On Monday, amidst all the chatter about infrastructure—and Russiagate hysteria—Lyndon LaRouche cut through it, to stress: Federal credit! Get the payments going. Speaking of the emergency situation in New York, he said, “There must be Federal government funding immediately to build new infrastructure in New York City. The Federal government must take over this crisis; it is the only source of an orderly form of credit for this problem… We have had enough talk without any specifics, without any real payment coming in. Put it on the table—both the funds, and the use of the funds—now.”
Outside of New York City—a major national crisis, on whose solution the economy depends—there are appeals coming out daily for intervention, because of decrepit conditions of transport, water, power, public health, and all other necessities. Yesterday, Sen. Bob Casey (D-Pennsylvania) was on the Monongahela River (near Pittsburgh) to call on Congress and Pres. Trump to fund the rehabilitation of three aged locks before a terrible failure occurs. These structures date back to 1917, on a waterway which today, for example, still carries 6 million tons of coal a year to the U.S. Steel coke ovens in Clairton, for what’s left of the area’s steel industry. The locks rehab started 25 years ago, and remains unfinished to this day, after repeated stall-outs. However, Sen. Casey offers no overview plan for how to fund the needed upgrades.
There is no way that any of the oft-heard talking points—public-private partnerships (PPPs), local or state government funding, nor ‘free market’ wing-dings, will finance the restoration of the economy. The Wall Street demand for 10+% returns from fees, tolls, levies, tickets, etc. is completely impossible. “Get the facts in order” on this, as LaRouche again stressed yesterday.
We have to lift people up to the right approach. This begins with restoring Glass-Steagall to protect useful commercial banking, and ice out speculative finance; then establish a national credit institution, and extend Federal and private credit for large-scale priority projects and activities, and launch a science-driver for space and fusion power advancement.
In New York City, people ‘on the street’ are responding with great amazement and relief to the idea, ‘We can do this!’ In turn, the enemies of this approach stand out all the more starkly.
Yesterday in the Senate, Treasury Sec. Steven Mnuchin was a cornered rat on Glass-Steagall. At a hearing on the Federal budget, he responded to questioning by Sen. Bernie Sanders (I-VT) by saying that there are three different “21st Century Glass- Steagall Acts,” and he opposes the Elizabeth Warren one to re-instate Glass-Steagall, and the Republican Party platform one, too. Mnuchin said, there should be no forced separation between commercial and investment banking: “We think that would hurt the economy, that would ruin the liquidity in the market.” In other words, Mnuchin is a killer. He is deliberately backing financial conditions leading to loss of life and loss of a future for the nation.
In direct opposition, we saw something of the “spirit of the Silk Road” in Iowa yesterday. At an Iowa-China symposium in Des Moines, a Memo of Understanding was signed between Chinese and American think tank representatives, to continue to exchange ideas for advancing their respective economies together. The Chinese Consul-General from Chicago reported on Chinese involvement in manufacturing, trade, and agriculture matters in the nine Midwestern states he relates to. The Trump Administration announced the completion of the China-US trade pact, under which U.S. beef exports can now start to China. Xinhua, CGTN, and other Chinese media ask, ‘Is Iowa-China the model for a new U.S.-China relationship?’
On June 21, Trump will speak in Cedar Rapids, Iowa, for a send-off rally for Terry Branstad, the former Governor of Iowa who is going to China to serve as the new U.S. Ambassador. Branstad is a long-time personal friend of Pres. Xi Jinping.
We call on people to rise above, and defeat, the Trumpgate/Russiagate operation and the evil, British empire crowd behind it. Come up to the plain of truth. What Vladimir Putin said about this, in the first installment of his interview with Oliver Stone last night, is: The anti-Russia hype in the U.S. is foolish. It may gain them some short-term advantage, but the problem with them is that they refuse to look 25, 50 years into the future, to see the consequences of their actions. We need cooperation.