Banking Crisis Shows Bankruptcy of U.S. Economy

January 16, 2008 (LPAC)--Lost in all the noise about the way in which foreign agencies and governments are pumping tens of billions of dollars into U.S. banks, is what this says about the state of the U.S. economy, and the way in which the United States, once an exporter of capital to the world because of the wealth created by its industrial prowess, has become so weak that it is now totally dependent upon borrowing from the rest of the world just to keep the doors of its banks open. The combined effect of deindustrialization, globalization and the shift to a service economy has turned the U.S. economy, its financial system, its corporations and its people into debt junkies, unable to survive without a constant fix of money from outside. How far into this bottomless pit do we have to sink before we finally say, enough is enough? What are we going to do now that the financial system has broken and the debt machine collapsed? The losses reported so far are just a drop in the bucket of what will ultimately be revealed as the magnitude of the disaster which has already struck becomes apparent. Lyndon LaRouche has presented a solution, which begins with the passage of the Homeowners and Bank Protection Act, and the putting up of firewalls to protect people while we straighten out this mess. We have lost much already--let us act quickly, before we lose it all, and the United States is consigned to the dustbin of history.