Without Glass-Steagall, You Cannot Save the US
April 22, 2011 • 11:19AM

Speaking to an international audience at his webcast April 19, leading economist and statesman Lyndon LaRouche had an unambiguous message: Push through the Glass-Steagall bill (HR 1489) that's been introduced into the House of Representatives now, or humanity will not survive.

LaRouche structured his opening presentation by identifying two crises mankind faces: first, the ongoing collapse of the bankrupt British imperial financial system, and second, the galactic crisis that is leading to the proliferation of earthquakes, tsunamis, and other severe weather around the globe. But he honed in on the one act that must be accomplished first, in order to deal with both crises, the reenactment of FDR's original Glass-Steagall law.

We include a number of LaRouche's sharpest comments, all from his opening remarks, here. But all readers are urged to go to www.larouchepac.com, and review the event in full.

``The reenactment of Glass-Steagall in the U.S. Congress, just the passage of the bill, even if the President vetoes the bill, passage of that bill, now in the Congress, will set forth a chain-reaction which can save this nation. If you do not push Glass-Steagall through now, through the Congress, there's no way you can save the United States.

``So, you don't have any other issues! You have other issues in terms of interest issues, things that have to be done, but none of these things that could be done, that should be done, can be done, without the reenactment of Glass-Steagall! You either pass Glass-Steagall, or you've betrayed the United States, if you're a member of Congress. You either vote for the reenactment of Glass-Steagall as a member of Congress, or you no longer are a patriot of the United States, you're something much lower than that! That's your reality. Hmm?

``The time has come, when you can no longer talk about things. The time has come, when you've got to do things. That's the change in the situation. ...''

After reviewing the galactic crisis, and the measures of international cooperation, economically, that are required, LaRouche summed up the objective again:

``What I've set forth before you, in summation today, before we get into the dialogue and so forth, which we'll get into, probably, that's the issue. It's coming down now. It's already coming down! The system is collapsing. If this President continues to be President, the situation of the United States is hopeless; and by implication, that of the trans-Atlantic system. If the trans-Atlantic system goes, then Asia, goes. Humanity goes into a ditch!

``So therefore, this must be faced! This is the issue! All the other issues, of this list of issues -- bunk! This is it! Glass-Steagall, first. President, out, second, or part of the package.

``Approach Europe, approach the rest of the world, to establish a fixed-exchange-rate credit-system, as Roosevelt had intended. Negotiate with nations on the question of how a credit-system is used, to consider, what are the great projects, which must be immediately launched as great projects, great intentions, shared among mankind, to get this planet moving, for people on this planet! Find out how one nation is going to help the other, where a skill or technology in one nation is going to be delivered and made available to another. Because this is the way we're going to do it! We're going to have people who have skills at one kind, they're going to be investing those skills, in producing something for the basic economic infrastructure, industry, science of another nation.

``And it's going to operate on a credit-system, which will function essentially within a century-long framework of credit. Or a century-long period of a credit-system, a fixed-exchange-rate credit-system, which can be adjusted, but it has to be adjusted as a fixed-exchange-rate credit-system.

``And that's where we have to go.''