Financial Crash Is Accelerating: FDR Would Shut Wall Street Down, Fast!
"Good news! Wall Street is finished. Now let's rebuild the country."
That's the word going from LaRouchePAC rallies in Manhattan and major cities across the country with the statement, "The Financial Crash Is On: Only a Policy Revolution Can Avert Disaster." The so-called "junk debt collapse" in the American financial system is the herald of a general financial crash which can be upon us by the end of this month.
EIR Founding Editor Lyndon LaRouche issued the statement for a national mobilization because he had warned of this crash -- it's much more than a "junk bond collapse" -- and called for President Franklin Roosevelt's policies to be implemented right now, to stop it.
LaRouche said yesterday that the only certainty about this crash is that it is "accelerating at an accelerating rate, and is out of control; the control factor to stop it, is the use of President Franklin Roosevelt's policies against Wall Street, and for national economic recovery."
FDR came into office and literally stopped a crash, with a bank holiday and the Glass-Steagall Act to shut down Wall Street speculation; then issued national credit for productive employment and new productivity.
As LaRouche emphasized, this crash is already deadly. In Italy, where four banks have just failed, bank customers had their savings expropriated by the big bank "bail-in" policy, and at least one has committed suicide. In Canada, where the "energy junk bond crash" is more intense than in the United States so far, there is mass unemployment and waves of suicides of productive workers in Alberta and Saskatchewan across the border -- a warning to the United States.
Wall Street, and City of London speculative finance, have to be shut down. If we allow this crash to accelerate further, people will die. As LaRouche said, you have to protect people from dying -- no more suicides!
Putting FDR's policies back to work now, is the only alternative to accelerating chaos. Start with Glass-Steagall, to put Wall Street out of business. LaRouche is warning: Do this right now.
Restoring the Glass-Steagall shuts Wall Street speculation down in an orderly way if done immediately. Then, a Hamiltonian national bank can take care of national credit, liquidity, interest rates, all the economic factors the Federal Reserve has made a mess of. The policy is productive credit, employment and productivity per-capita.
But Obama? He has brought on this collapse, by blocking the restoration of Glass-Steagall, and by imposing "British policies": anti-technology, anti-industrial "climate change" policies.
As was so often said of Herbert Hoover, Obama sucks. He has to be removed from office, as an essential part of the solution to this economic and financial crisis.