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LaRouche Demands Glass-Steagall Now!

Oct. 2, 2013 (EIRNS)—This release was issued today by the Lyndon LaRouche Political Action Committee.

Lyndon LaRouche today demanded that Congress immediately break the impasse on the government shutdown and the looming debt ceiling increase by passing Glass-Steagall through both Houses with a bipartisan veto-proof majority.

LaRouche warned:

"President Obama is playing Nero, exploiting a government shut down in a desperate effort to revive his collapsed presidency. And elements within the Republican Party are obliging him. This nonsense is concealing a far more deadly reality. The U.S. economy is in a collapse, the entire trans-Atlantic financial system, from the Federal Reserve to the so-called too-big-to-fail Wall Street banks, is in a breakdown that cannot be stopped. Hyperinflation, accelerated by the past decade's policy of quantitative easing, bailouts, and bail-ins, has reached the point that the standard of living of the overwhelming majority of American households is collapsing."

LaRouche continued:

"None of this is inevitable or unavoidable. Congress must immediately reconvene to pass Glass-Steagall by a massive bipartisan majority. This will end the bailouts and the bail-ins. Let the Wall Street gangsters go down. They are parasites on the real economy and have no rightful place except behind bars. With Glass-Steagall, we will have no more Wall Street gambling at taxpayers' expense. Commercial banks will be separated, insured and able to return to the business of lending to the real economy. Congress must return to the American System policies of Federal credit, earmarked for development projects that will build the real economy with millions of new, decent-paying productive jobs."

There is no way out of the present crisis, LaRouche warned, within the framework of the current financial and monetary system, and with Obama as President. The proposed "clean" continuing resolution that has been accepted by both Democrats and Republicans is a murderous collection of cuts that will accelerate the disintegration of the United States if allowed to go forward. Republicans are not wrong that Obamacare should be killed, but the real health care tragedy is the takedown of our once fine system of hospitals, clinics, research institutions and other medical services. Unless there is a genuine leap in overall economic activity, beginning with such great projects as the North American Water and Power Alliance (NAWAPA), an international crash effort to achieve thermonuclear fusion power, and other projects that build the trans-Pacific region as a hub of global expansion, America is doomed.

Anyone who wants a future must line up to push through Glass-Steagall immediately. Free from the Wall Street bailout, free from the hyperinflationary quantitative easing and other swindles that loot the American people in favor of a financial oligarchy that is criminal through and through, this nation can lead the world into an era of peace, prosperity and scientific advancement. This is the true calling of America, not the kind of cynical partisanship now being promoted by an ever more desperate and impeachable President Obama.