Italian Trade Unionist on National TV Urges, We Have To Reinstate Glass-Steagall!
MILAN, Dec. 11, 2016 (EIRNS)—Giorgio Cremaschi, former head of FIOM, the Italian Metalworkers Union of CGIL, spoke of Glass-Steagall banking separation legislation this morning on La7, during a debate about the new Gentiloni government (Foreign Minister Paolo Gentiloni was appointed by the President to form a new government after the resignation of Prime Minister Matteo Renzi) and the nationalization of Monte dei Paschi di Siena (MPS). He started off saying that the so-called "left" governments had the same free-market policy as the "right wing" government, both in Italy and elsewhere, as demonstrated by the fact "that it was the Clinton administration that repealed Glass-Steagall in 1999," recalling that that Act, first instituted by Franklin Roosevelt had been key since 1933, and that it must be reinstated now.
"I am in favor of a strict separation between merchant banks and commercial banks" he said, in the context of the debate on nationalizing MPS, since otherwise "you socialize losses and privatize profits." He also exposed the fact that Renzi’s constitutional reform was written by JP Morgan, the same JP Morgan which was a consultant in the failed plan to save MPS. He was of course interrupted by the host when he started exposing the fact that former European Commission President Barroso joined Goldman Sachs when he left the European Union, and that George Soros was close to Renzi.
The Lyndon LaRouche-allied Italian party Movimento Solidarietà (Movisol), with whom Cremaschi had been in touch years ago, congratulated him on his intervention, and also the proposal of Movisol for the nationalization of MPS "based on Glass-Steagall," similar to proposals of Lyndon LaRouche and former top International Monetary Fund official Daisuke Kotegawa for Deutsche Bank.