|This article appears in the July 20, 2012 issue of Executive Intelligence Review.
THE DRUMBEAT GROWS:
'It's Now Beyond Time for Glass-Steagall'
by Nancy Spannaus
July 16More Americans are finally beginning to get it: The system of deregulation ushered in officially with the elimination of Glass-Steagall in 1999 will destroy the United States, unless it is reversed by the reintroduction of the full FDR-modelled principle of separation between commercial banking and gambling immediately. Glass-Steagall is not a slogan, or a platform point, but a question of life or death of the nation.
The LaRouche movement, and its national candidate slate, represent the loudest, clearest voices, as indicated in today's statement by Washington State Congressional candidate David Christie, under the title of this article. As a result of the candidates' activity, a national movement is growing.
Crucially, there is the group of 71 Members of Congress who have signed on to Rep. Marcy Kaptur's (D-Ohio) H.R. 1489, which mandates a return to the Glass-Steagall standard. So far, they are mostly Democrats, but reports from LaRouche PAC's work on Capitol Hill indicate that there is enormous potential for dozens of Republicans, as well as Democrats, to join the fightespecially if they begin to hear from their constituents with the appropriate urgency. For example, it is of note that Rep. Darrell Issa (R-Calif.) is on record as having criticized the abandonment of Glass-Steagall back in 2010.
A less visible grouping is the more than 150 candidates for officeranging from Presidential candidates to candidates for Congress and state legislatureswho have declared themselves to be in favor of restoring Glass-Steagall.
You wouldn't know this groundswell existed if you simply read the "official" press, of course. With the exception of prominents such as former Clinton Labor Secretary Robert Reich, Massachusetts Democratic Senatorial candidate Elizabeth Warren, and former Kansas City Federal Reserve President Tom Hoenig, all of whom have received media coverage for championing Glass-Steagall, there is virtually no reflection of the extent of the support for this vital measure in the U.S. press. Even the recent dramatic surfacing of a highly placed faction of London bankers in favor of immediately reinstituting Glass-Steagall both in England and the U.S., has not penetrated into the thick skulls of the so-called political class in the U.S.
This is what the LaRouche movement is determined to change, with a dramatic escalation of its campaign for Glass-Steagall, whose necessity is once again hitting the popular consciousness through the overt crimes of Libor-fixing derivatives-traders et al.
Ruled by Fear?
President Obama and his coterie, of course, have quietly, but aggressively, made their opposition to Glass-Steagall clear. According to qualified reports to EIR, not only Treasury Secretary Tim Geithner and Fed Chairman Ben Bernanke, but even former Fed chairman Paul Volcker, have hit the phones to try to prevent Congressmen, and other leading political figures, from rallying to ram through Glass-Steagall.
And while Obama himself has said nothing in public, the White House website in March was compelled to answer a petition signed by more than 23,000 citizens, which called for the reinstatement of Glass-Steagall banking separation. Shamelessly, the Administration commissioned Brian Deese, deputy director of the National Economic Council, to lie through his teeth, and claim that Glass-Steagall would not have prevented the 2007-08 blowout, a blowout which Obama has infamously claimed was caused by "immoral," but "not illegal" actions by the major banks.
Will Obama be able to continue to play dictator, in order to continue an economic policy which will result in increasing rates of death for the American population? The London shift to Glass-Steagall would indicate notbut there is no doubt that it will be a dramatic fight that many more Americans must join, not only to free the nation from the parasite banks, but also to politically remove the major political obstacle, President Obama, as well as his disastrous nominal Republican opponent.
As the crime of Liborgate increasingly hits the American consciousness (keep in mind that this "scandal" became big news due to a major story, again, in the London Financial Times), some supporters are speaking out.
Reich's message was reprinted on July 9 in the London Guardian, and has been circulated widely globally.
The Candidates' Movement
Warren is not alone. As of July 12, there were well over 150 candidates EIR has tracked (in addition to the LPAC-endorsed slate), who had publicly declared their support for restoring Glass-Steagall. At least 11 of these candidates, including LaRouche Democrat Kesha Rogers (Texas-22nd C.D.), had won their primaries (other than the incumbents who have already co-sponsored H.R. 1489), and are campaigning to restore the U.S. banking system to sanity. These include, so far, Congressional candidates for the general election in California, Indiana, and New York, as well as half a dozen third-party Presidential candidates.
Replace Both Bums
With the necessity very clearly in mind, of replacing both disastrous "front-runners" in the Presidential election, by getting Obama out of office immediately, LaRouchePAC has laid out a multi-faceted plan of action. In addition to a broad propaganda offensive on LPAC-TV, LPAC members around the country will be holding weekly Days of Action to dramatize the criminality of the system, and the need for immediate reinstatement of Glass-Steagall. One major focus of these Days of Action will be Washington, D.C.
July 11 was the first of the new series of actions. Thirty-seven activists swarmed about Washington, including Capitol Hill, getting out thousands of leaflets on the British shift to Glass-Steagall, a crucial development of which most of our nation's elected officials were ignorant! Rallies were held in other locales around the country as well, including, most emphatically, Wall Street.
Meanwhile, the LaRouche candidates are mobilizing, in the spirit reflected in the conclusion of Christie's July 16 statement: