LIBOR-gate Never Again: Glass-Steagall Now
July 15, 2012 • 10:29PM

The following statement was released by Congressional Candidate, Kesha Rogers of the 22nd district of Texas

The entire criminal operation that has turned our cities into slums, stolen our pensions, bankrupted our cities and states, and murdered our most vulnerable citizens, all in the name of "too big to fail", has now been exposed as "LIBOR-gate". Let us be clear: this is not an interest rate scandal; what is exposed is, all the hell you've been suffering for the past 5 years, since the 2007 collapse of the system and the 2008-2012 taxpayer bailouts, was planned, preventable, and entirely intentional. The highest elements of government and finance crossed party lines to form a bipartisan coalition to murder Americans.

LIBOR is the London Inter-Bank Offered Rate, which is the interest rates banks offer to pay, when institutions buy their debt. 75% of major cities across the country purchased interest rate swaps, to "protect" themselves in case interest rates went up. But what has been revealed is that 16 major banks decided to rig the interest rates, and artificially lower them. Emails indicate that then-New York Federal Reserve Chair Timothy Geithner, in 2007, knew this was going on, and not only did nothing to stop it, but covered it up. When he became Obama's Treasury Secretary, Geithner rewarded the banks that did it with taxpayer bailouts. The effect was that all these cities lost big money, while the bankers got their mortgage-backed securities, derivatives, credit default swaps, and other gambling debts bailed out with your tax dollars. Then the bankers foreclosed on you, demanded their contracts be paid, refused to lend, and said, "Your 401k has lost $150,000, so sorry." All this while, the Bush and Obama administrations, working with the Federal Reserve, and Wall Street and European banks, knew the whole thing was a set up, from the very beginning. Instead of throwing these criminals in jail, our government held passed sham legislation, which did nothing to protect you.

This is the British Empire we have always talked about: using private ownership of money and debt, along with paid for politicians to enforce their laws, a financial-industrial cartel seeks to rule over nations and destroy our standard of living for their personal profit. Most Americans have known in their gut that we we're being swindled by our leaders since the bailouts, but now the criminals are exposed in the court of human history.

- The Solution Is There, If You Fight For It -

There currently is no rule of law to prosecute this international crime spree. What is required is the immediate reinstatement of the original Glass-Steagall Act of 1933, now in Congress as H.R. 1489, with 71 cosponsors. Only Glass-Steagall will restore the rule of law outlined in the Preamble of our U.S. Constitution. As LIBOR-gate erupted, elements within the British oligarchy flipped, from calling Glass-Steagall "an act of war" to joining with LaRouche PAC in demanding its reinstatement. This call is coming in a period where we have reached the end of the system, just as Lyndon LaRouche warned, back in 2007. The breakdown of the trans-Atlantic system is well underway, and hyperinflation is looming. Even the British oligarchy has realized the disintegration of the banking system has reached a point of no return, and Glass-Steagall is now a matter of survival or extinction.

LIBOR-gate signals that the banking oligarchy, which funded Obama's 2008 presidential bid, are now dumping him. This, combined with the Republican Party's investigations into Fast and Furious and Wachovia/HSBC drug money laundering, and the Democratic Party's attacks on Obama's war crimes and human rights violations, opens the door for Obama to be dumped as the 2012 nominee for president, before the September Democratic National Convention.

With the reinstatement of Glass-Steagall, we will separate the fictitious gambling debt from the legitimate debt, refusing to pay any of the fictitious debt that is looting our cities and states, while protecting our community banks so they can lend for real productive jobs in industry and manufacturing. We must then institute a national system of credit, modeled on the first Treasury Secretary Alexander Hamilton, for investing into long-term large scale scientific and technological projects such as NAWAPA XXI and manned space exploration, to increase our nation's productivity in collaboration with sovereign nations throughout the world, including Russia and China, for advancements in human progress. This is the policy the national slate of LaRouche candidates is campaigning on.

Now is not the time to wait around and see if something will happen. Your survival depends on making it happen. Glass-Steagall is not an option; it is a necessity. It is time now for the American people to break with the bad trends in thinking that Wall Street's degenerate leadership has corrupted our nation with for too long. It is time we commit ourselves to a greater mission of progress for those generations to come.

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