Shut down Wall St – Replace British Monetarism with FDR’s Credit System
LaRouche: Shut Down Wall Street Now, like FDR Did
Wall Street and the entire trans-Atlantic financial system is now doomed, and could vaporize at any point over the coming days and weeks, Lyndon LaRouche warned again today. The danger is that this will lead to a state of panic and accompanying mass deaths, which can only be avoided by shutting down Wall Street the way U.S. President Franklin Delano Roosevelt did, LaRouche stated. We need an urgent “mobilization of the willing” among the American people, to get the nation – and the world – back on course.
This is not a matter of negotiating some kind of reform or concessions. “Wall Street has to be shut down with no compensation given to it,” LaRouche said. “We have to close in, the way Franklin Roosevelt did. And if you don’t shut them down, you’ve lost everything anyway. In other words, you cannot negotiate with the banking system; you have to take the lesson from FDR!”
LaRouche was emphatic: “You don’t have leeway. Every bit of financing that’s out there which is of this speculative nature, has to be wiped out with no Compensation given to it. You bankrupt every one of these swindlers, in every category, and you strip them down.”
The size of the global speculative financial bubble now exceeds $2 quadrillion, by conservative estimates, having grown by over one third on President Obama’s watch. This is a direct result of Wall Street’s criminal policies of bail-out (financial quantitative easing) and now bail-in – genocidal austerity and cutbacks designed to sharply increase the death rate, combined with outright theft of people’s savings, as occurred in Cyprus and most recently in Italy. Wall Street’s debts have gotten to the point that they can no longer be paid in dollars; now they are demanding that they be paid in corpses.
Look at the case of Italy, where a forced bail-in of depositors in four banks earlier in December wiped out many people’s life savings. At least one person is known to have committed suicide as a result, as has happened previously with hundreds of businessmen and workers who were destroyed by the same policies.
Or look across our border to Canada, where the blowout of Wall Street’s oil fracking bubble has decimated entire communities and is killing people. Suicide rates have exploded among laid-off workers in Canadian oil fields in Alberta and Saskatchewan provinces in recent months, increasing by 30 percent in the first six months of 2015, as compared to the first six months of 2014.
Do you want this to happen to you? It will – unless you shut down Wall Street.
Replace British Monetarism with FDR’s Credit System
LaRouche stressed the urgency of acting right away. “This is not down the line; this is now. And as soon as possible we have to shut down the entire monetarist system of the United States, in particular – before New Year’s, when this thing is going to go into full flow.”
“What’s needed is more than just a piece of regulation,” LaRouche continued. “The point is, you’ve got to eliminate the idea of money, of the monetarist system, which is a characteristic of the British system. Our solution is not against the use of money, but it’s against monetarism; so you’ve got to cancel monetarism. You cannot assume that money has an intrinsic value of its own; that’s the problem.”
What President Franklin Roosevelt did was absolutely correct, and serves as a good indicator of the direction we have to take today. After shutting down Wall Street, you have to provide a credit facility of the type FDR did. “You utter credit, and that earns – by using a credit in the proper way – that earns productivity,” LaRouche stated. “The credit is based on the generous effort on behalf of the government itself, on the U.S. national credit system. What happened under FDR’s policy, is that people were actually covered by the generosity of the Presidential system. You had to make up for the fact that you had a debt to the Federal government, as a power; and you had to earn your way into building up your own economy. And that’s what we did under Franklin Roosevelt.”
LaRouche concluded: “You’re in a point right now, in the coming weeks going into New Year’s, your existence may be doomed, unless you do this, unless you bring this off. That’s reality. That’s where we are.
“The condition of the United States presently is such that the present system cannot function; it’s going to collapse. And we have to prevent a collapse. How do we prevent the collapse? We do what Franklin Roosevelt did to Wall Street. There is no other option; it doesn’t exist. And the time is urgent. As of the first of the year, you may be dead unless this is done.
“Now what does that mean? It means you’ve got to get President Obama kicked out of office; quickly, immediately.”
LaRouche’s Four Cardinal Laws
Lyndon LaRouche, many months ago, spelled out the four cardinal laws for a genuine physical economic recovery:
• Reinstate Glass Steagall, fully separating commercial banking from the gambling activities of investment banks, hedge funds, and other speculators. This will immediately wipe out Wall Street’s debt, which is unpayable and illegitimate in the first place – along with the political power of the Wall Street/London bankers cartel.
• Launch a massive infusion of Federal credits, through that restored commercial banking system, into the real economy. This Hamiltonian approach to national banking and Federal credit is the centerpiece of FDR’s policy as well.
• Concentrate on those areas of investment that most increase the energy flux density of the economy as a whole, including infrastructure, scientific and technological R&D. This means trillions of dollars in capital investment, to build a 21st century infrastructure grid along the lines of the World Land-Bridge.
• Pursue areas of frontier scientific exploration, keying off the work of the great 20th century Russian scientist, V.I. Vernadsky in the field of biogeochemistry and the noösphere. This must include an international crash program to achieve commercial fusion power, an essential feature of the next phase of space exploration, as well as solving the energy and water requirements of a world facing a breakdown crisis of Dark Age proportions.
Get in touch with your local LPAC office now. Join the “mobilization of the willing” to shut down Wall Street.