The rate of acceleration of the financial crash demands action now—before Christmas. Unless Wall Street is dumped in the coming days, there is no guarantee that the United States will still be standing, come the New Year. Nearly $15 trillion in junk bonds and investment-grade commercial bonds have been cashed in, in just the past week. For the most part, firms are covering losses, in anticipation of an even bigger blowout at some very near-term date.
This is deadly serious. An uncontrolled blowout of the trans-Atlantic financial system, which could be hours or days away, would create the kind of mass chaos that is the classic British recipe for the worst kind of fascist dictatorship, which always, inevitably, leads to general war. As of Jan. 1, Europe officially goes under bail-in rules, pushed through by the European Commission. Already, banks in Italy and Portugal have looted stock and bond holders in failed banks, and the next step is the full-scale Cyprus Model of depositor looting. The Paris daily Le Parisien yesterday gave its readers a taste of bail-in, under the headline “What If Your Bank Went Belly-Up?”
Closer to home, Puerto Rico is going to default on $1.4 billion of its $72 billion debt on Jan. 1, and the U.S. Congress chose to willfully ignore that crisis, by refusing to pass legislation approving the bankruptcy protection, afforded to all American states and municipalities. Speaker of the House Paul Ryan and Minority Leader Nancy Pelosi have announced that they “pledge” to get to that legislation by March 31, but that is a sick joke, because the crisis for Puerto Rico and the entire trans-Atlantic region is not going to wait for March. It is coming now.
Lyndon LaRouche yesterday warned that, unless there is a complete plan for the wiping out of Wall Street and the launching of a Franklin Roosevelt-modeled recovery before Christmas, the American people face an imminent prospect of complete social breakdown. A top-down strategic plan must be in place immediately, along the precise lines that LaRouche has spelled out in recent days.
Congress has demonstrated its cowardice, most recently by passing a disastrous appropriations bill that defies the reality of the imminent crash. Congress must be defied and ridiculed for its incompetence. Either you shut down Obama and Wall Street now, or there is no chance. The policy has to be to sink Wall Street, and sink those, like Obama and the majority in the Congress, who have gone along with Wall Street.
LaRouche also emphasized that the Saudi disease of promotion of Wahhabi terrorism must be eradicated. The Obama Administration has systematically covered up the mountains of evidence that the Saudis are behind the growth of al-Qaeda, the Islamic State, the Taliban and Boko Haram. The Saudis, along with their British sponsors, have unleashed a narco-terrorist jihadist assault against every major nation on the planet, and top Obama officials, from Susan Rice, to CIA Director John Brennan, to Director of National Intelligence Gen. James Clapper, have presided over a vicious cover-up of those crimes, targeting and persecuting any honest intelligence officers who spoke the truth, in defiance of Obama’s vicious fantasies. They are fully complicit in the rise of ISIS, the Paris and San Bernardino attacks, and should be prosecuted under U.S. criminal codes and international law.
The evidence of these crimes is breaking through the wall of containment. Now is the time for the 28 pages from the original Joint Congressional Inquiry into 9/11 to be fully released to the public. Those pages, according to U.S. officials who have read them, will prove that al-Qaeda, from the outset, was a creation of the British and Saudi Monarchies, and this was known to top officials of the U.S. government, including Presidents George W. Bush and Barack Obama, who are fully complicit.
The policy has to be to screw the enemy up thoroughly. Hit them on their most vulnerable, deadly flanks, starting with the fact that Wall Street is dead, already dead. We are on the edge of a great folly, and the survival of the nation and humankind is on the line in the immediate coming hours and days.
In a Dec. 18 statement from Washington, where he had been for three days of talks, Puerto Rican Governor, Alejandro García Padilla, again warned that his island’s dire fiscal crisis “will soon become a humanitarian crisis under the American flag.”
Congress’s refusal to provide Puerto Rico with bankruptcy protection in the recently passed omnibus spending bill, at the behest of Wall Street and its vulture funds, García charged, means that
In Washington, Governor García met with a number of Democratic supporters, and with House Speaker Paul Ryan, who promised he will take action on restructuring legislation for the island by March 31, 2016, and will hold hearings on the situation as soon as Congress returns in January. Governor García Padilla said Dec. 18 that he will hold Ryan to that pledge, which, he said, “must include a broad comprehensive restructuring authority and an economic growth plan.” However, Ryan’s promise will have no effect on the fact that Puerto Rico has a $1.4 billion payment due on Jan. 1, which it cannot pay.
Despite the debt crisis, the Governor yesterday authorized payment of $120 million owed to public-sector employees for their Christmas bonus.