Smash Goldman Sachs, Implement Global Glass Steagall

Today we are faced with a dying world system. This is no recession, no depression – it is a collapse, a failure, of the entire present economic system, globally. We allowed a system where debts were counted as assets, where the system emphasized paper money over the physical economy. Paper money has no intrinsic value when created by the whim of private finance. In the current monetary system, Goldman Sach’s style “get rich quick” financial schemes are favored over long-term sources of real physical profit and industry.

I am proposing that we immediately take up American System physical economist Lyndon LaRouche’s 4-part proposal. The LaRouche Plan would reinstitute the U.S. Constitutional credit (physical economy) system to replace the failed imperial monetary (empty financial) system.

The recent decision by the SEC to launch a criminal investigation of the fraudulent practices of Goldman Sachs should not stop there. We must expose these Wall Street criminals in public hearings, opening their books before the world to discover just how deep the corruption goes, as was done during the Pecora Commission Hearings from 1932-1934. There must be a system-wide reorganization of the banking assets according to the 1933 Glass Steagall standards, where worthless derivatives are trashed and wiped off the books. Only legitimate assets tied to real physical debts like pensions, mortgages and legitimate commercial accounts are protected.

We must tie the value of our dollars to physical production again, using the Constitutional powers of Congress to issue pubic credit for investment in productive jobs. We must refuse to allow international banks to speculate upon the dollars its worth as if it were commodity.

We must begin an emergency bankruptcy reorganization of the international banking system. Had we implemented the Homeowner and Bank protection Act (HBPA) back in 2007 we would not be in this shape today. I have presented Lyndon LaRouche’s HBPA across Indiana as well as Kentucky and Tennessee for the past three years with the central feature being the reorganization of the corrupt banking system according to the Glass-Steagall standard. This was FDR’s fix of the then corrupt banking practices; Glass Steagall separated the commercial banks from the casino investment banks. This solution served us well until Larry Summers (former Goldman Sach’s CEO) helped repeal Glass Steagall in 1998.

This isn't a scandal concerning some Credit Default Swaps (CDSs)-- this is a global systemic financial collapse. Gambling with exotic financial instruments isn't the crime of a few bankers, it is the nature of the entire international financial system first unleashed by the reign of Federal Reserve chairman Alan Greenspan.

Why is it that these crimes are just now coming under investigation? Common sense tells us that the system was rigged from the beginning, and that Goldman Sachs should divert that intended $5 billion in bonuses into legal defense for their CEO's. Perhaps, Treasury Secretary Timothy Geithner should share a jail cell with Ben Bernanke and Alan Greenspan. Goldman Sachs should be known as 'Goldman Sucks.'

We do NOT pay for corporations’ and hedge fund’s gambling debts. We must use the current investigation of the fraudulent practices of Goldman Sachs to implement the LaRouche plan for economic recovery now -- because it isn't about investigating a couple of banks. It is the entire economic system we, the people, suffer under, that must be reorganized in line with the U.S. Constitution. Here's the plan:

1) Impeach Obama (or force resignation--whichever is faster!)

2) Take back the $26.7 trillion in bail outs; use it to create millions of jobs!.

3) Implement a global Glass-Steagall Act.

4) Negotiate an international credit system, devoid of usurious interest rates, with Russia, China, India and other participating nations to fund cooperation in high- speed rail construction, water systems, nuclear power plants, and especially inter-planetary space travel/colonization.

Elect Carol Johnson-Smith to Congress!

www.CarolForCongress2010.com

agape1957@gmail.com • 812/968-4046

Why the British Kill American Presidents: Is Obama Next?

http://www.larouchepac.com/lpactv?nid=14286

Will Obama be Indicted Soon?

--Barack Obama may have more to worry about than a
subpoena from former Illinois governor Rod Blagojevich. Obama is
directly at the center of the Health Facilities Planning Board
scheme for which Rezko was indicted. This scheme was also in the
original indictment of Blagojevich (pp. 19-23), but was removed
from the superseding indictment, perhaps to be reserved for
another legal action.
See link below for story and details

http://www.larouchepac.com/lpactv?nid=14296

Carol's Statement

Newspaper questionnaire

Name: Carol Johnson-Smith

Address: 1170 Wayne Way NW, Corydon, IN 47112

Family: Two Grown Sons: Joseph Smith (Amanda), Travis Smith; one grandson: Joey Smith

Education/Occupation/Political experience: AA Degree, IUS / 20 year UAW Autoworker—Ford Assembly Plant, Louisville / Candidate for Harrison County Council 2008 • Harrison County Board of Zoning Appeals

Contact information for voters: www.CarolForCongress2010.com, agape1957@gmail.com • 812/968-4046

Why are you seeking the office (in 100 words or less)? Our nation is facing a crisis of our very existence. I will enact solutions to return this nation to its founding principles; those for which I have fought for over 15 years based on the principles of the true American system of Lincoln, FDR and Lyndon LaRouche.

The current leadership of the both Parties, the Congress, and the White House are complete frauds. They are doing nothing for the US population and are pushing policies that further accelerate the collapse. I am calling for Obama’s impeachment to stop the bailouts and wars and start the recovery with The LaRouche Plan.

If elected, what will you do to help Hoosiers through these daunting economic times? (in 150 words or less)? If elected, I will join with the other three American System candidates to implement the LaRouche Plan – today’s American System solution to turn things around:

1) Repeal the Wall Street Bail Outs - Take back those trillions of dollars in hyper-inflationary bailouts enacted under the last two administrations and use it, instead, to create millions of jobs building the nation’s vital infrastructure

2) Reestablish the Glass Steagall Act – The Banking Act of 1933, implemented by the Franklin Roosevelt Administration to separate the activities of commercial banks from investment banks. Any debts which do not meet this standard, such as financial derivatives, must be written off, NOT bailed out.

3) Establish a new International Credit System based on physical economy to replace the failed financial economy. Returning to our Constitutional principles, we shall recreate the physical economy using long-term, low interest credit to build up our productive industries and infrastructure.

Bankrupt Goldman Sachs

Why Goldman Sucks

April 21, 2010 -- The April 16 decision by the SEC, to investigate the fraudulent practices of Goldman Sachs should not stop there, but must lead to an emergency bankruptcy reorganization of the international banking system. Had we implemented the Homeowner and Bank protection Act back in 2007 we would not be in this shape today. I have presented American economist Lyndon LaRouche’s HBPA across Indiana as well as Kentucky and Tennessee for the past three years with the central feature being the reorganization of the corrupt banking system according to the Glass-Steagall standard.

Don't kid yourself. This isn't a scandal concerning some Credit Default Swaps (CDSs)-- this is a global systemic financial collapse. Gambling with exotic financial instruments isn't the crime of a few bankers, it is the nature of the entire international financial system first unleashed by the reign of Federal Reserve chairman Alan Greenspan.

Ask yourself: Why is it that 'back alley gambling' is just now coming under investigation? Common sense tells us that the system was rigged from the beginning, and that Goldman Sachs should divert that intended $5 billion in bonuses into legal defense for their CEO's. Perhaps, Treasury Secretary Timothy Geithner should share a jail cell with Ben Bernanke and Alan Greenspan. Goldman Sachs should be known as 'Goldman Sucks.'

Americans don't pay for other people's gambling debts. We must use the current investigation of the fraudulent practices of Goldman Sachs to implement the LaRouche plan for economic recovery now -- because it isn't about investigating a couple of banks. It is the entire economic system we, the people, suffer under, that must be reorganized in line with the U.S. Constitution. Here's the plan:

1) Impeach Obama (or force resignation-- whichever is faster!)

2) Take back the $26.7 trillion in bail outs; use it to create millions of jobs!.

3) Implement a global Glass-Steagall Act.

4) Negotiate an international credit system, devoid of usurious interest rates, with Russia, China, India and other participating nations to fund cooperation in high- speed rail construction, water systems, nuclear power plants, and especially inter-planetary space travel/colonization.

The Obama Administration has crossed the line to impeachable actions.

WHY IMPEACHMENT IS ON THE AGENDA

When Barack Obama was elected, many Americans were hoping for serious change from the previous eight years of suffering under George Bush; instead, we have been given more of the same: more war, more unconstitutional bailouts, more home foreclosures, more job losses. Obama, now, has been following, not changing the disastrous and treasonous policies of the Bush and Cheney years. That is - bailing out the banking system to the tune of trillions of dollars, and deliberately failing to address the crisis of jobs and the economy. As a result, we have skyrocketing unemployment, massive increases in foreclosures, and a take down of our machine tool sector, exemplified by the collapse of our auto industry.

Yet, after excluding single-payer advocates from his health care summit, the president explicitly rejected the option when he delivered a March 3 speech pressing for final action to enact some sort of health care reform. Just as his speech dismissed "Party of No" Republicans who want to "loosen regulations on the insurance companies," Obama took a swipe at the real reformers with whom he once stood in solidarity." On one end of the spectrum, there are some who have suggested scrapping our system of private insurance and replacing it with government-run health care," the president declared. "Though many other countries have such a system, in America it would be neither practical nor realistic."
 He is wrong about what is practical or realistic. Now, as President, he has stubbornly demanded a health care reform policy that bails out the insurance companies, while creating an independent board, above the oversight of Congress, to cut Medicare by enormous amounts. According to the Senate legislation, this board could never be repealed, and would in effect, function as a dictatorship of draconian cutting of health care benefits. This will increase the death rate among our most vulnerable sections of the population, the elderly, children, and the infirm. Mr. LaRouche denounced the Obama health care bill as Hitlerian, and I endorse that call. Mr. LaRouche further said that this policy violates the General Welfare Clause of the Constitution and warrants impeachment. I wholeheartedly endorse that position.

This weekend, I travelled to Washington for Mr. Larouche's International Webcast and met Kesha Rogers, the Democratic nominee for the US House from the 22nd District of Texas, one of 4 Larouche Democrats running this year to promote the American System.

On another front, Mr. Obama’s policies are equally treacherous. His recent budget contains brutal attacks on all federal programs, in the name of bailing out Wall Street, but his demand that we eliminate the manned space program crosses the line. A recent letter issued by prominent astronauts Gene Cernan, Scott Carpenter, and Charlie Duke poignantly attacks this ugly proposal,

“There has never been, and likely never will be, another government program that expedites technological innovation so much as the US space program. There is not another program that has so successfully rallied a nation, inspired youngsters toward academic achievement or established the US as the world leader in technology.

“The manned space program has, in particular, been a source of our nation’s strength and character. But an Achilles heel in the form of our country’s executive branch threatens a mortal wound. Under the Obama 2011 budget, the US will no longer ferry humans into space—no Moon, no Mars. The source of so much of America’s inspiration and spirit, the impetus for so much discovery, technology and imagination, is in jeopardy. The demise of America’s space program is just another step in the dismantling of our nation.”

In a similar move, former Apollo astronaut and Senator Harrison Schmitt called the President’s actions unconstitutional, and demanded they be halted. He said they violated Article 1, Section 8, Clause 8 that gives only Congress broad powers to ‘promote the Progress of Science and the useful Arts.’ I support the outlook embodied in his denunciation and the letter of the three astronauts, and demand the immediate repudiation of the President’s elimination of the manned space program.

Finally, the recent announcement of the President to create a budget commission, that would again be above the purview of Congress, and be mandated to make lethal, massive budget cuts against the standard of living and very existence of our people is also an impeachable offense. Let me be clear… my campaign intends to put forth the American System of Physical Economy to save the nation! This Administration, like the previous one is guilty of impeachable offenses. We must force Obama to resign or face impeachment.

Send Ms. Johnson-Smith to Washington

At this moment, our nation is facing a crisis of our very existence. I am running for Congress to offer you, the voter, solutions to this onrushing disaster that can rescue our nation. That solution is to return this nation to its founding principles, to return to the American System of physical economy. In 1994 I was first introduced to these ideas by the Lyndon LaRouche organization. I have now been fighting for these critical policies and a return to our nation’s founding principles with American System economist Mr. LaRouche and his movement for the past 15 years. I will outline the American System in a moment, but first…

When Barack Obama was elected, many Americans were hoping for serious change from the previous eight years of suffering under George Bush; instead, we have been given more of the same: more war, more unconstitutional bailouts, more home foreclosures, more job losses. Obama, now, has been following, not changing the disastrous and treasonous policies of the Bush and Cheney years. That is - bailing out the banking system to the tune of trillions of dollars, and deliberately failing to address the crisis of jobs and the economy. As a result, we have skyrocketing unemployment, massive increases in foreclosures, and a take down of our machine tool sector, exemplified by the collapse of the auto industry in which I am employed.

RETURN TO THE AMERICAN SYSTEM

If we are to revive our nation, we must return to our historic mission as a nation of scientific and technological progress. The essence of our existence as a republic is our promotion of the creative powers of mind for all our citizenry and its realization in the never ending advancement of the standard of living and level of profound cultural achievement. For the past fifteen years, I have been an advocate of the American System of physical economy, as practiced by Treasury Secretary Alexander Hamilton, Whig leader Henry Clay, President Abraham Lincoln, who spent his formative years in Indiana; and Presidents Franklin Roosevelt, and John Kennedy. Most recently this bi-partisan system of economy has been revived and developed by Mr. Lyndon LaRouche who, as I said, introduced and inspired me to become active in the revival of our American System of physical economy.

Today, this perspective is of the utmost urgency. Its basic components include:

1. Bankruptcy reorganization of the major Wall Street banks and brokerage firms and the cancellation of the trillions of dollars of speculative paper, derivatives, and other Devalued securities that have been polluting our banking system. This will require writing off the now-devalued financial derivatives, and eliminating, once and for all, the power of Wall Street in formulating economic policy. In addition, we will have to implement a national and global Glass-Steagall reform that will prevent the banks from ever again speculating in useless paper products such as derivatives. This system worked well from 1933 to 1998, when it was repealed by Larry Summers, Obama’s current economic advisor.

2. Creation of a federal credit system, as per Article 1 of the Constitution, and issuing lines of credit to cities and states to build federal infrastructure programs, such as high speed rail, nuclear power, bridge repairs, water projects, etc. These programs will fund local contractors and businesses to immediately participate in the programs.

3. Creation of a federal program modeled on the Civilian Conservation Corps of Roosevelt, which can recruit millions of young, unemployed workers and put them into training and immediate placement in the infrastructure projects.

The campaign begins . . . [stay tuned! more to come!]

Who is this woman?

My name is Carol Johnson-Smith. I am a candidate for the Democratic Party nomination for Indiana’s 9^th District seat in the United States House of Representatives.

I am a 20-year member of the United Auto Workers Union, and I work at the Louisville Assembly Plant for Ford Motor Company. For the union, I have served on the Women’s Committee, the Citizenship and Legislative Committee and currently on the Education Committee. I have been a longtime campaigner for political candidates throughout the region.

I am the mother of 2 grown sons, and I just celebrated the birth of my first grandson. (He is really cute. I have pictures.)

Why is she running?

Many Americans were hoping for a serious change from the previous eight years of Bush’s policies, instead we suffering more of the same. The Obama administration has continued to push the same financial schemes responsible for the collapse of the entire monetary system. This policy disaster has resulted in massive unemployment, an explosion in home foreclosures, and further take-down of our nation’s physical production including the machine- tool sector of our auto industry and now, with Obama’s new budget out, the space program too is in danger. These sectors are the key to the ability of the nation to drive forward in science and technological advancements.

I have spent the last 15 years talking to citizens across this nation, from New York to California, working to get them to listen and consider different ideas from those that have been ruling and ruining our nation for decades. I have worked to revive the true American System of Political Economy; the system that built this nation under Alexander Hamilton and George Washington. Kentucky Senator Henry Clay fought for it as did Abraham Lincoln. Franklin D. Roosevelt again revived the American System to address the Depression in the‘30’s concerning the predatory banking policies and the looming housing crisis.

In 2008, I decided to run for an elected office myself. I chose the office of Harrison County Council. I spent the campaign talking to my neighbors about an American System proposal that had come out asking for a return to the proven policies of FDR as to what he proposed to clean up the banking system in the ‘30’s.

This proposal was called The Homeowners and Bank Protection Act, and it proposed to freeze foreclosures and eliminate the casino banking practices which later led to the meltdown of our economy in 2009. I traveled to the state capitols ofIndiana, Kentucky and Tennessee, as well as many city councils in these states. to lobby for this Act to be put before Congress. The proposal passed in over 100 city councils across the nation and in some state houses; it was the answer to the growing crisis in the economy.

But not one member of Congress would even debate the issue.

What does she stand for?

I stand for a return to the Constitution and the founding principles of the American System of Political Economy.

It is time to return to the principles that founded this nation that are put forth in our US Constitution and especially the Preamble’s General Welfare Clause. The Constitutional way to do this is with federal credit directed through a protectionist national banking system to fund great infrastructure projects like Roosevelt and Kennedy did.

These great projects will put people back to work, save their jobs and homes, build needed community projects that benefit our citizens and promote the common good. Without them, we will continue to struggle through recessions and depressions that might just bring the entire world economy down and send us into a dark age.

Nothing can be done to reverse the collapse of the US economy without starting with the American System solution : first we enact a sweeping bankruptcy reorganization, which will put trillions of dollars of gambling debts into the deep freeze making it possible to re-establish a sound credit system, based on the standard set by FDR: the Glass-Steagall standard which said that a commercial bank cannot engage in speculative investments. We will need NO bank bailouts because speculation is not allowed!

Next we must enact the authority of Congress to issue federal credit for national infrastructure projects such as high-speed rail, nuclear power plants for energy independence, great water projects, and put space and scientific development back at the top of our nation’s priorities. A fully funded NASA could spearhead a real economic recovery by emphasizing the rapid and massive creation of productive and meaningful employment in the scientific, machine-tool and related industrial sectors.