JP Morgan Spells IT Out: They Choose Fascism

 

22 June (LPAC) In the June 21 LaRouche PAC webcast, J.P.
Morgan’s virulent opposition to a resolution for reenactment of
Glass-Steagall in the Delaware State Senate this past week by its
representative deployed to that hearing on it was raised to
American statesman Lyndon LaRouche. The question to Mr. LaRouche
referenced a 16-page report by J.P. Morgan issued on May 28,
entitled, “The Euro Area Adjustment: About Halfway There.”
J.P. Morgan’s report states that despite the volume of
austerity measures which are resulting in deaths in Greece and
other Euro countries, the Eurozone is only about halfway through
its period of adjustment, so austerity is still likely to be a
feature of the landscape “for a very extended period.” The
startling new feature of J.P. Morgan’s report is its claim that
the problem with imposing austerity is not just fiscal
discipline, but that there is too much democracy in some of the
European countries today, in comparison to the 1930s fascist
constitutions of southern Europe. The JPM report states:
“In the early days of the current crisis, it was thought
that these national legacy problems were largely economic:
overleveraged sovereigns, banks, and households, internal real
exchange rate misalignments, and structural rigidities. But, over
time, it has become clear that {there are also national legacy
problems of a political nature. The constitutions and political
settlements in the southern periphery, put in place in the
aftermath of the fall of fascism, have a number of features which
appear to be unsuited to further integration in the region.”}
(emphasis added)
J.P. Morgan authors David Mackie and Malcolm Barr explain:
“The political systems in the periphery were established in the
aftermath of dictatorship, and were defined by that experience.
Constitutions tend to show a strong socialist influence,
reflecting the political strength that left-wing parties gained
after the defeat of fascism…
“Political systems around the periphery typically display
several of the following features: weak executives; weak central
states relative to regions; constitutional protection of labor
rights; consensus building systems which foster political
clientalism, and the right to protest if unwelcome changes are
made to the political status quo. The shortcomings of this
political legacy have been revealed by the crisis. Countries
around the periphery have only been partially successful in
producing fiscal and economic reform agendas, with governments
constrained by constitutions (Portugal), powerful regions
(Spain), and the rise of populist parties (Italy and Greece).”
This is J.P. Morgan’s frank statement that fascism is needed
to impose the kind of austerity that Europe is only “halfway
there” on. And, this is why Lyndon LaRouche’s ultimatum, “We
don’t need Wall Street! Shut it down!” must be carried out at
once with Glass-Steagall’s passage.

This entry was posted in Austerity & Bank Bailouts, Economy and tagged , , , , , , , , , , . Bookmark the permalink.

3 Responses to JP Morgan Spells IT Out: They Choose Fascism

  1. Reblogged this on The Secular Jurist and commented:
    “The startling new feature of J.P. Morgan’s report is its claim that the problem with imposing austerity is not just fiscal discipline, but that there is too much democracy in some of the European countries today, in comparison to the 1930s fascist constitutions of southern Europe.” – OMG!!!

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