Dump London's Phony Debts with Glass-Steagall; The Euro is Bankrupt, Not the Drachma
With the Greek Parliament's Debt Truth Commission having just found Greece's entire debt to the Troika to be "illegitimate and odious," EIR Founding Editor and economist Lyndon LaRouche yesterday called attention to the "overall picture on euro debt." LaRouche said:
"If you base a 'debt deal' on that system — any 'debt deal,' that deal will fail. The fraud of what Wall Street and London banks are calling 'their debt assets', has to be eliminated, because populations — not only the Greeks — are being beaten down by worthless claims. Cancel those claims.
"Relieve the nations of the claims of this speculation, these `investments' in gambling bets, and an opening is created for internal economic development of European nations and the United States.
"The solution is an international policy of Glass-Steagall banking; agreements among these nations to implement Glass-Steagall principles.
"Most important by far: Restore the Glass-Steagall Act to force in the United States. That is the driver for this whole effort. That opens up the issuance of national credit for productivity and development."
In an analysis released in late February of this year, LaRouche had already referred to the entirety of what is called "Greek debt" by the euro institutions and the IMF, as a giant swindle, consisting of massive transfer payments from European taxpayers to bankrupt megabanks.
The finding of the Greek Parliamentary Commission sustains that, provides a firm foundation for the Greek government's position, and will also encourage many forces in other falsely overindebted European countries such as Ireland, Spain, Italy, Portugal, and others.
The Debt Truth Commission finds:
LaRouche also addressed the campaign by forces behind German Finance Minister Wolfgang Schaeuble, to force Greece out of the euro system.
"The pressure on Greece is coming from the London-Wall Street banking system, and the claims of that system are worthless. Its speculation on unpayable debt has to be cancelled.
"The euro will be falling because of its bankruptcy; the value of the drachma against the euro can be maintained, and may go up.
"Again, the critical action is Glass-Steagall in the United States, and force it in European countries.
"With that, the United States and Europe can generate national credit institutions, linked to the BRICS' new international development banks, and issue a surge of credit for productive employment."
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