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LaRouche Issues Emergency Statement
on European Crisis

July 12, 2011 (EIRNS)—Yesterday evening, Lyndon LaRouche issued an emergency statement on how to deal with the breaking economic-financial blowout in the Eurozone. Declaring the European situation hopeless, LaRouche laid out the urgent measures that must be taken, starting with the application of Glass-Steagall-style measures, which means that Glass-Steagall must be immediately passed in the United States first. Neither Europe nor the U.S. have any options but to carry out this measure, and the subsequent ones which he has specified, LaRouche said. If the U.S.A. goes under, so does Europe, and vice versa.

Glass-Steagall is the only means for getting rid of the illegitimate unpayable debt that has piled up in the North Atlantic region—debt which the bankers are now trying to support by drastic cuts in the physical economy, including the living standards of the population. Once it is implemented, LaRouche said, the way is open for creation of a Hamiltonian credit system, in which the economy begins to function on the basis of investing in high-technology projects which will increase physical productivity in the future. Debt per capita will actually rise, he noted ironically, but unlike the current toxic debts, it will be balanced by the increase in productivity of the economy.

For the full emergency statement is available on the Lyndon LaRouche PAC website.