LIBOR Tells Us: Restore Glass-Steagall Now!
July 13, 2012 • 11:00PM

by Rachel Brown

Recently, an entire section of the British oligarchical elite have faced the fact that the world financial system is crashing at a rate which is faster than any capacity of governments or citizens to bail it out. They are calling urgently for the immediate implementation of Glass-Steagall before the entire system collapses in chaos resulting in untold deaths. At the same time, the fact that the City of London-Wall Street banking axis has been rigging the LIBOR rate, the rate by which every interest rate on financial instruments throughout the world is derived on a daily basis, has exploded into the headlines -- signaling that the only way the system has survived is through the most massive financial fraud ever conducted in human history -- a fraud in which Tim Geitner and Ben Bernanke have played a significant role.

With this discovery of the LIBOR rate-fixing scandal, not only have we been shown the criminality inherent in the nature of the system, but we also should recognize the thinking behind the crime, represented by the continued allowance of such a system to survive. The severe cuts in emergency services, safety measures, health care and more, forced on states and cities by their purchase of rigged interest-rate swaps, have led to deaths, and this should be called what it is-- murder. As leading City of London bankers have recently come to the decision, that Glass-Steagall and nothing less will ensure the continued existence of civilization, so too must the United States. Not "ring-fencing," or the "Volcker Rule;" only Glass-Steagall will enable the world to shift to an economy which promotes physical economic development.

We have run out of time. We have exhausted all other options. The only conclusion to come to now is the recognition that the basis of policy making, as directed to Trans-atlantic leadership by the the British Empire and the City of London, has failed. We believed in "hedging our bets" instead of investing in physical projects that would guarantee not only a higher rate of return, but a better quality of life for the generations to come. We paid bankers for their gambling losses, instead of defending the foundations of our society. We believed that if the statistics told us things would get better, they would.

Now we must realize, that believing those lines was the biggest scam of all, and the cost for doing so was not only the loss of a functioning economy, but our societal compassion and defense of human life.

Glass-Steagall is not just a banking law, it's the first step in a full change of our economic and social thinking. There are many threats to human existence, both economic and otherwise, but these threats are solvable if we choose not to deny the creative powers of mankind which can solve them. Southwestern fires, record droughts, large storms, and threats to our planet such as asteroids and cosmic radiation, can all be approached with a higher method of science, and projects like NAWAPA. This type of scientific orientation and physical approach to economy, are paired with a more truthful thinking that must begin with Glass-Steagall.

The question remains, who are we afraid of, that we would not do what is necessary for our survival? Massachusetts must not only investigate this murder, but bring criminal charges; and elected officials must do everything in their power to see to it that Glass-Steagall is enacted, and that those who facilitated these murders-- including Obama and Geithner-- are immediately removed from office. LIBOR is not just a scandal, but the demonstration that we are at the absolute end of a system, which was intended to fail. We must come together now as sovereign nations, and enact the LaRouche plan for the common aims of mankind.

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