The Era of Sovereign Defaults Is Here
Dec. 1, 2009 (EIRNS)"These are the days when the world system of the International Monetary Fund is slipping into a chain-reaction pattern of sovereign fiscal defaults," Lyndon LaRouche stated Nov. 30. The Queen's Nov. 27 speech to the Commonwealth summit, coinciding with the announcement of Dubai's default, was the umbrella under which the wave of sovereign defaults was announced.
The system is gone.
Nothing can be understood without consideration of the Queen's speech, LaRouche continued, which was probably the most significant event over the recent period. With her declaration that the Commonwealthin fact, the physical extension of the British Empire's monetarist global realmmust expand its international role, she declared the Empire's intention for global genocide, and the end of nation-states, which are now to be liquidated in a wave of sovereign defaults.
The number of countries which are currently in jeopardy, due to their own bankruptcy and the conditions created by the Queen's policy dominating the bankrupt system, is extensive. On Nov. 30 alone, the following nations were mentioned: Ireland, Greece, Hungary, the Baltic States, Ukraine, Pakistan, Romania, Bulgaria, Spainand the United Kingdom and the United States.
"The challenge is thus posed, immediately," LaRouche said, "on the eve of my Dec. 3 webcast, as to whether nations will act to survive." You have no choice, but to go with what I have to say on Thursday; you may not like it, but you have no other chance."
The only way to deal with this, is reorganization-in-bankruptcy, said LaRouche: