President of the International Tsunami Society Calls on Congressmen to Co-Sponsor Glass-Steagall's HR 1489
June 28, 2011 • 9:33AM

Dr. George Pararas-Carayannis, President of the International Tsunami Society, has sent an open letter to U.S. Congressmen requesting that they co-sponsor HR 1489. The same letter was mass-mailed to his contact base and has been copied by others who have done the same thing, thereby reaching several thousand people.

Reflecting many of the themes appearing on the LaRouche Political Action Committee website, the letter is addressed, "Dear Congressperson," and calls for him/her to become a "co-sponsor to HR 1489, the bill to reinstate the Glass-Steagall law. HR 1489 was introduced this spring by Congresswoman Marcy Kaptur (D-Ohio) and has Republican and Democratic co-sponsors. Glass-Steagall was law for 66 years until its repeal in 1999.

"Since then, the country has gone into an ever increasing financial spiral, which collapsed in 2007 and 2008, and a new spiral now ruining the nation. The bailouts to Wall Street have totaled $27 trillion or more according to reports from Neil Barofsky, former Inspector General of TARP, and have been used to prop up countless hundreds of trillions in derivatives and other Monopoly money paper. Re-imposition of Glass-Steagall will end this monetarist madness once and for all, and return the nation to a credit system. Under our traditional credit system, the government can issue credit to states to rehire unemployed, but urgently needed municipal workers, such as firemen, policemen, teachers, sanitation and others.

"We can immediately follow this, as was done to end the Great Depression in the 1930s, by emitting federal credit into the private sector and the states to launch urgently needed projects to reconstitute our national rail/power/water grid, creating millions of jobs in the process. I urge you to become a co-sponsor of HR 1489. Please communicate your intentions on this to me as soon as possible. "

Dr. Pararas-Carayannis, a Greek-American, has worked many years in the United States, including for the Army Corps of Engineers, and in Greece, as well as internationally as an earthquake and tsunami expert. In addition to being president of the International Tsunami Society (http://tsunamisociety.org) he is editor of the international journal Science of Tsunami Hazards. Dr. Pararas-Carayannis maintains a website, the "Disaster Pages of Dr. George PC" at http://drgeorgepc.com