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!
agape1957@gmail.com • 812/968-4046
