- (LPAC) -- Lyndon LaRouche today declared that the only
hope for avoiding a near-term collapse of the entire global financial system
is for the U.S. Senate to pass the Cantwell-McCain amendment, reinstating
the Glass Steagall Act, that separated commercial banks from brokerage
and insurance firms in 1933. "If the White House and the Senate Democratic
leadership don't succeed in sabotaging the vote on the Cantwell-McCain
amendment next week, I believe it will pass with significant bipartisan
support,'' LaRouche said.
- LaRouche reiterated his warning of May 11, that the $1
trillion-plus 'super-TARP' bailout of the entire bankrupt European Monetary
Union, which was announced on Sunday night by the Board of Governors of
the Federal Reserve Bank, is doomed to fail. "The entire purpose of
the way the Greek debt crisis was handled, was to destroy the United States,"
LaRouche declared. "The Greek debt crisis could have simply been handled
by a sovereign restructuring of their own debt.
- Instead, they saddled the Greek debt, and then the Portuguese,
Spanish, Irish and Italian debt on Germany, which has no capacity to pay.
So, now the United States has been drawn in, courtesy of President Obama
and Tim Geithner, to subsidize the whole mass of unpayable and, for the
most part, illegitimate debt. This will destroy the United States, just
as I warned. If President Obama were not such a toy of the British, none
of this would be even conceivable.''
- LaRouche declared that the only option is for the U.S.
Senate to pass the Cantwell-McCain amendment to the Dodd bill, that would
reinstate the Glass Steagall separation of commercial banking from the
speculative mess. "Otherwise, under the policy announced on Sunday
night by the Fed, the United States and Europe are headed for 1923 Weimar-style
hyperinflation, right now! Unless we stop this madness through the restoration
of Glass Steagall, the entire planet is doomed to a rapid plunge into a
new dark age.''
- British Foreign Office Declared War
- LaRouche reported that "reliable sources have informed
me that they have first-hand knowledge that the British Foreign Office
has communicated direct threats to the U.S. Department of State, warning,
in effect, that any move to reinstate Glass Steagall will be considered
an act of agression against the British government, by which they mean
the British Monarchy and the City of London financiers. Wall Street is
not the center of the problem. Wall Street is merely an appendage of the
British. That is an old story. It goes back to the time of the British
East India Company, and the actions of traitors like Aaron Burr and August
- "The question, therefore, that must be asked, is:
How many members of the U.S. Senate and the U.S. House of Representatives,
today, are prepared to kiss the Queen's rump? It really comes down to that.
The Foreign Office has made a direct threat, that the only sane action
for the United States at this time--the reinstatement of Glass Steagall
as a first step towards re-establishing a viable commercial banking system,
freed from the trillions of dollars in illegal speculative debt--is considered
an act of agression against Britain.''
- LaRouche reiterated that "over 80 percent"
of the American people support the restoration of Glass-Steagall.
- The Cantwell-McCain amendment to the Dodd bill, now being
debated on the floor of the U.S. Senate, is scheduled to be taken up early
next week, perhaps as early as Tuesday. LaRouche called on all of his supporters
to "turn the country upside down, mobilizing support for the passage
of the Cantwell McCain amendment."
- "Senators Cantwell and McCain have shown what it
means to be a true patriot at a moment of grave crisis," LaRouche
concluded. "I know something about why they have taken up this responsibility
at this time. They deserve our total support. The Cantwell-McCain Glass-Steagall
amendment is the true test of patriotism at this moment. Whether you realize
it fully or not, trust me: The very survival of the United States is on
the line in this vote. And if the U.S. goes down, in a hyperinflationary
collapse, due to a failure to stand up against the British, then all of
the planet is doomed. That is no exaggeration."