Give Americans Some Credit

U.S. Treasury Secretary Steven Mnuchen being sworn in at the Oval Office. (photo V.P. Mike Pence’s Twitter)

 

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Given leadership, Americans are rejecting the British-initiated attempt to “coup” President Trump, force him out of office by impeachment, resignation, or even assassination because he wants cooperation with Russia and China. This coup, implicating Obama’s intelligence agencies and FBI director, has driven the Democratic Party mad with anti-Russia McCarthyism against Trump — and it is continuing to lose them elections.

For the motivations of the anti-Trump plotters, listen to the fanatically stingy German Finance Minister, Wolfgang Schaeuble, attacking Trump yesterday in a Berlin speech: “I doubt whether the United States truly believes that the world order would be equally sound if China or Russia were … simply given a free hand to dominate the spheres of influence that they have defined for themselves. That would be the end of our liberal world order.”

Exactly right — that “liberal” world order that deindustrialized and rusted out the U.S. economy, and that Americans voted to get rid of. They entrusted Trump to make America again an industrial power, a technological power, a power in the present and future exploration of space. The Congress — both parties — needs to start immediately rebuilding and replacing the nation’s obsolete economic infrastructure. Cooperation with China, with its “Belt and Road Initiative” many times the scope of the Marshall Plan, can dramatically help, from high-speed rail networks to Moon landings.

Speaking to a U.S. Commerce Department foreign investment “summit” on Monday, Treasury Secretary Steven Mnuchin said, “Working with foreign investors is going to be a critical part of any infrastructure plan we put forward.” Fine. Many China business leaders among the 1,200 attending, want to see China investing in a new U.S. infrastructure build, through American national credit institutions like the four major national banks which have funded China’s incredible infrastructure breakthroughs of the last 20 years.

But Mnuchin then said, “Public-private partnerships are critical…” for building new infrastructure — the failed “liberal world order.” So-called PPPs, where investment firms want their capital back within 10 years, and 10-12% interest annually, do NOT build new infrastructure platforms.

A network of high-speed rail lines across the nation? Sea gate systems which would have protected New Orleans from Hurricane Katrina, and New York’s transportation systems from Superstorm Sandy? Desalination complexes and long-range water-transfer systems to irrigate the West? Human bases on the Moon? PPPs do not create such things.

National credit does. EIR Founding Editor Lyndon LaRouche said a few years ago: “You’re talking about an investment by more than one generation. All of the great projects which we need now, as in the past too, are projects which require multigenerational investment. They are the incurrence of debt, a debt which spans generations. And one of the great things that we have to master in this respect, is what is the nature of human beings….

The idea of credit, first of all, is human. It doesn’t exist for anything except for human beings, to our knowledge. Therefore, we design a monetary system, or a financial system, based on a system of credit, which means the development of one individual, who transmits something which is of use to a second generation. And this is not a process of continuation; it’s a process of development. And the unit of development is what we should call ‘credit.'”

“Great projects through national credit, a debt which the next generation will be able to “pay back,” using the higher-technology infrastructure to produce and live at a higher and more productive human level. Only nations can generate that credit, individually and through international development banks such as LaRouche has proposed for forty-five years.

There is no more time for “talk about building a new infrastructure.” A “Hamiltonian” national bank for such credit must be created now.

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