Only Glass Steagall Can Save Europe From Fascism and War
The public leaking of a July 14 IMF staff report, admitting that the so-called deal reached over the weekend with Greece cannot work, and that Greece will need a massive debt cancellation or restructuring, has once again demonstrated that there are circles in Europe, typified by both the British Monarchy and German Finance Minister Schaeuble, who are out to commit Nazi-style genocide. The IMF document proposed, as one of three options, that there should be a 30-year moratorium on Greek debt payments—both principal and interest—to avert a total collapse of the Greek nation.
In stark contrast, Schaeuble is demanding full payment, combined with profound austerity, as a rationale for Greek expulsion from the European Monetary Union (EMU). The City of London, on behalf of the Crown, is calling for the looting of Greek deposits in a bail-in, more far-reaching and criminal than the Cyprus bail-in. High-level US intelligence sources are warning of a pending military coup in Greece, as part of an overall move towards outright fascism throughout Europe. When Ukraine, under Yanukovych, rejected the murderous European Union Eastern Partnership swindle, Nuland and company engineered a coup d'etat, using outright neo-Nazi Banderist killers to do the job. Now, the same fate is being proposed for a full European Union and EMU member state, Greece.
Under these circumstances, Lyndon LaRouche on Wednesday reiterated that the only solution to the complete disintegration of the entire trans-Atlantic region is the immediate passage of Glass-Steagall in the United States. The push for Glass- Steagall, coming out of the US Senate, is driven by a clear recognition, among a handful of key Senators, that the situation throughout the trans-Atlantic region has reached a point of no return. Either Glass-Steagall is pushed through immediately in the United States, or Europe is doomed.
There is a clear sense that the London/Wall Street system is on the edge of utter disintegration. US Treasury Secretary Jack Lew was dispatched, on emergency basis, to Berlin, Frankfurt, Paris, and Brussels on Wednesday, to directly intervene. Lew, like Obama, has no solution, but is desperate because the whole Wall Street system is on the very edge. A Greek default triggers a massive derivatives blowout, that will hit Wall Street, London, Frankfurt, and Paris instantaneously.
Momentum for Glass-Steagall continues to grow, accompanied by a building backlash against Hillary Clinton, for her failure to join the fight for Glass-Steagall. Former Clinton Administration Labor Secretary Robert Reich, on Wednesday, penned a scathing critique of Hillary, who was on the scene as First Lady for the takedown of Glass Steagall—and the consequences of that coup against her husband. "She should know better," Reich concluded.
It is no secret that Lyndon LaRouche called the shot on this entire breakdown crisis, long before the 2007-2008 crash; and he also spelled out the only available remedy, starting with the immediate passage of Glass-Steagall, just as it was originally promoted by FDR. Wall Street is hopelessly bankrupt, the British Crown is pursuing a policy of mass genocide, now playing out in the heart of continental Europe, and the LaRouche solution is the only sane option.
That reality is impossible to avoid at this point. A Glass- Steagall victory is within reach, and that changes everything.