Treasury Secretary Timothy Geithner is complicit in crimes committed against the American people on behalf of the London-centered financial system, especially around the LIBOR rate fixing fiasco. Those crimes must be punished and Glass-Steagall must be implemented immediately.
The real story surrounding the news that the London Interbank Offering Rate was manipulated is that the financial system that mechanism is a part has died, and a return to the Glass-Steagall Act in both London and the United States is the first step to replacing that system.
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A one-time, virtual British puppet, France’s late President Mitterrand, played a crucial role in destroying the economy of more than western and central Europe from a certain date, through, in effect, the present time. The evidence continues to turn up. The original decision was made when Mitterrand, expressing a certain likeness to the intentions of Napoleon III, implicitly threatened all-out war against Germany, should Germany not submit to the status of becoming a puppet of what would become known as a “Euro” system under British supervision. The change which came to western and central continental Europe, occurred at a moment when the Soviet Union had entered a state of its collapse, during which what had been once East Germany was about to be unified with what was then “West Germany.” France’s President Mitterrand virtually threatened warfare against Germany, lest a free Germany being reunited.
The condition for peace set by Mitterrand, Britain’s Margaret Thatcher, and U.S. President George H. W. Bush, was the elimination of Germany’s sovereignty under what was thence to be know as “The Euro System:” the end of the sovereignty of the respective nations of continental western Europe. The present threat of the disintegration of Western and Central continental Europe, and the British Isles, had actually begun in those moments.
Now, suddenly, the direction of events is changing again, at the present moment, for the very much worse. An insightful, important current in the leadership of Britain, has proposed that Britain join together with the United States in a new orientation of the trans-Atlantic region—and, clearly, much more besides. It was almost inevitable that many would react to this news, as some of my own associates had done—temporarily, of course. Nonetheless, the general breakdown-crisis, as a spawn of Gramm-Leach-Bliley, the trans-Atlantic fraud which is termed “The Libor rate,” has lately been caught out by both the United States, and Britain itself, and by the tail at this moment. There are many uncertainties afoot at the moment; but, whatever happens, the present form of trans-Atlantic financial machinations, is at its present, actually mass murderous, and utterly very dirty end. All this was set into motion in about 2001: following the decadence introduced as the U.S. Gramm-Leach-Bliley hoax of November 12, 1999, the swindle which set the great trans-Atlantic Libor hoax into motion for its effort to destroy, among others, the United States of America.
Overview • By Jeffrey Steinberg
It is almost impossible to overstate the strategic significance of the fact that an important group within the top echelons of the British Establishment have come to the conclusion that Glass-Steagall is the only survival option open to them. The July 3 Financial Times editorial endorsement of Glass-Steagall has been followed, over the past 48 hours, by a series of further endorsements by leading figures, from Peter Hambro, of the old British merchant banking family; to Lord Myners, former Financial Services Secretary in the Gordon Brown government and a Rothschild-sponsored banker; to Terry Smith, a leading City banker who had called for a return to Glass-Steagall at the time of the September 2008 Lehman Brothers and AIG blowout. In Italy, the newspaper of record, Corriere della Sera, came out Friday with a big push for Glass-Steagall by leading financial correspondent Massimo Mucchetti, who is known to have, in the past, been close to Romano Prodi and the De Benedetti interests.
"While the FT supported those conclusions, we are now ready to go further. For all the diversification benefits, the cultural tensions between investment and retail banking can only be resolved by totally separating the two, on formal Glass-Steagall-style lines."
"Now the government has already diluted the ring fence that was proposed by Vickers, but the ring fence doesn't go far enough. We need to go to what is known as a Glass-Steagall model, which is a complete separation ..."
"But most of today's financial problems are because the investment bankers, using the balance sheets of the retail banks, don't share in the pain. They don't lose anything—and their culture has infected retail banking. They should never have been together and now they should be split, completely."
"We Europeans ... have abandoned the wise caution of the '30s—the Glass-Steagall Act in the U.S.A., the 1936 Banking Act in Italy—to return to banking as profit-maximizing enterprise, after the 1920s model. Maybe it is time to pop the bubble, going back to commercial banking as economic infrastructure, as closely regulated public utility with moderate profit."
"'Liborgate’ could trigger crucial banking reform. A Glass-Steagall split needs to happen and someone needs to get it done. There really is no alternative."
Restoring the Glass-Steagall Law
Marcy Kaptur's H.R. 1489 "Return to Prudent Banking Act" restores Glass-Steagall and is currently in committee now. Passing H.R. 1489 is one of our top priorities, and needs the organizing support to make sure it gets done. An updated list of cosponsors and other institutional support for Glass-Steagall is available on our Glass-Steagall page. Call your Representative or Senator and tell them to Co-sponsor Marcy Kaptur's H.R. 1489.
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