The LaRouche Plan
The Basement Project
Less than five months after a new government was formed in France, Prime Minister Manuel Valls resigned on Aug. 25, taking the entire cabinet with him, after very public criticism of the austerity policy dictated by the European Union.
Aware, to some degree, that the Trans-Atlantic system is headed for a crash, a bipartisan group of 15 Senators and Congressmen have preemptively warned Federal Reserve Chief Janet Yellen not to contemplate another bailout of the Too Big To Fail banks like that implemented in 2009-2009.
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.
"We've reformed nothing. We have more leverage and more derivatives risk than we've ever had," reports an analyst for a structured finance broker-dealer, speaking of the latest bubbles in the global, unregulated, over-the-counter derivatives markets, to the Aug. 20 Financial Times.
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.