Detroit, U.S, and Naples, Italy: Banks Leave Cities in Ruins, Amid Popular Campaigns for Glass-Steagall


7 Aug (EIRNS) “The Battle Of Health Workers In Naples: Naples Like Detroit” is the headline of an article published on Tuesday by the online weekly Il Denaro (Money) and written by a Movisol supporter in Naples who works in the main Health Care Unit (ASL) and has been very active in the last months gathering signatures for Movisol’s bill for Glass-Steagall in Italy. The article starts off with the strikes and demonstrations by ASL workers to “defend the paychecks of almost 7,500 employees who are at risk since Banco di Napoli seized the assets of ASL. This is reminiscent of a situation in another famous city in the United States, Detroit, which filed bankruptcy on July 18th.”

The article continues, describing the bankruptcy agreement imposed by Emergency Financial Manager Kevyn Orr to bailout the banks, exposing the LIBOR fraud and derivatives fraud involved, which was also exposed in the case of Naples, since both the city and Campania Region, of which Naples is the capital, invested in derivatives dumped on them by London in 2006. It then quotes “Bill Roberts of LaRouchePAC, former candidate for Congress, who remarked in a July 21st statement that he had warned the Detroit City Council of the consequences if they did not adopt Glass-Steagall,” and continues, reporting the LPAC week of action in Washington to have Glass-Steagall adopted and cancel the Congressional recess if needed.

“An initiative to this effect is taking place also in Italy,” continues Gagliotta’s article, where an initiative has been launched for gathering signatures for a popular bill “to separate ordinary banks from speculative banks” with the newborn Comitato di Liberazione Nazionale (CLN). “The signature collection aims at increasing the popular awareness on this issue and to force institutions to take on their responsibilities.”

Maria Gagliotta quotes also the letter she sent to her trade union, UIL (Unione Italiana del Lavoro), “inviting it to take a public stand on Glass-Steagall as a key step to stop the systemic collapse and prevent that it degenerate into a hyperinflationary explosion and the total collapse of the physical economy and its infrastructures. Banking separation is the conditio sine qua non to relaunch the real economy and productive credit.”

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

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