The Statue of Liberty, New York Harbor CC-BY-SA
Next week’s Democratic debate in New York is liable to be fun, because the genie of breaking up the banks and shutting down Wall Street has been let loose again, and that, within the Federal Reserve! Under the auspices of the Minneapolis Federal Reserve Bank and its President Neel Kashkari, proposals to break up Wall Street have been put forward again. It has been noted that the Federal Reserve itself could break up the banks immediately—before they collapse again—by finding that their statements about their own assets and financial positions are not credible, lies, “a charade.”
Obama’s mouthpiece Hillary Clinton will be defending Wall Street’s inflation of its assets, as duplicitously as she can. And that anti-Wall Street magpie, Bernie Sanders, will be trying to remember how Franklin Roosevelt’s Glass-Steagall Act worked. Voters, out of years of accumulated anger, are making the issue hotter and hotter, and the contest closer and closer.
At the same time, with the so-called “Panama Papers,” a chaotic revelation has begun of how the big London, New York, Zuerich and Hong Kong banks really work—hiding hot money and drug money and tax-evading money in shell companies, laundering criminal money, drawing flight capital out of developing countries, breaking securities laws and hiding speculations from national authorities.
These banks themselves are bankrupt. The whole trans-Atlantic financial system is going down, sucking all growth out of the U.S., European, and Japanese economies and the life out of their people. The biggest banks need to be not just broken up, but the hundreds of their speculative units shut down entirely.
A fundamentally new system is needed, of productive credit, modern infrastructure-building, rapid scientific progress, deep space exploration, and nations acting for mutual benefit.
The offer to join and develop that new, “win-win” system is being made right now, by the nations of “the New Silk Road,” led by China, India, Russia.
These are, not by accident, the very countries the Obama Administration calls its biggest threats and adversaries, and seeks to provoke to war!
The Schiller Institute’s conference in Manhattan today, “Building a World Land-Bridge—Realizing Mankind’s True Humanity,” launches us toward that new system: The United States must join the New Silk Road. The mobilization for this conference, to restore Classical music and culture, to revive the U.S. space program shut down by Obama, has already changed the way Americans can see the future.
More than anger is required of citizens. Take this opportunity, because a new and worse financial crash, and a global war are threatened. The attention of the nation should be on the conference in Manhattan today.