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LaRouche: Wall Street Is Hopelessly Bankrupt; Institute Glass-Steagall Worldwide Immediately

Aug. 26, 2015 (EIRNS)—Lyndon LaRouche today issued an emergency call for the immediate instituting of Glass-Steagall full bank separation worldwide starting in the United States.

“As of now,” LaRouche declared,

“Wall Street is plummeting to a general breakdown crisis. It is already underway and it is unstoppable. Wall Street is hopelessly bankrupt. We must, therefore, mobilize in anticipation to force the United States Federal Government to stop that financial crash from bringing down the real economy and the nation with it.”

LaRouche demanded:

“We must preemptively close down Wall Street and force the issue back to the Presidential system. That means immediately reconvening the US Congress to act on legislation already presented in both the House and the Senate to reinstate the FDR Glass-Steagall bank separation, precisely as President Franklin Delano Roosevelt did it in 1933.

“We have reached the point where the United States can no longer survive if we continue to tolerate the existence of Wall Street. We must end the Wall Street control over the US economy.

“This requires,” LaRouche continued, “a mobilization as was carried out by FDR, to defend the US economy by ending the tyranny of Wall Street.

“Furthermore, this is a global crisis and the Glass-Steagall solution must be adopted internationally. This means global bankruptcy reorganization and the establishment of a credit system to revive capital intensive real production.”

LaRouche concluded:

“I am taking this opportunity to sound the alarm and to call on others to join me in forcing the only viable action, available to the American people and people worldwide: Shut down Wall Street and reinstate Glass-Steagall. We can sustain the US economy while Wall Street is put through an immediate, orderly bankruptcy proceeding. We can launch a global recovery, but only under the condition that Wall Street and the other bankrupt centers of financial speculation are shut down for good.”