01-21-2009, 10:55 PM
STOP LONDON's FRAUDULENT BAILOUT SCHEMES
http://www.larouchepub.com/pr_lar/2009/l...ilout.html
American statesman Lyndon LaRouche today denounced the City of London's continuing insistence on cooking up desperate bail-out schemes for the bankrupt international financial system, which they are trying to impose on the United States as well, such as the absurd idea of creating a "bad bank" loaded down with toxic assets. "This is a bunch of hyperinflationary nonsense," LaRouche said:
We should put these things through bankruptcy reorganization.
That's what you do: you put them through bankruptcy. You can do it by bankruptcy proceeding, you know. You can say that those things which are of value to the government and to the people will be protected; and those other things won't. They will just sit out there, waiting for their disposition.
And that's what they're not doing.
You've got a bankrupt system, and they refuse to put it into bankruptcy! What they are doing instead, is they are getting to an inflationary valuation of fraudulent assets. Here you have a bank that's bankrupt. The assets are worthless. Everybody agrees the assets are worthless. But they are going to try to keep them alive. What is that, but fraud?
This is fraud! They are commiting a fraud against the people.
President Obama has to push through to have all of this declared illegal. He should say: 'This is fraudulent. We found that the evidence shows that it was fraudulent.' Because obviously you cannot have the United States being destroyed by this kind of operation.
This is tantamount to treason. It just cannot be tolerated. So therefore these guys have to be told: 'We're calling you back in, buddy.' And the new Pecora Commission is going to find itself with some questions that the old one didn't quite have. It would appear that history has learned nothing from the experience of the Pecora Commission.
WAKE-UP CALL TO ECONOMISTS : THE WHOLE SYSTEM IS BANKRUPT, PUT IN BANKRUPTCY
http://www.larouchepub.com/pr_lar/2009/l...mists.html
As the Wall Street stock markets greeted President Barack Obama with another steep plunge, New York economist Nouriel Roubini declared at a conference in Dubai, that the losses of the U.S. financial system will quickly rise to $3.6 trillion, and pronounced the whole banking system "effectively insolvent," having capital of only $1.4 trillion. The U.S. banking system as a whole is bankrupt, Roubini said, and the same is true for those of Europe.
True enough—but then the contrarian economist drew the conclusion, that U.S. President Barack Obama will have to plan another $1 trillion bank bailout, above and beyond the second half of the $700 billion Troubled Asset Relief Program (TARP), just put through.
"You don't have to do this," responded U.S. economist and statesman Lyndon LaRouche, who forecast this financial system's bankruptcy. "It would be fraudulent. You've got a bankrupt system, and they refuse to put it into bankruptcy! What they are doing instead, is they are getting to an inflationary valuation of fraudulent assets. Here you have a bank that's bankrupt. The assets are worthless. Everybody agrees the assets are worthless. But they are going to try to keep them alive. What is that, but fraud?"
BRITISH FINANCIAL MEDIA CONFESS THEY ARE HOOKED ON HYPERINFLATIONARY JUNK
http://www.larouchepub.com/pr_lar/2009/l..._junk.html
The City of London's two most prominent media outlets, the Economist and the Financial Times, have both come out like a bunch of smack junkies, demanding the creation of more and more toxic financial waste to help bailout the existing mounds of toxic waste.
The Economist commented on the latest British bailout package in an editorial suggestively titled "Another Shot in the Arm," which was accompanied by an even more suggestive picture of a syringe against a backdrop of the British flag, the Union Jack. They dismiss the latest British bailout as insufficient, saying that "there is little in the new package to give banks the incentive to put their profit motive aside and help reflate the economy." In any event, "the world's systemically important banks have regulators over a barrel... Britain's main banks know they will be kept alive." Better than the bailout, the Economist notes, "is the international move to relax the Basel 2 capital regime for banks," which would allow them to get away with just about anything, and overdose on hyperinflation.
The Financial Times, for its part, argued that the incoming Obama administration should go ahead and create a so-called "bad bank," which would centralize all the toxic waste in the system in one place, which the government would then bail out. This is the best route to take, they say, because U.S. Treasury bailout funds could then be leveraged into even more toxic waste creation: "The $100 billion of TARP equity could be geared up five times to provide $600 billion of purchasing power," the toxic junk addicts fantasized.
IT's TIME TO BURY THE MEDIA LIES:
LaRouche uniquely saw this crisis coming
http://www.larouchepub.com/pr/2009/09012...risis.html
The ability of the world's governments to escape the disaster of the ongoing world economic breakdown crisis, depends upon exposing the lie that "no one could have seen this crisis coming," said Helga Zepp-LaRouche, founder of the Schiller Institute on Jan. 19. She urged an international campaign to bury this deliberate falsehood once and for all, and document the fact that U.S. economist Lyndon LaRouche not only forecast the disaster, but prescribed the solution.
Zepp-LaRouche was responding in particular to an article in the Jan. 19, 2009 edition of the German financial daily Handelsblatt, headlined "Why Did No One See the Crisis Coming?" The article cited a study by four economists from the U.S. Federal Reserve which allegedly determined that the banks, the rating agencies, and everybody were caught completely flat-footed by the crisis, and thus it must be attributable to psychological factors.
In fact, as every leading financial media outlet, significant economist, and major government financial authority knows, Lyndon LaRouche has been forecasting at least since 1994 that, unless the world's leading governments, especially the United States, broke from the monetarist and post-industrial insanity that has increasingly dominated the globalized world financial system, the system—and subsequently the world economy— would disintegrate. (See "The Coming Disintegration of Financial Markets," EIR June 24, 1994.)
Actually, it was a year earlier, in March 1993, that LaRouche first pinpointed the cancer of financial derivatives as the element that might destroy the world financial system and economy. At that time, LaRouche proposed a one-tenth of one percent tax on derivatives transactions, as a way of drying up the trade. (See "Tax Derivatives Speculation," a New Federalist pamphlet, July 1993)
LaRouche's subsequent warnings about the disastrous consequences which loomed if the U.S. financial authorities, in particular, did not change their speculative ways, are too numerous to detail, but it is useful to mention a few:
In an EIR article, published on January 9, 1998, and entitled "Truthful, or merely 'factual'," LaRouche reviewed his successful history of forecasts, and issued the following warning: If governments and other relevant institutions continue to act on behalf of those same mind-sets which have characterized our publication's deprecators and opponent during recent decades, those governments, those nations, this global civilization, were doomed to plunge, very soon, into a planet-wide 'new dark age,' a dismal period of future history as prefigured by the famous 'New Dark Age' coinciding with the general financial and moentary collapse of Europe's mid-fourteenth Century."
In the fall of 2005, LaRouche put out a sharp warning on the threat of hyperinflationary collapse, which he identified as the lawful outcome of Fed Chairman Alan Greenspan's policy of flooding the world with money.
In his international webcast of July 25, 2007, LaRouche declared that the international financial system had reached the breaking point. He said:
What's listed as stock values and market values in the financial markets internationally is bunk! These are purely fictitious beliefs. There's no truth to it; the fakery is enormous. There is no possibility of a non-collapse of the present financial system—none! It's finished, now! The present financial system can not continue to exist under any circumstances, under any Presidency, under any leadership, or any leadership of nations. Only a fundamental and sudden change in the world monetary financial system will prevent a general, immediate chain-reaction type of collapse."
Who will tell the truth?
Behind the scenes, especially over the last year and a half, there has been increasing, grudging admission that LaRouche's record has been correct. Publicly, however, most experts, bankers, and public officials have preferred to let the "no one could have known..." lie stand.
One major exception comes in an article in the January 2009 issue of the monthly Italian magazine Area, which contains an article by former government advisor Massimo Pini. Pini writes that the financial crisis has prompted many to undertake self-criticism, and "some have pulled out old relationships with Lyndon Larouche, the only economist who really forecast the catastrophe, in many, many writings, published when no one else suspected it."
The future of the human race depends upon more leaders stepping forward, to tell the truth about the fact that LaRouche was right, and must be listened to today.
http://www.larouchepub.com/pr_lar/2009/l...ilout.html
American statesman Lyndon LaRouche today denounced the City of London's continuing insistence on cooking up desperate bail-out schemes for the bankrupt international financial system, which they are trying to impose on the United States as well, such as the absurd idea of creating a "bad bank" loaded down with toxic assets. "This is a bunch of hyperinflationary nonsense," LaRouche said:
We should put these things through bankruptcy reorganization.
That's what you do: you put them through bankruptcy. You can do it by bankruptcy proceeding, you know. You can say that those things which are of value to the government and to the people will be protected; and those other things won't. They will just sit out there, waiting for their disposition.
And that's what they're not doing.
You've got a bankrupt system, and they refuse to put it into bankruptcy! What they are doing instead, is they are getting to an inflationary valuation of fraudulent assets. Here you have a bank that's bankrupt. The assets are worthless. Everybody agrees the assets are worthless. But they are going to try to keep them alive. What is that, but fraud?
This is fraud! They are commiting a fraud against the people.
President Obama has to push through to have all of this declared illegal. He should say: 'This is fraudulent. We found that the evidence shows that it was fraudulent.' Because obviously you cannot have the United States being destroyed by this kind of operation.
This is tantamount to treason. It just cannot be tolerated. So therefore these guys have to be told: 'We're calling you back in, buddy.' And the new Pecora Commission is going to find itself with some questions that the old one didn't quite have. It would appear that history has learned nothing from the experience of the Pecora Commission.
WAKE-UP CALL TO ECONOMISTS : THE WHOLE SYSTEM IS BANKRUPT, PUT IN BANKRUPTCY
http://www.larouchepub.com/pr_lar/2009/l...mists.html
As the Wall Street stock markets greeted President Barack Obama with another steep plunge, New York economist Nouriel Roubini declared at a conference in Dubai, that the losses of the U.S. financial system will quickly rise to $3.6 trillion, and pronounced the whole banking system "effectively insolvent," having capital of only $1.4 trillion. The U.S. banking system as a whole is bankrupt, Roubini said, and the same is true for those of Europe.
True enough—but then the contrarian economist drew the conclusion, that U.S. President Barack Obama will have to plan another $1 trillion bank bailout, above and beyond the second half of the $700 billion Troubled Asset Relief Program (TARP), just put through.
"You don't have to do this," responded U.S. economist and statesman Lyndon LaRouche, who forecast this financial system's bankruptcy. "It would be fraudulent. You've got a bankrupt system, and they refuse to put it into bankruptcy! What they are doing instead, is they are getting to an inflationary valuation of fraudulent assets. Here you have a bank that's bankrupt. The assets are worthless. Everybody agrees the assets are worthless. But they are going to try to keep them alive. What is that, but fraud?"
BRITISH FINANCIAL MEDIA CONFESS THEY ARE HOOKED ON HYPERINFLATIONARY JUNK
http://www.larouchepub.com/pr_lar/2009/l..._junk.html
The City of London's two most prominent media outlets, the Economist and the Financial Times, have both come out like a bunch of smack junkies, demanding the creation of more and more toxic financial waste to help bailout the existing mounds of toxic waste.
The Economist commented on the latest British bailout package in an editorial suggestively titled "Another Shot in the Arm," which was accompanied by an even more suggestive picture of a syringe against a backdrop of the British flag, the Union Jack. They dismiss the latest British bailout as insufficient, saying that "there is little in the new package to give banks the incentive to put their profit motive aside and help reflate the economy." In any event, "the world's systemically important banks have regulators over a barrel... Britain's main banks know they will be kept alive." Better than the bailout, the Economist notes, "is the international move to relax the Basel 2 capital regime for banks," which would allow them to get away with just about anything, and overdose on hyperinflation.
The Financial Times, for its part, argued that the incoming Obama administration should go ahead and create a so-called "bad bank," which would centralize all the toxic waste in the system in one place, which the government would then bail out. This is the best route to take, they say, because U.S. Treasury bailout funds could then be leveraged into even more toxic waste creation: "The $100 billion of TARP equity could be geared up five times to provide $600 billion of purchasing power," the toxic junk addicts fantasized.
IT's TIME TO BURY THE MEDIA LIES:
LaRouche uniquely saw this crisis coming
http://www.larouchepub.com/pr/2009/09012...risis.html
The ability of the world's governments to escape the disaster of the ongoing world economic breakdown crisis, depends upon exposing the lie that "no one could have seen this crisis coming," said Helga Zepp-LaRouche, founder of the Schiller Institute on Jan. 19. She urged an international campaign to bury this deliberate falsehood once and for all, and document the fact that U.S. economist Lyndon LaRouche not only forecast the disaster, but prescribed the solution.
Zepp-LaRouche was responding in particular to an article in the Jan. 19, 2009 edition of the German financial daily Handelsblatt, headlined "Why Did No One See the Crisis Coming?" The article cited a study by four economists from the U.S. Federal Reserve which allegedly determined that the banks, the rating agencies, and everybody were caught completely flat-footed by the crisis, and thus it must be attributable to psychological factors.
In fact, as every leading financial media outlet, significant economist, and major government financial authority knows, Lyndon LaRouche has been forecasting at least since 1994 that, unless the world's leading governments, especially the United States, broke from the monetarist and post-industrial insanity that has increasingly dominated the globalized world financial system, the system—and subsequently the world economy— would disintegrate. (See "The Coming Disintegration of Financial Markets," EIR June 24, 1994.)
Actually, it was a year earlier, in March 1993, that LaRouche first pinpointed the cancer of financial derivatives as the element that might destroy the world financial system and economy. At that time, LaRouche proposed a one-tenth of one percent tax on derivatives transactions, as a way of drying up the trade. (See "Tax Derivatives Speculation," a New Federalist pamphlet, July 1993)
LaRouche's subsequent warnings about the disastrous consequences which loomed if the U.S. financial authorities, in particular, did not change their speculative ways, are too numerous to detail, but it is useful to mention a few:
In an EIR article, published on January 9, 1998, and entitled "Truthful, or merely 'factual'," LaRouche reviewed his successful history of forecasts, and issued the following warning: If governments and other relevant institutions continue to act on behalf of those same mind-sets which have characterized our publication's deprecators and opponent during recent decades, those governments, those nations, this global civilization, were doomed to plunge, very soon, into a planet-wide 'new dark age,' a dismal period of future history as prefigured by the famous 'New Dark Age' coinciding with the general financial and moentary collapse of Europe's mid-fourteenth Century."
In the fall of 2005, LaRouche put out a sharp warning on the threat of hyperinflationary collapse, which he identified as the lawful outcome of Fed Chairman Alan Greenspan's policy of flooding the world with money.
In his international webcast of July 25, 2007, LaRouche declared that the international financial system had reached the breaking point. He said:
What's listed as stock values and market values in the financial markets internationally is bunk! These are purely fictitious beliefs. There's no truth to it; the fakery is enormous. There is no possibility of a non-collapse of the present financial system—none! It's finished, now! The present financial system can not continue to exist under any circumstances, under any Presidency, under any leadership, or any leadership of nations. Only a fundamental and sudden change in the world monetary financial system will prevent a general, immediate chain-reaction type of collapse."
Who will tell the truth?
Behind the scenes, especially over the last year and a half, there has been increasing, grudging admission that LaRouche's record has been correct. Publicly, however, most experts, bankers, and public officials have preferred to let the "no one could have known..." lie stand.
One major exception comes in an article in the January 2009 issue of the monthly Italian magazine Area, which contains an article by former government advisor Massimo Pini. Pini writes that the financial crisis has prompted many to undertake self-criticism, and "some have pulled out old relationships with Lyndon Larouche, the only economist who really forecast the catastrophe, in many, many writings, published when no one else suspected it."
The future of the human race depends upon more leaders stepping forward, to tell the truth about the fact that LaRouche was right, and must be listened to today.