|This article appears in the October 9, 2015 issue of Executive Intelligence Review.
For Urgent Attention of Congressmen,
1. There is now an acute emergency which threatens to kill millions of Americans, primarily, and also citizens of other countries.
2. This is due immediately to the bankruptcy of Wall Street. Wall Street is totally and irremediably bankrupt. The successive Bush and Obama bailouts and the rounds of "quantitative" easing,? have only succeeded in making all of Wall Street’s values valueless, and finalizing its bankruptcy.
3. If Wall Street is permitted to blow out again on its own terms, as now appears imminent, the result will be the worst panic in history, which will close down everything that remains of the U.S. economy. We will have mass death, on the order of the Black Plague which wiped out one-third of the population of Europe. Another Wall Street bailout, which Obama will demand if he is permitted to remain in office, would trigger a hyper-inflation just as deadly.
4. Hence, Wall Street must be closed down pre-emptively by U.S. Government action, in the spirit of what Franklin Roosevelt would do if he were alive today. (Although the crisis he faced was far milder.) Only activities compatible with a strict Glass-Steagall standard must be allowed to continue.
5. The Federal Government must issue U.S. dollars as credit to preserve the lives of the population and employ all the employable, in the spirit of Roosevelt’s kindred actions with Harry Hopkins.
6.Over the slightly longer term, U.S. Federal credit must be used to rapidly raise the level of productivity of U.S. labor, through increased energy-flux density with scientific and technological progress.
7.Finally removing Barack Obama from office would be an excellent starting-point for these urgent reforms.