LaRouchePAC Issues Emergency Call to Pre-empt Trans-Atlantic Economic Breakdown and Chaos

LaRouchePAC organizing at the steps of Federal Hall at Wall Street, NYC. July, 2017. (Photo: Eli Santiago / LaRouchePAC)

 

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This week, the LaRouche Political Action Committe (LPAC) issued an emergency call for mobilization to pre-empt the chaos and devastation that will result across the Americas, Europe and beyond, if we don’t take measures to initiate a Glass-Steagall re-organization of banking and credit, and proceed with funding for largescale, priority, physical infrastructure projects, and a resumption of space exploration and fusion power R & D. In 2014, Lyndon LaRouche laid out “Four Laws” of how best to move on this; now the situation has become life and death.

LaRouche said yesterday, “Wall Street IS the problem. This is a key issue which must be pushed to the top, to be followed through, to prevent this danger to the economy as a whole.”

There are trigger points throughout the Trans-Atlantic financial system, any one of which can fire, and explode the huge amounts of toxic debt and unpayable claims involved, bringing down the economy with it. These include everything from the U.S. consumer debt bubble, to bundled auto loans, to corporate bad debt, and quadrillions of dollars of exotic derivative “products.”

At the top of this monetarist nightmare is the Wall Street/City of London crowd, insisting that nothing needs to be done. They have lied all along that, “we are past” the 2007-8 crisis. All the while, the super-rich get richer, and the ordinary citizen is robbed and left to die.

On any day, look at the headline reports of the reality of the fragility of the system, and the mass suffering it’s causing.

In Italy at present, there is a criminal EU ‘management’ process underway of the so-called banking crisis, in which the EU is ordering a massive destruction of families’ resources. Instead of subjecting Italian banks in trouble to a process of Glass-Steagall reorganization (separating and supporting regular, commercial banking, from speculative practices,) the EU has decreed a sell-off of the banks’ non-performing loans (NPLs,) in such a way as to drastically de-value the collateral behind them, which is often household and industrial real estate. Out of EU88 bil of such collateral, an estimated EU 63 bil is expected to vaporize. This means the impoverishment of millions of families and businesses.

In the United States this month, the first group of retirees is getting slammed with drastic cuts in their pensions, under a measure signed by Pres. Obama in 2014, called the “Multi-employer Pension Fund Reform Act” (MPFRA.) In Ohio, retirees from the Cleveland Iron Workers Local 17 are getting pension cuts up to 63 percent, because, when their group pension fund faced bankruptcy–as many do, because of economic decline, the Obama law demands cuts as the “solution,” instead of using measures such as the Pension Benefit Guaranty Corporation, set up in 1974 for just such contingencies. The ironworkers paid into their pension plan throughout their whole careers; some even took early retirement, in exchange for the promise of a pension. They are now plunged from middle-class, to poverty, with threat of homelessness.

Meantime, all across the U.S. there are examples of the literal collapse of the physical infrastructure for existence, from water systems to bridges. New York City is the international example, whose transportation system is in breakdown.

Pres. Donald Trump was elected on the demand of voters to stop the mass robbery, collapse and misery in the nation; and he has made verbal commitments both to Glass Steagall, and to major infrastructure investment. Making good on this now demands that we act to bust up the Wall Street command-and-control over the economy and government. Timing is critical. Sept. 30–if we make it–is the end of the fiscal year for the Federal government and many corporate and other entities–a time when accounts are due, but at this point, untenable. Even before that, the first week of September is when millions more passenger trips will be attempted in New York City as school opens. Will it be carnage?

Our actions now are the deciding factor.

Sign our Petition: Congress, Suck it up & Move On—It’s time to Rebuild the Country

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Stop the Next Economic Collapse—LaRouche’s Four Laws Now!

Over the past 24 hours Helga-Zepp LaRouche and Lyndon LaRouche have called for an emergency national and international mobilization to take preemptive actions to stabilize and reorganize the financial and economic system before the next financial/economic breakdown hits–a crash that will be much worse than 2008. The preemptive actions needed are clear: LaRouche’s Four Laws program, starting with Glass-Steagall.

Additionally, we feature a special video appeal Helga-Zepp LaRouche recorded delivered to the American people, calling on American’s to support Trump’s effort to reinstate Glass-Steagall and revive the American System.

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This Promethean Moment

Presidents Putin and Trump. July 6, 2017 (en.kremlin.ru)

 

The Trump-Putin summit is being followed up with further ceasefires in Syria, leading, as President Trump has said, to a ceasefire across the whole country—so that soon, the only gunfire in Syria will be that directed against the terrorists, until they are defeated. At the same time, the State Department and the Russian Foreign Ministry have set in motion two long-term strategic dialogues. Further, the exchange of new Ambassadors between Washington and Moscow is being expedited, as the two Presidents agreed on July 7.

But at the same time, an unchecked, out-of-control world financial-economic crisis is barreling forward towards chaos and disaster. Italy is facing bankruptcy-deadlines, with electoral deadlines, which may unravel the whole euro system, and with it the world system. Transit breakdowns are intensifying and spreading in New York City, which, if not confronted by an overall upgrade plan, will come to a head by Labor Day, when passenger traffic normally rises significantly. And, as Diane Sare pointed out during the Monday, July 17 LaRouchePAC Policy Committee webcast, an infrastructural disaster in New York City is a national and international disaster, not a local matter.

President Trump is under heavy fire by “Russiagate” lies, but he is fighting back with spirit.

Freelance columnist Finian Cunningham wrote two days ago in RT, “Evidently, Trump is paralyzed by the toxic atmosphere of Russophobia in Washington.” But, although it’s under attack, the Trump Administration is clearly not “paralyzed.” It’s the Democrats who have been paralyzed by Russiagate. Most Democrats are not being permitted to do anything on behalf of the life-and-death interests of their constituents; all they’re allowed to do is run around yelling nonsense about Russia!

But in sum, as Helga Zepp-LaRouche has pointed out, the most urgent part of the President’s agenda—that of the friendly relations with Russia and China required to prevent atomic war, and facilitate Silk Road cooperation—is moving decisively forward. But the other part of the agenda: Glass-Steagall, large-scale infrastructural development, and the Four Laws of Lyndon LaRouche—that vital part of the agenda is stalled. Hence the continued, indeed quickened, rush off the cliff of financial and economic collapse.

For this reason, the heart-wrenching “deaths of despair” of our fellow Americans, which were triggered into an avalanche by the policies of the George W. Bush and Obama Administrations, are apparently continuing still to mount today. With over 90 deaths per day by drug overdoses alone, these drug overdoses have now incredibly become the leading cause of death among Americans under 50. Deaths due to alcoholism may exceed these numbers—while cases of outright suicide are not far behind. What unbelievable carnage in peacetime!

So what do we say?

We say that the question is not about what the President has done. The question is what YOU have done—in the spirit of Helga Zepp-LaRouche’s conference-call to organizers around the country of last Sunday, July 16. Remember what Lyndon LaRouche did with the Reagan Administration in the last century. What have you done, to create an unstoppable movement of people who understand Lyndon LaRouche’s Four Laws and their deadly urgency, and are fighting to enact them now?

Helga says that we must formulate a call to arms for the battle against Wall Street, which is trying to prevent Glass-Steagall and the Four Laws. We face the same thing in Europe, where the British empire and its allies are trying to stop the Eurasian Landbridge and the New Paradigm; they are trying to cool it down by all means.

We must call on the population to step forward—President Trump can’t do it alone. He is fighting enormous odds—and the whole purpose of “Russiagate” is to keep him from fulfilling his campaign promises.

We must fight for the $4.5 trillion of infrastructure needs outlined by the American Society of Civil Engineers, or better for the $8 trillion estimated by the China Investment Corporation. If chaos and panic break out in New York after Labor Day or earlier, out-of-control chaos could produce an irretrievable catastrophe, even a national catastrophe or worse.

“Wall Street IS the problem.” Lyndon LaRouche said at this point in the discussion. Later, he added, “This is a key issue which must be pushed to the top, to be followed through, to prevent this danger to the economy as a whole.”

Helga continued, “We must have a national and international emergency mobilization. Once you have a chaotic collapse, everything goes. We’re sitting on the edge of it now. Those who are not going for Glass-Steagall are criminals.”

Lyndon LaRouche added, “We have to force it through in great measure, and get it done. It’s the only way to get real action.”

He concluded the discussion, “I think we can probably get something going. It certainly is necessary to think of doing that, and to act on it.”

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Fireside Chat with Kesha Rogers and Megan Beets, July 20, 2017, 9pm EDT

Share the event, help build the audience!

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It Need Not Be a Summer of Hell

Rush hour on the L. (Tasayu Tasnaphun / flickr) (CC BY-NC-ND 2.0)

 

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The chaos and panic that the collapse of New York City’s infrastructure is producing—the onrushing “Summer of Hell” that New Yorkers have been promised, and has now arrived—is a very real daily nightmare for area residents. Fires on subways; closed bridges and hours of traffic gridlock; lengthy delays on stopped, sweltering trains, with many cases reported of panic attacks among riders; no reliable way of getting safely to work or school.

But New York’s nightmare is also a microcosm of what the entire trans-Atlantic sector is facing, if the United States and the nations of Europe don’t immediately bury Wall Street and the City of London, and join with China’s Belt and Road Initiative— as Lyndon LaRouche, alone among American statesmen, has tirelessly argued.

We are heading towards the close of the fiscal year at the end of the third quarter, and the September-October period has historically been one of extreme instability, bankruptcy, and crises in the financial system, Helga Zepp-LaRouche warned yesterday. An imminent collapse of the entire trans-Atlantic banking system is hanging over our heads like a sword of Damocles, with a $1.5 quadrillion derivatives bubble which cannot conceivably be sustained, even if Social Security, Medicare, and Medicaid were all wiped out three times over—which seems to be the outlook of many of our Congressmen and Senators.

The Trump administration, for all of its excellent work in standing up to British geopolitics and re-establishing working relationships with China and Russia, has not delivered on its promises to pass Glass-Steagall, and to rebuild America’s infrastructure. Treasury Secretary Steve Mnuchin—a banker’s boy, if ever there was one—is still in the government. It is sheer folly to pretend that we can somehow stumble along without investing in 50-, 75- and 100-year-old infrastructure. If we don’t replace it, it will crumble, whether we like it or not, and perhaps when we least expect it. That is one of the lessons of New York’s Summer of Hell.

But it need not be so: the solution is, quite literally, sitting right in front of us in Washington, DC. Yesterday was the meeting of Chinese and American authorities on the Comprehensive Economic Dialogue between the two nations, which was set up at the April Mar-a-Lago meeting of Trump and Chinese President Xi Jinping. The Chinese have repeatedly extended an offer to the United States to join the Belt and Road Initiative: the U.S. could both participate in global infrastructure projects in other countries, and get urgently needed help to rebuild our own crumbling infrastructure here at home. What are we waiting for?

China is taking that approach into the most devastated corners of the planet, with undeniable success. Africa is beginning to see progress in reducing poverty, for the first time in decades, if not centuries—with Chinese help. China is offering its “wisdom” and its Belt and Road Initiative to help solve the numerous crises in the Middle East as well.

To paraphrase President Xi, there is no such thing as permanent “intractable poverty,” nor, for that matter, intractable wars. Both can be defeated, with the appropriate policies.

Building a political fire under the behinds of Congress, and their constituents, will improve their understanding of those needed policies. And leveraging the advances we are achieving in the international situation, can help force through the necessary policies inside the United States.

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Restoring American Manufacturing and the General Welfare Depends on Restoring the American System

Made in America Product Showcase | July 17, 2017 (Official White House Photo by Evan Walker)

 

Developments in the U.S. today give further evidence that the intentions of President Donald Trump to rebuild the American economy and reverse the collapse of the American standard of living, while well intentioned, can not possibly be realized without resolving the onrushing collapse of the Western financial system. A recovery is impossible without the creation of a modern form of the Hamiltonian credit system, to generate the massive quantities of credit needed to even budge the wounded colossus of the American economy. The American Society of Civil Engineers estimates that nearly $5 trillion is needed over the next eight years just to restore the decayed infrastructure to a decent standard, while the China Investment Corporation, a sovereign wealth fund looking to invest billions in the U.S. (if the necessary financial structures can be created), estimates the infrastructure shortfall at $8 trillion.

So where does that leave the Trump proposal for a $1 trillion infrastructure fund? Or, for that matter, where will the credit come from to fix the broken U.S. health care system, or restore our down-sized manufacturing capacities, or our research and development in frontier fields such as nuclear fusion power and the exploration of space?

Trump declared Monday to be “Made in America Day,” honoring leading manufacturers at the White House and pledging to restore America’s manufacturing excellence of yore. But he made no mention of his pledge to restore Glass-Steagall, to end the gambling casino on Wall Street which has now built up a derivative pool of worthless speculative paper nearly twice as big as that which led to the 2008 crash. Without that first step of Glass-Steagall, to facilitate state-directed credit policies, the other measures mentioned by Trump — cutting regulations and ending unfair trade policies — will not even begin to reverse the collapse.

Or look at the health care fiasco. The most recent effort to take down the Obamacare disaster and replace it with something just as bad, has fallen apart, as neither Republicans nor Democrats could stand the stench. Trump responded that now Obamacare will proceed to collapse on its own accord, and that this may open up the ability to work with Democrats to create a workable solution.

But there is no workable solution as long as Wall Street runs the health care system through the insurance conglomerates, driven only by the maximization of stockholder value, to extract wealth from the system. The problem here again is a lack of credit to address the collapse of the health care delivery system — it is not an insurance problem, but a breakdown of the physical delivery system.

One of the Republican Senators who turned against the GOP plan yesterday, Jerry Moran, is from Kansas, a state where the years of cutbacks in health care has left their rural communities with literally no access to emergency health care, as is true in many of the inner cities in the once-booming industrial heartland. The Hill-Burton policy initiated by Franklin Roosevelt did not address insurance, but delivery. Every citizen was mandated to have access to hospitals and medical professionals to a given standard — if the private sector provided that to a community, fine and good, but if not, the local and national governments were required to do so. It is this physical reality which must be addressed, and can only be addressed through Glass-Steagall and the revival of national credit systems as created under the Hamiltonian American System. The near-death of that American System, especially since the assassination of Jack Kennedy, can and must be reversed in the coming weeks and months.

The President has nearly broken the back of the British Empire’s imperial division of the world into warring powers, by forming partnerships with Russia and China to fight terrorism and build the world through the New Silk Road. But the British have always run their Empire through control of the flow of credit, under the “private” banking system. Their hatred of Trump, and their launching of the color revolution now being waged to remove or assassinate him, is driven both by his rejection of the imperial division of the world, but even more by his threat to restore the American System of national credit, crushing the power of Wall Street and the City of London. Every American must act to implement that new paradigm in this moment of opportunity. It will not last long.

Sign our Petition: Congress, Suck it up & Move On—It’s time to Rebuild the Country

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What’s wrong with a back-channel to Russia?

Long-time LaRouche collaborator Elliot Greenspan, discusses the who, why and how of the faction trying to overthrow U.S. President Trump and how Russian back-channels have more than once saved mankind from nuclear disaster. See Elliot’s full presentation from June 10, 2017, here.

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