|This article appears in the June 15, 2012 issue of Executive Intelligence Review.
IN BRIEF HERE:
The End of Britain's 'Bail-Out'
by Lyndon H. LaRouche, Jr.
June 7, 2012
As it must come to all nations of the present "trans-Atlantic community," the present British world system is now hopelessly doomed to pass, as did the Roman Empire, in one way or another. Either the sovereign nations of the Americas and Europe, most emphatically, return immediately to the equivalent of U.S. President Franklin D. Roosevelt's fixed-exchange-rate system, as had been intended by the decision to defeat John Maynard Keynes' own intended swindle at "Bretton Woods"; or else, without that reform which I have just indicated for immediate action now, the present trans-Atlantic monetary system collapses into an irredeemable general collapse of the entirety of the trans-Atlantic system, and, quite likely, much beyond.
Stating the same point otherwise, without an immediate installation, by political force of leading nations, of a trans-Atlantic equivalent of President Franklin Roosevelt's original "Glass-Steagall" law, the nations of western and central Europe (and others) will become virtually "far worse than merely financially extinct" during the presently onrushing collapse already under way, especially in the combination of the British system and its captives of the already terminal crisis of the so-called "Euro system.
I had lately presented a three-point reform for the United States' economy, a reform composed essentially of three constitutional measures of immediately required leading components. Without such a reform, the United States itself would collapse into a hopeless, and largely homicidal condition, within the short term immediately ahead. My indicated three-point measure of reform is premised on the same principles employed to establish the U.S. Constitutional system of national banking under U.S. President George Washington and his Secretary of the Treasury Alexander Hamilton. That same reform was also the basis for the great reform which saved the existence of the United States under President Franklin Roosevelt, before the ruin of the U.S. economy in great part, under President Harry S Truman's obedience to the indications by Britain's Winston Churchill and Britain's traditional, more or less treasonous, "bail-out" crony, Wall Street.
Three Key Measures for Action
The three, actually elementary measures of constitutional reform which are urgently required now, are, summarily, the following:
There are compelling needs for exactly such a form and quality of a U.S. national economic-recovery program at this time. I indicate some of them here as illustrations of the principled implication of this package of remedial measures for this time.
First: the U.S. economy is presently shattered from the effects of trends of policies of practice since the changes in leading U.S. policies since the assassination of President John F. Kennedy and his brother Robert Kennedy. The collapse of the U.S. economy accelerated throughout the interval from the inauguration of President Richard M. Nixon, until the inauguration of President Ronald Reagan. There was an acceleration of the decline under the disastrous term of President George H.W. Bush, an added stagnation attributable to circumstances created under the attempted impeachment of President Bill Clinton during his second term in office, and accelerated economic disasters under the two terms of President George W. Bush, Jr., and the worst economic disaster of the U.S. economy, by far, under London's particular choice, President Barack Obama, with a pending worsened disaster under presently indicated Republican alternatives.
Second, there has been the trend of ruin which has been brought upon the U.S. economy, especially under the effects of U.S.A. and British policies under the George W. Bush, Jr., and, the most wrteched of all, Obama Administrations. The effect of the George W. Bush, Jr. and Barack Obama Administrations has been a degree of wrecking imposed upon the U.S. economy caused chiefly by post-September 2007 policies which became the opening of the gates of folly to the Wall Street and related "bail-out" practices which have now virtually destroyed the scant remnants of a former productive form of economy and its employment practices.
The result of that indicated pattern has included the lack of any significant investment reserves available for actually rebuilding the economy now. Under that state of affairs, it were not feasible to actually fund the urgently needed capital funding in any presently practiced approach. The needed margins of presently investable funds simply do not exist at this juncture. However, there is a remedy for that. This means U.S. government margins of capital funding for long-term productive investments of an aggregated type represented by NAWAPA's long-term capital improvements and "Detroit types" of largely privately executed, but publicly funded investments. The combined margin of capital investment through the public sector, such as NAWAPA implies, and general investments in agricultural and capital-intensive science-driver and related capital investment, will aggregate, at first, toward four millions annually employed in NAWAPA, and an additional two millions annually in other relatively capital intensive expansion in such other categories.
Under such a program, there will be a serious need to emphasize recreating lost productive skills; but, that problem can be repaired.
The estimated component of the six millions relatively higher technology jobs in "new capital improvements" must be recognized as oriented toward the high-technology category of space-science-oriented technologies, with much emphasis in a direction of thermonuclear-fusion technologies, and beyond. The restoration of NASA and comparable programs previously in use during pre-Obama years, will not be merely opportunities, but increasingly indispensable.
It is time for mankind to do what is necessary for mankind's increasing need of conquering nearby space, and beyond, which will emerge as the characteristic of the new quality of economy for human beings, to which we must turn now, immediately, for the restart of an actually human economy.