LaRouche PAC has received another independent confirmation yesterday, that Paul Volcker undertook his present mission against Glass-Steagall and LaRouche at the request of the Obama White House.
The very banker-thug upon whom Obama is relying to stop the momentum building to restore Glass-Steagall, is the same one who bears enormous responsibility for the collapse of the U.S. economy over the past 40 years.
From 1969 to 1974, Paul Adolph Volcker served as Under-Secretary of the Treasury for International Monetary Affairs. Volcker is reported to have played an important role in Nixon's decision to junk the fixed-exchange-rate system and the Bretton Woods system in August 1971 — which paved the way for globalization and the shutdown of U.S. industry. In 1978, Jimmy Carter appointed Volcker as chairman of the Federal Reserve, putting him in a position to implement the policy of "controlled disintegration" which the New York Council on Foreign Relations had promoted in its "Project 1980s." A few months after his appointment, Volcker went to Warwick University in England to announce his endorsement of this policy, declaring that: "A controlled disintegration in the world economy is a legitimate object for the 1980s." By the the time of his Warwick speech, Volcker had already begun to put this evil policy into effect, by jacking up interest rates, until the prime lending rate for U.S. banks hit 21.5% at the end of 1980. This triggered a murderous collapse of U.S. industry and agriculture, with the output of key U.S. manufacturing industries falling in the range of 50%.
The Volcker economic massacre was accompanied by his direct push for banking deregulation, in which he explicitly attacked FDR's banking reforms as an impediment to transforming the U.S. into a "post-industrial economy." Volcker's speculative bubble popped in the 1987 market crash, at which point Volcker was replaced at the Fed by Alan Greenspan. Volcker was rewarded by being made chairman of Wall Street's Wolfenson & Co.
With this record, you might think that Volcker would be washed up for good. But no; after bouncing around chairing various commissions and so on for two decades, he emerged as one of candidate Barak Obama's controllers in the 2008 campaign. After he endorsed Obama, the newly-inaugurated Nero appointed him to head his "Economic Recovery Advisory Board" in February 2009, which he chaired until February 2011, when its charter expired.
In recent months, Adolph Volcker has been hyperactive in his drive to kill the LaRouche-led movement to restore FDR's Glass-Steagall Act, and instead to promote Obama's silly "Volcker Rule" as the alternative.
As Crain's New York Business reported in early June: "In the past month alone, Mr. Volcker has testified before the U.S. Senate and met with political leaders in Europe and China. He has met privately over the past several months with every major financial regulator in Washington," and it listed a number of speaking engagements as well. Additionally, LPAC's sources report that Volcker has been conducting a one-man phone bank, calling pro-Glass-Steagall economists and political leaders, including ones working for Glass-Steagall directly with LaRouche's movement.