The LaRouche Plan
The Basement Project
As Argentina continues to resist the British Empire's war to annihilate it, its defenders are increasingly pointing to the fact that the 1999 repeal of the Glass-Steagall Act allowed the vulture funds to flourish, as globalization took hold. President Cristina Fernandez de Kirchner also alluded to Glass-Steagall in her July 25 speech to an audience in Chaco province.
A worldwide stock-market rout as August began, accentuated in European markets, reflected flashing red signals of the trans-Atlantic financial system in trouble.
With the momentum coming off the HCR 105 victory in the U.S. House of Representatives last week, the United States must now go full steam ahead for the passage and implementation of Glass- Steagall, Lyndon LaRouche said today. The principle of Constitutional authority, above and beyond partisan issues, has been restated; now it must be fully reestablished, and quickly so.
In a July 25 video address to an audience in the northern province of Chaco, to celebrate the opening of a new iron smelting plant, President Cristina Fernandez de Kirchner made an unmistakable reference to the Glass-Steagall law— without naming it—noting that "there was once a law in the United States which prohibited the type of speculation" which the predatory vulture funds have engaged in,
In the midst of growing popular outrage at the banks in Cyprus, Glass-Steagall-type banking reform has been introduced into the huge debate over the mortgage foreclosure crisis. The Troika (European Commission, European Central Bank, and International Monetary Fund) is demanding new laws to fast-track the foreclosures on mortgage holders.
As Lyndon LaRouche has been warning for months, the entire British Empire global financial system is at the end-point and is unraveling rapidly. The Banco Espirito Santo, Portugal's largest bank, announced on Thursday that they posted $4.8 billion in losses for the first half of the year and will need a massive bail-out/bail-in to survive.
The breakthrough at the BRICS summit in Fortaleza, Brazil, followed by last Friday’s long-overdue bipartisan Congressional repudiation of the successive Bush-Cheney and Obama tyrannies means that it is now in our hands to create a new international monetary system based on a standard of production...