The following is an open letter issued to the Detroit City Council by LaRouche PAC endorsed candidate for U.S. Congress Bill Roberts (MI). The city council is considering implementing a financial control board of the likes of which were imposed on NYC in the 1970s, which gutted the city's industrial capacity and replaced it with the disasterous speculative Wall St. investment firms. The following is Bill Roberts' appeal.
Dear Member of the Detroit City Council,
I am a candidate for U.S. House of Representatives in Michigan's 11th District, running as part of the LaRouche National Slate of Candidates with a set of policies that must be brought in to constitute a new presidency now. When I recently heard of the proposal that the city of Detroit accept a financial control board reminiscent of the infamous 1970s "Big M.A.C.” of New York City, I thought to myself: this is incompetent and dangerous.
Detroit doesn't need a financial control board. A financial control board over Detroit will kill Detroit just like the E.U's financial dictatorship over Greece is killing Greece.
Greece's policies are now dictated by a team of financial managers appointed by the European Commission. The so-called “troika” (European Commision, European Central Bank and the I.M.F.) has imposed severe austerity on the Greek population, cutting the minimum wage, slashing education and pensions for the elderly and canceling prescription medication programs. This has led to a 21% unemployment rate and 50% unemployment among youth. The GDP has collapsed 7.5% in the last quarter because the economy is being shut down and the rate of collapse is accelerating. A Greek hero from the resistance movement of the 1940s said that not since the time of Nazi occupation has Greece seen such harsh conditions.
Austerity programs never solve economic crises. It only shuts down more of the economy and accelerates the collapse of revenue, which is precisely the problem in the first place. Learn the lesson of Greece. The E.U. is doing to them what Gov. Snyder wants to do to Detroit.
The Detroit City Council needs to not only to reject Snyders's banker's dictatorship but should refuse any compromise that includes cutting budgets to allow for bailouts. Members of the council need to instead fight for the national implementation of the Glass Steagall Act, an action that more than 60 members of the U.S. Congress now support, including both Reps. John Conyers and Hansen Clark of Detroit. This is the only way out of the economic crisis. The problems of Detroit have been created by the collapse of the national economy, which has been driven by the rise of unregulated financial speculation.
The trillions in federal bailouts to Wall Street will be cancelled under a Glass-Steagall reorganization of the banking system. As under the Franklin D. Roosevelt administration, commercial banks will be protected and re-capitalized with Bills of Credit issued by the Congress for long overdue public works projects, new science driver programs and the feeder industries that will provide millions of good paying productive jobs. For forty years this country has been going the wrong direction, away from the policies of Franklin Roosevelt and John F. Kennedy. Let's go back to what worked.
Please contact me at [email protected] I look forward to working with you to defeat this financial control board scheme and implement a top-down, national solution.
LaRouche National Slate of Candidates
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