In response to a briefing on the response of several economists to the Fed’s non-action and their lying justification of that non-action, Lyndon LaRouche responded, in paraphrase:
I have always warned about this. The Federal Reserve system and Wall Street are the heart of the problem. They are totally bankrupt, and yet they hold political control over the government, while in fact they are worthless. We must start by demonstrating that Wall Street is of far less value than they represent—in fact, they are bankrupt. We need an overall reform that eliminates Wall Street.
The United States refuses to recognize the truth, that Wall Street is preventing a recovery. We must write it down to its true near-zero value. We have a more extreme case than FDR faced when he closed down Wall Street, but it must be wiped out or there will be no recovery.
In Europe, the Green policy is the most aggravating factor in keeping Europe down. There is a match between getting rid of the Green policy and dumping Wall Street.
“Chaos” is an understatement of this thing. People won’t listen—we must shut down Wall Street. To do so we must throw Obama out of office. Look at Wall Street in the 1920s and 30s, and see what FDR did. The situation is far worse now than in FDR’s time. There are nothing but pseudo values in the banks—write them down!
Go back to Bertrand Russell’s influence at the beginning of the 20th Century, together with the assassinations of American presidents. Bush, Cheney, Obama—four terms of this—would every week issue reports on the “easing” that week, every week getting more and more quantitative easing, instead of putting the whole thing through bankruptcy then and there.
We have lowered the productivity of labor, with the Green policy and the quantitative easing. Now Wall Street is hopelessly bankrupt. It’s not the dinasaurs going extinct—it’s the bankers.