EIR LEAD EDITORIAL FOR THURSDAY MARCH 16, 2023
To the Anglosphere, Beware The Ides of March
March 15, 2023, 2022 (EIRNS)—The chain reactions of financial meltdown as of today—the Ides of March—are rippling through the Western system. At the same time, initiatives for peace and economic diplomacy among the Global Majority are impressive. Woe betides the Anglosphere.
What is critical in these precarious times, is the policy, and methodology, embodied in the Schiller Institute’s collaborative mobilization for an international emergency conference, released March 14 in the statement, “Helga Zepp-LaRouche: Call for an International Emergency Conference To Reorganize the Bankrupt Financial System.” This is, at the same time, an economic emergency response, and an anti-war mobilization.
The statement, now circulating in Spanish and other languages, is hitting the mark on opening the way for what to do. In the U.S., a statement was released today by Diane Sare, LaRouche Independent candidate for the U.S. Senate from New York, “Bank Bailout Is Illegal—Congress Must Implement LaRouche’s Four Laws.” The first law is to reinstate the Glass-Steagall Act from 1933, for bank regulation, which worked until its wrongful repeal in 1999.
On Monday evening, March 13, Moody’s the rating agency downgraded the entire U.S. banking system from “stable” to “negative.” This came within hours after the President of the United States made a nationally televised address to say, “Your banks are sound. Your money is safe.” The public response? Disbelief. Every hour now, some other authority, from the Dominican Republic to Switzerland is likewise saying, “trust us, your money is safe,” to the same public response. In Switzerland late today, the National Bank of Switzerland announced it will intervene to rescue Credit Suisse, an institution completely embedded in the web of Western mega-banks. During the day, bank stock values plunged on the trans-Atlantic exchanges.
There must be, and there can be, a new system put in place, as Zepp-LaRouche’s statement makes clear. Along with the chicanery of cryptocurrency, and other wrongdoings in the existing, collapsing monetary system with its trillions in derivatives, the economy is collapsing in physical terms. For example, in Germany during 2022, natural gas consumption declined 13% over the prior year, associated with industrial production contracting drastically. In gas-intensive manufacturing of various kinds, the consumption of gas dropped over 20% last year. It reflects also the fraudulent green assault on high-tech energy and the sanctions against Russia and other nations.
Against this process are key moves among the Global Majority nations toward economic mutual benefit and an end to the induced geopolitical strife. A meeting took place in Moscow today of deputy foreign ministers from Turkiye, Syria, Iran and Russia, setting grounds for collaboration in their region. Syrian President Bashar al-Assad headed a delegation in person, and met with Russian President Vladimir Putin today.
Join the mobilization. Join up and enlist others to the drive for emergency economic action, which is one and the same with the drive to stop the Global NATO dynamic leading to World War III. Sare states in her new release, “As my mentor, the late economist and statesman Lyndon LaRouche already warned decades ago, the system is completely bankrupt. There is no possibility of making good on the over $2 quadrillion of derivatives obligations held by the ‘too-big-to-fail’ financial entities of London and Wall Street. The system must be put through an orderly bankruptcy reorganization as part of reinstating the Glass-Steagall Act-mandated separation of commercial from investment banking. This is the first of LaRouche’s ‘Four New Laws’ ” which he drafted in June 2014. Now is the time.