Austrian Candidate Frank Stronach: `Reintroduce Glass Steagall’

Sept. 25, 2013 (EIRNS)— The Glass Steagall campaign of the LaRouche movement is now spilling into this Sunday’s Austrian election as prominent maverick Austrian-Canadian auto parts magnate Frank Stronach, and the Team Stronach election slate which he heads, support the Trennbankensystem (Glass-Steagall) solution to the financial crisis.

In an interview in yesterday’s Format magazine, for example, otherwise dealing with gold and currency issues, Stronach was asked to comment on the fact that the mass of private debts of the financial industry [sic] were transferred by bailouts to nations’ budgets. He answered: “Every, absolutely every person in Europe must view this development with extreme concern. Politicians have gouged massive financial payments against the future, which naturally are at the expense of the next generation. The fact that we pay out more for interest payments than for education permits only one conclusion: We are spending more money for the past than for the future. Particularly regarding bank debts and bailouts, here, an immediate rethink must be undertaken. We from Team Stronach demand a break from subservience to the banks and a clear No to the Too Big To Fail mentality, and, the reintroduction of the Trennbankensystem.”

Stronach emphasized that Team Stronach’s Expert Advisor is Prof. Wilhelm Hankel, who calls for a dual-currency system for the Eurozone crisis, permitting individual countries to operate, in a coordinated way, their own currency, matching their economic characteristics, using the Euro as a common unit of measure.

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