EIR LEAD EDITORIAL FOR TUESDAY, MARCH 30, 2021
Survive the ‘Green New Deal’ by Defeating It
March 29 , 2021 (EIRNS)—The renamed “Biden-Harris Administration” will next call for passage of a $1.5 trillion “green infrastructure and jobs” bill, of which $400 billion will fund vast new wind farms and solar parks, on land and on sea; and the rest presumably miscellaneous transportation infrastructure. And then—another, immediate $1.5 trillion bill for support of families, etc.
Because the wind and solar installations will continue to crowd out, and facilitate the shutdown of, superior, more power-dense and more reliable electric power infrastructure, they are not “new infrastructure” as far as the U.S. physical economy is concerned; they are infrastructure destruction. This is the “Green New Deal,” although Biden won’t say the words yet. If not stopped and reversed it will destroy the United States’ remaining industrial economy in the name of Malthusian reduction of human numbers to “save the planet.” Every industrial and farming process forming CO2 will be targeted and cut.
The LaRouche Organization and the Schiller Institute are fighting this Green New Deal, in the United States and around the world. The Schiller Institute with its conferences and publications is rallying against it especially in developing countries, where “green finance” out of the City of London and Wall Street is moving to shut down coal and stop nuclear power in power-short nations. This will compound the pandemic disease and economic collapse of the past year and cause millions of people to die.
The LaRouche Organization’s pamphlet for mass circulation, “The Great Leap Backward: LaRouche Crushes the ‘Green New Deal’ Fraud,” had its first run yesterday. It is timed to expose and stop this “new green way of infrastructure” as Sen. Chuck Schumer called the $1.5 trillion anti-infrastructure package.
Get copies from The LaRouche Organization and mobilize with them. The United States should join against this Malthusian policy with the other high-technology major powers, China and Russia, and cooperate in power-dense nuclear and fusion technologies, space exploration, and capital exports for South American, African, Asian development.
This “Green New Deal” bill is only part of a spree of hyperinflationary money printing which makes Germany’s central bank printing in the early 1920s pale by comparison. If Biden succeeds in passing these next two “stimulus” bills at $1.5 trillion each, the money printing since March 2020 will reach $9 trillion borrowed against taxes by the Treasury, plus $5 trillion added to bank reserves by the Federal Reserve, in less than 18 months. Large volumes of the Treasury securities issued are bought by primary dealer megabanks and sold quickly to the Federal Reserve—along with other kinds of securities—which credits electronic excess reserves to those banks’ accounts at the Fed. The big banks use those excess reserves to do additional money printing of their own, by buying and trading securities and by making loans.
All this while avoiding any investment in raising the productivity of work in the economy, avoiding any investment in new technology, or actually more productive infrastructure. In the past 11 months the U.S. banking system’s outstanding loans and leases to businesses and households have decreased, while their securities holdings and deposits have risen by $4 trillion and $3 trillion, respectively—according to Federal Reserve data! And the government spending has been completely non-productive, concentrated on raising household spending only.
This hyperinflation policy has two purposes: To inflate away large amounts of the now-$280 trillion in global debt, which has grown by $75 trillion under the central banks’ hands since the 2008 crash; and to pour huge amounts of new currency, including by government spending and taxing, into wind and solar energy companies and makers of “zero carbon” substitutes for agriculture and all the most important productive branches of industry.
If this hyper-speculation is combined with a Green New Deal “great leap backward” in technologies of industry, farming and ranching, the United States economy will be ruined. Only its military power will remain, and its confrontation with China and Russia will turn to global war. That must be prevented. The LaRouche Organization’s mass pamphlets and the Schiller Institute’s series of international conferences are the focal points to prevent it, and achieve a new paradigm of cooperation for economic development instead.