‘Anyone Who Opposes Glass-Steagall
Is Actually Criminally Insane’
Feb. 10, 2011 (EIRNS)—In his opening statement on the Lyndon La Rouche PAC Weekly Report of Feb. 9, leading economist Lyndon LaRouche warned that the world is one misstep away from a chain-reaction economic-financial breakdown. The only sane action, he stressed, is therefore to force Congress to implement Glass-Steagall immediately. LaRouche also emphasized that the release of the truthful Angelides report, from the Financial Crisis Inquiry Commission, provides a unique political opportunity to forcing through this action. Angelides is scheduled to appear before the House Financial Services Committee on Feb. 16, and is speaking out now about the fact that nothing has been done to prevent another blowout like 2007-2008.
His opening presentation provides the core of the message:
"We're in a period, where probably before this summer, if the present policies of this administration are continued, we will have a general chain-reaction breakdown of the entire planet, and plunge of the entire planet into a new dark age, if we do not implement Glass-Steagall in the United States now! Exactly what date that will occur, is uncertain, but it's near. Look at the rate of inflation, as manifest in price inflation on essential goods. Look at the rate of collapse of employment. Look at the way in which the administration is cancelling part of the labor force, denying it.
"You're now in a situation where you have only play money out there. The play money is what is being protected, because this stuff has no value whatsoever. It simply is a tax, and it's a tax which is growing. It's a cancerous, wild cancer in monetary aggregates, while the real economy is collapsing per capita in physical terms. The prices are now zooming up; the rate of zooming up of prices is increasing: We're now approaching, at any time, from now on, just one misstep, by somebody in the world system, will be sufficient to collapse the entire world system.
"Now, what does this mean then? Why are Republicans still existing? Why haven't they surrendered, to reality? Hmm? Why are they so stupid? There's no chance for them! But they're holding on to power—they're going to go down and take everybody else down with them, that's the effect of what they're doing.
"And so therefore, if the people do not want to be taken down, if they don't want a dark age, which will probably wipe out about 80% of the world's population level, in a very short period of time; those conditions are there. Look at the rate of price inflation in goods. Look at the rate at which it has accelerated since 2008, with the first beginning of the bailout. The bailout process, which was fully launched in 2008, is the process which is now running the world economy.
"Now, the bailout money has no value whatsoever. All it does, by mixing worthless money, with money which corresponds to something of physical value, or related value, you now are simply causing hyperinflation. The kind of hyperinflation we're facing, is, on a global scale, is primarily in the trans-Atlantic region, and it's coming on now. Any misstep, now—or even without a misstep—can trigger a sudden collapse, comparable to the 14th-century new dark age. That's where we are.
"So anybody who is opposing Glass-Steagall, is actually criminally insane, if they're in official positions. This system is coming down, and if we allow it to continue, it will come down, and there will be no recovery, for a long time to come. So, we're in a point where anybody who is opposing Glass-Steagall is either criminal, or criminally insane, so that there is no excuse!
"And the only defense that the people of the United States or Europe have, is to cancel this system. Otherwise there's no chance for humanity. So anybody who is knowledgeable and sane, is going to implement Glass-Steagall immediately."