Sept. 22, 2008 (LPAC) - Lyndon LaRouche was interviewed briefly by Russia Today TV, http://www.russiatoday.com/guests/video/1604.
Here is the transcript.
ANNOUNCER: Back to our top story. The Russian market has rebounded after a sharp dive at the beginning of last week. But the main indices are still close to a three-year low. Analysts say that to a large extent the turmoil in the Russian markets was caused by the global financial crisis. Last week, one of the world's largest investment banks, Lehman Brothers, went bankrupt, and the U.S. government announced multibillion-dollar bailouts.
For more, we are now joined live by Lyndon LaRouche, an economist and political activist from the U.S. Thank you very much for joining us Mr. LaRouche.
How hard can the global crisis hit Russia?
LAROUCHE: This is the greatest crisis in history since the 14th century New Dark Age. It is not yet realized that that's the case, but that is the case.
ANNOUNCER: That's interesting: since the 14th century you're saying, rather than the Depression?
LAROUCHE: No, this is 14th century New Dark Age stuff. This is the greatest financial collapse in all history of Europe.
ANNOUNCER: Okay. Well, should the financial crisis be dealt with on a global level, then?
LAROUCHE: It is political. The question of establishing a new international financial system to replace one that is breaking apart, is the leading issue of this time.
ANNOUNCER: And how far can it go in the U.S., then? I mean, you've said how serious this is. Is a complete financial meltdown likely?
LAROUCHE: Yes, it is; it is a complete financial meltdown. It's being represented as a real estate crisis. That's got it backwards: This is a crisis of the system which used speculation in real estate as a means of trying to support desperate banking speculation internationally. What happened is the real estate section ran out of steam and the whole system collapsed. But it's not a real estate crisis; it's a general systemic crisis of the present international financial system.
ANNOUNCER: But it did begin with a real estate crisis, didn't it, with these subprime mortgages?
LAROUCHE: Well, actually it began earlier. But somebody noticed the real estate problem, and they couldn't get any more out of it. Because what happened is that Fannie Mae and Freddie Mac had been stretched beyond belief, and at that point they had no new source from which to steal, to support the investment banking speculation, both in the United States, or the United Kingdom, or in Western and Central Europe.
ANNOUNCER: And, How far....I think that's all we have time for; I'm terribly sorry. Thank you very much.
Lyndon LaRouche, economist and political activist, live from Washington, D.C. Thank you . Back to our top story.