The United States and the trans-Atlantic financial system are right now plunging towards a financial blowout bigger than that of 2007-08. Today’s corporate debt bubble, at $14 trillion, is bigger than the $11 trillion mortgage bubble of 2007-08, and the 20% level of defaults projected for these debts today, is far greater than that actually experienced in mortgages a decade ago. We are already into “The Big Short,” where Wall Street is lending money to suckers to help them buy up its securitized worthless debts–and then betting against its own customers.
The hysteria exhibited in Wall Street’s daily public freakouts against Glass-Steagall, reflects the banks’ awareness of the coming blowout.
Nothing like the present situation has ever been experienced anywhere before–nothing in the present world situation bears any comparison whatever to that of 2007-08, for example.
NASA Mission Controller Gene Kranz, who went on to be the key Mission Controller for Apollo 13, described in his book, “Failure is Not an Option” (2009), how his boss, the legendary Mission Controller Chris Kraft, had walked up to his desk just two weeks after Kranz had first joined NASA at Langley in 1960. Kraft said, “Everyone else is tied up. You’re all I’ve got. We’re coming up on our first Redstone launch. I’d like you to go down to the Cape, get with the test conductors and write a countdown. Then write some mission rules. When you finish give me a call and we’ll come down and start training.”
“The shock on my face must have registered,” Kranz wrote, “as Kraft continued, ‘I’ll tell Paul Johnson to meet you at Mercury Control and give you a hand.’ When Kraft talked, his eyes never left mine.”
“My days as an observer were over, my chance to get up to speed ended…. From my work, most recently at Holloman Airforce Base in New Mexico, I knew about flying, systems, procedures and checklists. I could figure out what a countdown should contain. Mission rules were different. There had never before been such a mission in U.S. history–I would just have to give it a shot. Since there were no books written on the actual methodology of space flight, we had to write them as we went along.”
Just so for us at this moment. There is no book which tells us what we must do now. We do know that the crash must be pre-empted by an in-depth mobilization of the population–just like mobilization for war, but a mobilization for the economy in depth. Consider Franklin Roosevelt’s “100 Days” program. Lyndon LaRouche spelled out what this means in his “Four New Laws” of June 2014. The revolution welling up from LaRouche’s “basement” scientific team is reverberating this, in conjunction with LaRouche’s “Manhattan Project.” It was seen in Benjamin Deniston’s 15-minute presentation to the Manhattan Schiller Conference on April 13, and in Megan Beets’ April 15 Manhattan class on “Fusion: Uplifting the Human Species.” It is found throughout the Manhattan Project’s music work led by John Sigerson.
“What you can test for, is what you’re doing in the Basement there, and that works,” LaRouche said yesterday. “It’s functional. What we have done in the Manhattan area, has been a revolution of achievement. So, if you want to sink, you can sink, by being silly. If you want not to sink, then what you have to do is you have to behave yourself.”
The United States and other nations have an intrinsic power of economy shown in super-high growth-rates as impulses in certain periods. But then the thieves came and shut it down, and spread the myth that this is the way the system works. But that’s a myth! It doesn’t work that way. All we have to do is as we’re doing in the Manhattan region. We are actually creating a force of economic creativity. What John Sigerson has done with the music is an example of that. So you have to have the generation of a process of development. Then you do not have a real crisis. You may have an embarrassment; you may have lost money. You may have lost your job, but the system itself, if treated properly, will work.
You have to support reality; economic reality has to be installed. If you have that proper reality, you won’t have a problem, because you’ll have gates that will open up for you sooner or later. The problem in economies is when economies are being destroyed.
If you look at it the way I look at it, we have the gates of prosperity looking at us. But we’ve got to maintain them–that’s the difference.