you have to shut down Wall Street right now, immediately; because otherwise you won’t make it!  You may not make it to the end of next week.” That’s where you are, because the acceleration will cause the acceleration which will cause the acceleration.

And we have to go at this thing and tell people, very simple, “Wall Street has to go, entirely.  Everything that is Wall Street is cancelled.  The British Empire: Cancelled.” You shut it down. You say, “you don’t exist any more.  We don’t have any debts to you.  You are cancelled.”  And you put ’em into cancellation,— the people in government and in institutions of government, related to government, simply say “shut ’em off.” If you shut ’em off, you wipe out the debt. Now, you have to assign the debt, which is what Franklin Roosevelt implicitly did. That’s a weapon.

You simply say: “Don’t kid yourself, buddies, these games are over.  Because you’re in a hyperinflationary — a hyper-hyperinflationary inflation. And with a dead end.”  And we should be looking at something like a single week, by our action, could be readily accelerated to a point that before the end of the year, this whole thing is shut down. It’s the only solution. If you look at the rate of acceleration of inflation now, on categories that we are looking at, it means that one week can be a universe.  Just think of,— you have to go back to the medieval period, in order to see the kind of panic,— like the mass death which was induced in that period, where the whole population of Europe was in danger of being exterminated.

There’s only one solution:  Dump Obama.  Want to stop the crisis? Dump Obama.  And if you do it properly, you throw him out of office, you create a wave, a massive wave of determination to throw him out of office.

Now, if you throw him out office in that manner, we don’t have much of a problem.  We have a Franklin Roosevelt type of problem, of what his policy was; and all you have to do is ready,— what he did in the opening period of his government, and that’s exactly what the recipe is.  He didn’t have that kind of problem, because he had prevented it from the beginning!  I mean, you’ve got all these assets and so forth, food assets, production assets, all these kinds of assets; skill assets, they still exist; they exist impaired, but they exist.  All ready to be used, if only you shut the thing down!

If you try to maintain it, and try to buy into it, you’re finished; so you have to shut them down and Obama has to be shut down.  Blame Obama for the crisis!  And say, “he must be thrown out of office, because he is the source of this problem,” and he is!  Because his role on behalf of the British Monarchy,— and he was a tool and is a tool of the British Monarchy,— is what the whole crisis is about!  Now there were other stages with the Bushes and so forth, they were already bad. But this is the chronic one, it’s the Obama regime, and the Obama regime must be shut down immediately.  It’s the only way that the government can deal with the horror show which Obama is generating for the economy of the people of the United States and of the trans-Atlantic region in general.

Well, you’ve got to take the whole thing we just discussed, which,— this being of course a sketch.  But that’s exactly what we have to present.  And present it as the solution.  Say, if you’re willing to shut off all the income of Wall Street, and cancel all the claims of Wall Street, you can stop this problem. We have to do something else.  You also have to have constructive action, which makes that solution work. What is it?  You line people up and say, “You want a job?  You want a job?  We’re giving jobs, we’re giving jobs.  They may not be the best right now, but you’re going to live.”  That’s the Franklin Roosevelt approach to the situation we have now.

And you have to pronounce that as a policy.  Not just to say “this is the sickness,”— we have to define the solution.  What is the solution? What do we have to shut down, and why, and how? You say, “He doesn’t get any claims; he has no legitimate claim to be collected on!  You’re cancelled, buddy!”  He says, “but I need income.”  Well…

That’s what we are.  We are in that situation.  This is reality.  This is total reality time, global reality time.  And none of the rules that have been pushed along recently, have any merit whatsoever.  They’re cancelled.  And the first thing we cancel is Wall Street.

What we’re talking about is the Franklin Roosevelt style of creation of a new system of government, of financial management of government. And it has to be that way.  Because a lot of these categories are things that are put up as: “will they bail this out, will we bail this out?”  Forget it!  It’s dead, it’s a dead issue!  What we’re talking about is the practical activity of creativity, of productive creativity.  And productive creativity which is actually productive creativity, is actually what you want to defend.  And if it’s not that, then you say, “well, your case is cancelled. You don’t exist any more as a financial and economic entity.  You cease to be an economic entity.”  And you come up to get your paycheck, you don’t get a paycheck. You go to the back of the line, with the beggars.

That’s what we did.  Roosevelt managed this thing by going through a whole thing about these emergency bailouts of people who were jobless, without hope.  And we don’t want to go into that thing that way. We don’t want to have to wait for that, because now we know the experience of Franklin Roosevelt’s work,— and you simply say, “Well, we’re going back to Franklin Roosevelt’s policy, while we still have a chance to do it.”

Remember, Hoover did one thing: he sucked.

We’ve got this, right now; on the table right now, at this moment, we have the crucial evidence right in hand.  Just the developments which have broken loose in the recent period, which have become more acute in this past period, this is the great Christmas present that we’re giving to you, is the opportunity to shut down Wall Street.

 We already have examples of what the option is.  This is not something we have to worry about, as such.  It’s something we have to go ahead with and accomplish.  Just get people to understand that this is what the situation is, and destroy the myths.

No, this is it.  We take charge.  Like taking the evidence, we know what the evidence is, present it!

The point as far as I’m concerned, what we’ve gotten so far, even with the thin layer of discussion we’ve had so far on this question,— after looking at what we had on the beginning of the week,— it’s all clear.  And you can go with it, we can go with it right now. Because all the indications are there, and what you stumbled across is something you had overlooked.

And we have to announce we’re doing that; the declaration is that we have come to a conclusion, a solid conclusion, which is getting more and more people to jump in on this policy that we are presenting, and very rapidly you will find that this will become the trend of policy-making inside the United States in particular. Therefore, we are deciding the thing, and the first thing you have to do in order to celebrate this conclusion, is you have to get Obama kicked out of office.  And blame him for everything.  Because everything that is really dirty, apart from the Bushes —

A legacy, and the consequence, which is Obama.  And we just said, “That’s a fait accompli, you have no choice.  If you try to duck this issue, you’re all dead anyway.”

And that should be what we issue tonight, in a somewhat perfected mode. And that’s it:  We give ’em the scare of their life.  But it’s all true, it’s all happening.  And the cases like the Canadian case, is a good example to use.  What we did in trying to fight on Saturday, the fight for California, again, is another case.  So we have these cases, and we can pull the pieces together by rethinking them; rethinking them,— that’s really redigesting them.  We have, right now, in our hands insofar as the United States itself is concerned, we have in our hands the responsibility to deliver this policy now, and set this out.  And say, “Of course, really, the only way this system will actually work for mankind, is to get Obama kicked out of office.” Instead blame Obama for all of the problem, because he is the one who authored,— in his term of office,— who created this mess, in full fledge.  Well, this means that Obama has to be thrown out of office right now.

And don’t worry about what’s going to happen in China.  Just think about what’s going to happen if Obama is not removed.

Vulture investor and former Rothschild banker Wilbur Ross, in an interview with CNBC-TV Dec. 15, warned of a “wall of maturities of junk debt,” and said the junk bond is putting pressure on higher-quality corporate debt in a “daisy chain” that started from the energy sector.

Ross said: “There are no bids for the energy bonds…So if you have a liquidity need, you’ve got to sell something that there’s a bid for. That’s starting to bring down the rest of the market.” As for the junk debtors, Ross estimated they have $1.4 trillion in debt coming due and few or no options for refinancing it, especially with the Fed raising rates.

The “junk debt crash” was scarcely discussed two months ago, and has suddenly accelerated. As recently as Sept. 1 the default rate in “high-yield” corporate debt was still just about 2%; now, according to Thompson Reuters, it has quickly gone to 5%, and for energy/mining and metals companies, to 12%. To take one company, Chesapeake Oil, based in Oklahoma City, as an example, its bonds on Sept. 1 were valued at 80 cents/dollar; now they are in the 35-cent range; its stock has gone from $60 to $5; it could go any time. And Chesapeake, after only Exxon Mobil, is the largest oil producer in the United States.

The Office of Financial Research (of the U.S. Treasury) issued a financial stability report, which said distress in the junk-bond market could spread to other parts of the financial system. “Credit risks are elevated and rising for U.S. non-financial businesses and in many emerging markets. In the United States, non-financial business debt is growing rapidly, boosting leverage; in relation to GDP, it is at a historically elevated level.”

That is an understatement of the corporate debt bubble. The median ratio of gross debt to earnings for the largest 1,000 non-financial companies is 2.2 for the 12 months through Sept. 30, 2015, according to an analysis by Fortuna Advisors LLC. This figure is 47% higher than it was in September 2007, the bubble year before the bank crash, when the median ratio was 1.5. A wildfire of mergers and acquisitions this year has been valued at nearly $5 trillion, the highest since the 2007 merger wave, and has added nearly $3 trillion to corporate debt.

The U.S. industrial economy continues to sag under this debt burden. The Commerce Department today reported that U.S. industrial production dropped by a large 0.6% from October to November; and now, industrial production is down for the year as well, by 1.2%. Industrial capacity utilization fell to 77.0% from 77.5%. Drilling of oil and gas wells is at the lowest level since 1999.

A fourth hedge fund appeared to be going down today in the junk collapse, as Avenue Capital Group (not Third Avenue Capital, which failed last week) — suddenly lost $1 billion and had to stop withdrawals from one of its larger funds. Avenue Capital Group is significantly larger, with $12 billion in total assets under management, than the hedge and mutual funds which have failed in the past week, and its demise presumably will take longer. According to ZeroHedge, it owns two mutual funds, etc., and it is run by a Bill Clinton personal friend, Marc Lasry.

Various market “experts” (vulture investors) such as Wilbur Ross and Carl Icahn have made statements that they see the junk credit collapse starting “to contagion” into the much larger investment-grade corporate credit market, whose debt values fell sharply from Dec. 10-14, followed by a “general rally” on Dec. 15.

The zero-interest debt bubble on which Wall Street has been feasting for years, continues to erode the real U.S. economy in 2015. More industrial contraction was shown when the Empire State Federal Reserve’s business conditions index for December (in New York and parts of New England) “rose” to -4.6 from -10.7 in November and -11.4 in October. Unfortunately, -4.6 is still a contracting industrial sector in that region. The contraction is now six months long, and with one month’s exception, has lasted throughout 2015. Labor market conditions showed the worst deterioration; the New York Fed’s employment sub-index plunged deep into job loss at -16.2, and the average workweek declined sharply.

The trend of contracting manufacturing across the country is virtually unbroken throughout 2015, with only the West Coast (as shown in surveys by the San Francisco Federal Reserve Bank) a partial exception.

“The United States and our partners are not seeking so-called regime change,” Secretary of State John Kerry told reporters in the Russian capital after meeting Russian President Vladimir Putin and Foreign Minister Sergei Lavrov. He announced that the meeting tentatively scheduled for New York on Friday of the Vienna group would go forward.

Kerry reiterated that the U.S. does not think Bashar Assad can bring peace to Syria, but that the focus now is “not on our differences about what can or cannot be done immediately about Assad,” but on reaching a peace agreement in which “Syrians will be making decisions for the future of Syria.”

This has been Putin’s policy all along — that Syrians, not foreign interests, must decide on the Syrian government. That concept was agreed to in Vienna, but Obama nonetheless continued ranting that “Assad must go.”

Kerry went further, and said that Syrian opposition’s demand that Assad must leave as soon as peace talks begin was a “non-starting position, obviously.”

There are still problems to resolve, such as which rebel groups in Syria should be allowed to participate in the transition process and which should be deemed terrorists. Jordan is working on finalizing such a list.

Russian Foreign Minister Sergey Lavrov, speaking to the press with Kerry after the meeting with Putin, hailed what he described as a “big negotiating day,” saying the sides advanced efforts to define what a Syrian transition process might look like.

Kerry also referred to Ukraine with a very different tone than Obama, who hysterically describes Russia as isolated and collapsing economically due to his sanctions policy — which has harmed Western Europe more than Russia. Kerry said: “We don’t seek to isolate Russia as a matter of policy, no,” and said that the moves toward peace in Ukraine can lead to the sanctions being removed.

Kerry also announced that the meeting in New York tentatively scheduled for Friday, comprising the nations that have met twice in Vienna to discuss the Syrian issue, will now go forward. 

A fourth major New York hedge fund shut down withdrawals yesterday, as the entire junk-bond and high-yield-debt market is exploding. As the rocketing speculative lending into oil and gas and minerals runs into collapsing prices in a slowing economy, several market “experts” (vulture investors) such as Wilbur Ross and Carl Icahn have made statements that they see the junk credit collapse threatening to spread to the much larger investment-grade corporate credit market—possibly bringing down the entire Western financial system.

In any case, the system cannot be saved. Lyndon LaRouche said yesterday that all the money on Wall Street is nominal, speculative paper not worth a nickel, and must be written off in the same way Franklin Roosevelt did upon coming into office in 1933. FDR was then able to put people to work, to return dignity to a population which had been driven nearly to death.

But the situation is far worse today. LaRouche pointed to the thousands, perhaps millions, of middle aged, active people driven out of the workforce, turning to drugs, driving the recent spike in the suicide rates. He pointed to the Italian citizen whose life’s savings were stolen in a bank “bail-in” last week, who was also driven to suicide—”a signal that the vultures have gone too far.”

Obama stands in the way of the only solution to the disaster, which is the implementation of Glass-Steagall, shutting down the “too big to fail” banks, and building a new system. What is lacking is leadership—to remove Obama, implement Glass-Steagall, and restore the U.S. and world economies through great infrastructure projects in league with the BRICS and China’s New Silk Road programs. “It doesn’t take a great number of people,” LaRouche said yesterday, “but a number of great people.”

If the raving fascist Donald Trump, and the Obama puppet Hillary Clinton, were removed as candidates, then the decent candidates and others from both the Democratic and Republican Parties could come together to do the job, now, before the financial system implodes, and before Obama can start his war on Russia and China.

Yesterday, John Kerry, after meeting with Sergey Lavrov and Vladimir Putin in Moscow, announced that the U.S. was no longer demanding that Assad be deposed before a coalition against the terrorists can be launched and a transitional process to a new government initiated in Syria. As Putin has repeatedly said, only the Syrian people can decide who should rule in Syria, despite Obama’s criminal regime-change madness. Now John Kerry has broken from that Obama policy—but as long as Obama remains in power, the danger of war simply escalates, while the crash of the financial system comes ever closer—perhaps in the next days.

“The Puerto Rican crisis is real, and no one can seriously argue otherwise. We’ve done everything possible to keep the country afloat and not shut down the government,” said Puerto Rican Gov. Alejandro García Padilla during a visit to Washington last week. But, “we’re out of cash, and there are no more fiscal gymnastics we can perform.” It’s very likely, he said, that his government will not be able to pay the $1 billion debt payment that comes due Jan. 1.

Vulture funds, which hold between one-third and one-half of the island’s $72 billion in debt, are squeezing U.S. Congressmen and Senators, not to pass legislation which would provide Puerto Rico some relief through Chapter 9 bankruptcy protection, through which it could restructure its debt.

Instead, last week, Sen. Orrin Hatch (R-UT), Chuck Grassley (R-IA), and Lisa Murkowski (R-AK), cosponsored the Puerto Rico Assistance Act (S.2381), includes no legal framework for restructuring, offering $3 billion in “new” liquidity which won’t go far. Worse, it would create a federally-appointed financial control board to oversee every aspect of the island’s finances, arguing that the “corrupt” Puerto Ricans created this problem for themselves, and will now have to own up. It also suggests that pension “benefit reductions” may be necessary, USA Today reported Dec. 10. Puerto Rico’s impoverished population cannot withstand further austerity. The poverty rate stands at 45%, and 1,500 people leave the island every day for the U.S. mainland.

A Dec. 11 Mother Jones article quotes former New York State Assemblyman Nelson Denis, who warns that the control board would have the power to make all of Puerto Rico’s financial decisions, conduct its own investigations, subpoena witnesses, file administrative or criminal charges against island officials who don’t comply and take out loans for which island taxpayers, not the federal government, would be liable. This, he said, would be “a dictatorship in the Caribbean, created in Washington, operated from Wall Street, all disguised as a `management assistance authority.'”