The following is a transcript of an international, emergency video address. Watch on LPACTV.
LYNDON LAROUCHE: Since this past Sunday, the trans-Atlantic world had already entered a general economic breakdown crisis, one worse than that of Europe's 14th century. As long as this President, Barack Obama, remains President, remains in office, not only the United States, but also the region of Western and Central Europe, is now being plunged into a breakdown crisis like that of Europe's 14th-century, Europe's 14th-century new dark age. It will probably be one, if we allow it to occur that way, even much worse than that of 14th-century medieval Europe.
There is an alternative which must be adopted, immediately, now. If the will exists to take the necessary action, there is an option under our U.S. Federal Constitution, by which not only our United States can be brought into a genuine economic recovery, but our immediate action, under the Constitution, taken now, could bring our republic into a genuine recovery from the plunge into darkness which has been underway, since the rejection of my July-August 2007 Homeowners and Bank Protection Act, which was submitted for adoption by the Federal states, at that time.
Instead of that reform, the members of the U.S. Congress and the Federal Presidency had acted at that time, and since that time, later, to plunge our republic into a spiralling downward motion, into policies which now dump our republic into what has become the greatest economic crisis of the trans-Atlantic group of nations, so far in history.
Now, as of this past weekend, beginning this past Monday, the economy has fallen, thus far, into the steepest financial breakdown crisis of modern trans-Atlantic history. Fortunately, our republic could still be rescued at this time.
As many know, I have a record of being among the leading economic forecasters for our United States, during the recent decades, as in my uniquely successful forecast of 1971, my forecast of the Richard Nixon depression, and also the deep 1980 recession, the steep recession launched by the George W. Bush Jr. Administration, and now, the economic horror-show brought to you by the Barack Obama Administration.
Now, the violations of our republic's principled Federal Constitution by the Obama government, combined with Obama's plunging our United States into a form of depression from which our United States could never recover in its present form. The necessary action at this moment, is to prevent the current President of the United States, Barack Obama, from relying upon dirty tricks of the type already enjoyed by President Obama, and to block that action, in favor of the revival of a Franklin Delano Roosevelt motion being necessarily presented for a vote by the Congress now.
Without the removal of President Barack Obama from office, the situation of our republic has now reached the point that the continued operation under President Obama, in office, would mean the end of our United States, soon, under its present Constitution. Fortunately, there is an alternative: If we act very soon to adopt those needed constitutional options, the remedy is available, and fully constitutional, if we find sufficient leaders among us with the guts to do what is constitutionally legal, and is already the only visible constitutional means and course of action needed to save our republic, from what is now a virtual economic suicide of our nation.
I am now putting myself on the block, as one who has shown himself as among the leading economists and others of our republic, who is willing and more than fully qualified to present that option. Publicly, here and now, consider the following measures most urgently needed at this time: There are two, absolutely indispensable actions, which must be adopted and urgently implemented, if our United States is to be rescued from the presently accelerating plunge, into a virtually hopeless plunge into a general economic breakdown crisis.
First, we must expel Barack Obama from office, that immediately. There are chiefly two available options for doing so. The first of these two, is the President's impeachment, on such available grounds as his violation of the War Powers provisions of the Constitution. The second, is his removal from office under the existing constitutional provisions of the U.S. 25th Amendment. Only with suspension of this President from office, were it likely that the United States could be rescued from the careening into a virtual economic death of our United States and its economy. However, the doubtful mental health of this President, and the sheer hatefulness of him and his associates, shows both the case for the President's early, urgent removal from office, for reason of known impeachable offenses, and arguably faulty mental health of that President.
Both issues are just means for rendering him politically harmless to the general welfare of our republic. Once we have considered those sources of available remedy, which have to be used for the rescue of our republic from what would be otherwise, its virtually immediate political death at the hands of President Obama, and his British imperial masters, we will have soon rescued the nation, by taking the measures needed to organize a process of general economic recovery of our republic.
Now, consider the measures which are needed for rescuing our republic, now.
1. Incapacitate Barack Obama's power to sabotage legitimate measures for removing that President from the position of power he might attempt to use, to prevent lawful support for the enactment of the original Glass-Steagall law.
2. That measure, the Glass-Steagall law, would be sufficient to hamstring a corrupted President to the effect of blocking the use of power by him, otherwise available to him, for this reason. His illicit blocking of the necessary re-enactment of the original Glass-Steagall law, is the crucial issue.
3. This legitimate action against him separates the legitimate policies of indebtedness from the speculative form adopted by such agencies as Wall Street and its foreign likenesses.
4. The U.S. law must be improved to replace the notions of money, by a system of U.S. constitutional Federal credit.
5. Since the residue of the salvageable monetary assets in the U.S.A. are within the bounds of the leftover balance of U.S. credit, it will be sufficient to launch a recovery by these means. The medium of the U.S. dollar-denominated credit system should be employed for such included missions as that.
The recovery of the United States and the Federal states, from this crisis, is now in our hands. I have appeared in this form, on this occasion, to lead a group of people, who are patriots of our nation, who have competence in the matters on which I have spoken here today, measures which must be taken immediately, in order to rescue our republic, from the great crisis, the threat of destruction, which hovers over it now.
In the process of politics, there are very few people who actually, in a moment like this, are capable, have the courage and insight, to guide themselves into taking the kinds of action needed to lead this nation out of its own self-destruction now. There are many people who will say, "Well, if the time was right, I would support that. If the time were right, I would do that. If the time were right, I would recommend that, myself!"
But when it comes to pushing the thing across the table, for adoption, there is only a tiny minority of the so-called "leading figures" of this nation, the so-called paragons of leadership of this nation, only a handful will not crumble and hide in darkness to avoid taking the responsibility of enacting these measures.
There are only a handful of people in these United States, who can "go upfront," shall we say, in stating these views. There are a more limited number of those who can actually say it, as I am saying it now. In all crises, this is the case. People would say, "Yes, well, if we all agree, we'll pass it, we'll vote for it." And I've sat there, and I've stood there, and I watched, and I watched, and I watched! And I've watched over years, of this kind of thing, and never have any of these do-gooders, actually stepped forward to take responsibility for an action which might be risky to their careers. They would say, "It's not the time for me to act. I'm a hero, but it's not the time for me to display this wonderful quality."
And therefore, when it comes always, in the history of mankind, in any great movement, to rescuing a great nation from its own folly, only a handful of the so-called leading figures of a nation will step forward, to join together in the mission such as that I prescribed here. I'm one of them. I'm taking the leadership on this question. This is not absurd at all. After all, I've been a leader of this nation for a long time. But not always popular with certain circles in Wall Street and similar places.
For example, take the case of the SDI. Well, admittedly, it was turned down, eventually, by the Soviet Union, by a very bad leader of the Soviet Union, who probably died in a fit of guilt. But, at that point, I had organized what became known as the SDI in 1982-83.
I had organized it, and people had joined me. Leading people of foreign nations, not only the United States but of foreign nations: leaders in Germany, leading figures in Germany, political figures, leading retired generals, veterans of the Second World War period; in France, leaders from the remnants of the Gaullist movement in France, the military forces, the military leaders in France, and others. We had taken similar actions in places like Argentina, other places. And we had brought together — including in the Soviet Union, many people in the Soviet Union, had not only endorsed, but had helped to build the design for agreement, called the Strategic Defense Initiative.
So, I'm not exactly unknown in leading positions in the United States and Europe, and elsewhere. So, I'm one of those who come from the apparent background, to step forward, as among the real leaders of this nation: those who will step forward, and put themselves on the line, to act at a time when that action is necessary. And that's what I'm doing now.
- The Principled Solution -
Now, what're we going to do? What we're going to do, is we're going back to the principles on which this nation was founded, the principles of a credit system.
Now, the situation is this: We are so bankrupt as a nation, that no ordinary course of action under the present rules of behavior will save this nation from self-destruction, in the immediate future. We're about to be obliterated, if we continue on the present course. Not only Obama. Obama, obviously, must be removed from power. That doesn't mean you're going to throw him out; it means you're going to remove him from power. It probably will go with the proper thing that he's a mental case, because he is a mental case. He should be thrown out of office as being a mental case. That's quick and merciful; nobody has to get killed — except in remorse, maybe he'll have a fit of remorse or something. But he must be removed from office, now, effectively removed. He may be still standing there, but he's on the gibbet, the political gibbet, shall we say, waiting for judgment.
In the meantime, making him impotent in power, will mean that other people in our government will be able to move with the Glass-Steagall Act.
Now, the Glass-Steagall Act itself will not save the nation. The Glass-Steagall Act is necessary, as a part of the steps to be taken, and to rescue this nation from absolute bankruptcy, but it, by itself, will not save the nation.
For example: we can not use a normal form of reform of the monetary system of the United States. The situation is too bad, and too urgent. Therefore, we're going to have to go from the kind of monetary system we had, not a monetarist system, but the monetary system we had, in former times, as in Roosevelt's time, to do something Roosevelt had not really attempted to do explicitly: And that is, to put the nation back under the provision of its original Constitution, to function as a credit system, rather than a money system. There's not enough money that we can create, legally and prudently, to save this nation. We've gone too far, too long, especially since 2007.
Therefore, we're going to have to go to what is enshrined in our original Federal Constitution, to a credit system. In other words, the Federal government will, under law, instead of a money system, will have a credit system. And the credit system will be used, not only to get the police, the firemen, and other essential state-level people, back into employment; to get Federal institutions which are needed, back into employment and functioning, but we're going to have to go beyond that. We're going to require a very large and powerful driver, for a genuine economic recovery, of not only the United States, but also of nations which are friendly, shall we say, or will become friendly to the United States.
Right now, for example, in Europe, in Western Europe, from the coast of Spain and Portugal, all the way to the borders of Russia today, there is no sovereignty in continental Europe: It has been destroyed by the present system. Therefore, Europe is right now, null. It has no long-term viability. It's about to crumble, to disintegrate before our eyes.
We can not have Europe collapsing before our eyes, in that fashion. But Europe can not act, efficiently, except if United States acts first.
Now, what will happen? If the United States acts in a way which agrees with what I have said here today, then we are going to go ahead. We're going to create our credit-based economic system, as prescribed explicitly by the Constitution, and implicitly by President Roosevelt. We're going to get our nation functioning, immediately.
Now that will create a challenge for the European nations, especially those of Western and Central Europe, because if we do that, if we rescue ourselves, then the entire European monetary system, as it presently is organized, will immediately collapse. Now, it doesn't have to go into the actual collapse; it's going to the door of the collapse, and it's very important that I explain to our European friends what we're going to do to them, and what we're going to do for them!
What we're going to do, is tell them, to join us in a reform of monetary systems or the like, which will enable Europe to follow the same course that we are following. We will create a joint credit system: What we will do with Europe, in cooperation with Europe, — and with Russia, and with China, and with India, and so forth! — what we will do is establish the kind of credit system, which will be universal among these nations. We will go to credit, as a way of investing in a buildup of the productive powers of labor throughout that region.
And that will be welcomed by China. It will be welcomed by probably India. It will be of course welcomed by the right people in Russia, and I don't mean right-wing. And therefore, we will create what Roosevelt intended at Bretton Woods. Franklin Roosevelt had intended to create an international credit system, which he had negotiated with people like Josef Stalin, not the easiest person to deal with in the world, but Roosevelt was successful, in getting that kind of agreement.
We're going to bring the world together around a credit system. We're going to build a system based on high technology. We're going to increase the physical productive powers of labor per capita; we're going to engage in great operations inside the United States, like NAWAPA, the North American Water and Power Alliance, that particular system: That system will be the driver, and the driver needed on a scale required to not only save this nation, but to start it on a course of accelerating growth, an accelerating role in terms of space programs, in terms of all other kinds of things, which will be engendered by the United States, in its spirit, its natural spirit.
We have the people who have been long unemployed, who are like me, people say, "Why don't you retire them, they're old." But we're not dead, and we're not dumb, and that's an advantage. And therefore, we're going to create a new future for mankind. The type that Franklin Roosevelt envisaged as a system of credit, used to rebuild a shattered world.
We can do it. It will work. We simply have to get at real fast! Because people like me are getting a bit old, shall we say, "long in the tooth," and therefore we've got to get this thing started while we're still around. And we have no choice, because if we don't do it immediately, we're going to die anyway. We're all going to go into a bunk.
The time has come, that we must make the decisions which will save this nation from Hell, save Europe from Hell, save the world from Hell. It can be done. It can be done, only within the bounds of the Federal Constitution, and the intention of that Federal Constitution, by the founders of that system of credit, by the founders of our system of republic.
It can be done, and it must be done. And it must be done now. If we don't do it, we don't know what kind of Hell, our people and people of other nations will undergo, if we don't get this change now: This is the greatest emergency which I know in all of modern history; possibly, also, medieval history.
It must be done. It must be done, now. It can be done within the provisions of our Federal Constitution, and only within the provisions of our Federal Constitution. Because, only if we act on our own principle, which is the original Federal Constitution, can our action be respected and defended. Therefore, we must act entirely within the provisions of our original Federal Constitution, and not deviate from the intention of those principles at any point. Because the first thing we must maintain, is the credit, the credibility, of the action we are taking. We can not go even into attractive measures, which violate that, because our nation has gone too long and too far in the violations of its own Constitution.
We have a contract with our people, the people of our republic, who may not fully understand all these things, but they're going to look back, and wonder if we're putting something over on them: Therefore, we must not only act, according to the intention of our original Constitution; we must emphasize repeatedly and explain, again and again and again that we are sticking to the commitment which was represented by our Constitution. Because we must secure the lost trust of our government, under presidents such as poor George Bush Jr., or Barack Obama, this poor wretched creature.
We must regain the trust of our own people, the trust that we are acting in accord with the intention of our Federal Constitution. We must not deviate from that. We must constantly discuss that with the people, remind them of this, remind the people of this, and act only under those instructions.
The kind of emergency action, which I represent and am speaking of here thus, today, means regaining the trust of our people, the regained trust of our own people, who have totally lost trust with the leading parties of our nation! Leading political parties are no longer trusted by the people! Most of the people despise our Republican Party, our Democratic Party, for the treasonous actions they've taken, against the vital interests, and in the cause of great suffering by more and more of our people! You want to say, that you, these parties, represent the people? They've lost all trust of the people!
We must restore that trust. We must adhere strictly to our Constitution's intention, its original intention. We must not go beyond the bounds of that, without the full consent of the American people for any changes made. And only on that basis, can people like me, who are prominent citizens of our United States, but are not really given the power of government, but we will come together to act in concert, on behalf of our government, according to the principles on which our Constitution was framed. We must, within that limited power we have, to propose, we must stick to those principles, and make clear to the people, again, and again, and again, that it is in their interest, and according to our Constitution's principle, that we are venturing to act, an initiative to save this nation from Hell, right now!