Michael D. on Glass Steagall

Michael D Higgins: Ireland’s Product Must be Culture of New Ideas

President Higgins was awarded a Honorary Doctorate of Laws from the National University of Ireland, where he had spent much of his life as student and then university teacher.

In his acceptance speech, he gave a grand tour of history and pointed out, as he had during his campaign, that the destruction of FDR’s Glass-Steagall law led to speculative bubbles in many countries including Ireland.

Michael D said; “In recent times we have paid a heavy price for unfettered speculative accumulation, for light regulation for the global consequences of what followed acceptance of amendments to the Glass-Steagall Act in the US, an act that had its origins in responding to the crash of 1929 that sought to ensure it would never happen again. The amendments released a flood of virtual financial products across the world. To that, many countries including our own, added their own speculative bubble.”

Ireland’s President proposed that the greatest product that Ireland can provide civilization is a culture of new ideas to address the failure of the march of technocratic hegemony and economic disintegration.

As Ireland now faces a fight for a referendum on the nation’s future with or without euro, this President’s focus on these questions takes on increasing importance. In a recent paper “Preparing for the Referendum”, the LaRouche Irish Brigade insisted that Ireland’s future lay in a science –driver economy and called for an adoption of the Glass-Steagall law and a Hamiltonian credit system.

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