With another showdown on
the debt ceiling looming, President Obama has two choices: 1) Follow the
dictates of the 14th Amendment as to the unquestioned validity of the
public debt of the United States or 2) Face impeachment for failure to
uphold his oath of office.
We the People can no longer tolerate enslavement to the dictates of private
and international credit rating agencies, representing the same Wall Street
interests who terrorize, bribe and blackmail our pathetic representatives
to Congress. A true President would not abrogate his powers by opening
the door to the destruction of the nation's credit, currency and economy.
The present chirping about floating a trillion dollar platinum coin, now
officially rejected by Obama, is a gimmick of the worst kind, for it represents
a further entrenchment of a system where we must borrow our future from
private financiers. We don't need to trick our central bank we need
to own it. As the world's greatest sovereign nation, the United States
is inherently solvent, unlike the zombie hordes of Wall Street and London.
President Obama faces a historical point of inflection, with precious
little time to decide his fate and ours. On one hand he can choose ignominy
for sacrificing an entire nation to a clique of finance oligarchs. On
the other, he can summon whatever personal courage he has left to rescue
his legacy, his party and his country from the jaws of defeat.
What a great American President would do:
Invoke the 14th Amendment. The US Constitution affirms the legitimate
public debt of the United States. There can be no arbitrary debt ceiling
those debts the people by their representatives choose to incur are
No Cuts. Take Social Security, Medicare, Medicaid, Food Stamps and other
elements of the "general welfare" off the table. If America doesn't "negotiate
with terrorists," then we can not capitulate to the austerity ghouls of
either party who hold our national interest hostage to the interests of
1% Wall Street Sales Tax. Our budget crisis is based largely on the fact
that quadrillions in non-productive financial speculation flow untaxed
each year through New York, Chicago, Minneapolis, Kansas City and other
financial centers. If this President had any guts, he would commit to
making Wall Street pay for the depression they created. America demands
a 1% Wall Street Sales Tax on stocks, bonds, futures, options, derivatives
and other securities. This should be implemented immediately, with provisions
to protect household-level investment, with revenue divided between the
Federal and State governments.
Seize and Nationalize the Federal Reserve: The insane TARP and Quantitative
Easing policies demonstrate the power of a central bank. These powers
must now be denied to parasitical speculators and provided for infrastructure
and physical production. Order the Federal Reserve, en route to formal
nationalization, to purchase Century Bonds (0% interest, 100 year maturity)
and similar long-term securities, from states and regional authorities
for an emergency program of disaster aid, reconstruction and shovel-ready
Begin with a politically-insulated purpose like reconstruction of areas
affected by Hurricane Sandy, and the model can be quickly expanded to
fund massive new infrastructure projects, public services and a long-overdue
rebirth of American industry and agriculture. The banking cartel, fresh
of the Libor rate-fixing scandal, can not be trusted until they are reorganized
in bankruptcy and cut down to size, their derivatives shredded and their
operations re-regulated by a revived Glass-Steagall law. Such a program
is now being developed by the growing United Front Against Austerity (http://againstausterity.org).
America accepts the war against Wall Street
Beyond validating the public debt, the 14th amendment further invalidates
debts incurred in aid of insurrection or rebellion against the United
States. The so-called banks of London and Wall Street have nothing to
do with regulated capital investment, but are parasites, enemies and rebels
against the sovereign nation-state for which Obama is the supposed executive.
A great president said of the American Civil War, "Both parties deprecated
war, but one of them would make war rather than let the nation survive,
and the other would accept war rather than let it perish, and the war
came." The goal of finance oligarchy, as always, is no less than to dissolve
the nation-states and divide their effects. The war before us is not against
any fictional terrorists at home or abroad, but against those terrorists
with the power and influence to destroy us all.
Mr. Obama, which war will you fight? Wall Street's war on poor and working
people at home? Its endless war of imperial conquest abroad? Or the only
war that can transform you from a loathed, bitter disappointment into
a potentially great figure of history?