Lyndon LaRouche today reiterated that we have reached the point in the breakdown of the entire trans-Atlantic financial system that the only survival option is to immediately implement Glass-Steagall. LaRouche issued a statement today, "The End of Britain's 'Bail Out"' which reiterated the need for his three-point recovery plan — starting immediately with Glass-Steagall.
LaRouche, in discussions with colleagues today, elaborated that for Europe to adopt Glass-Steagall, it would only be necessary to immediately repeal the Maastricht and Lisbon treaties, which eliminated national sovereignty in favor of dictatorship by a financial oligarchy, and mandated government bailout of all private bank gambling losses. The Maastricht Treaty was a swindle, imposed on Germany by then-French President Francois Mitterrand and British Prime Minister Margaret Thatcher, with the full collusion of U.S. President George H.W. Bush. Maastricht was posed as the condition for allowing the reunification of Germany, following the fall of the Berlin Wall and the collapse of the Soviet Union and the Warsaw Pact. It was, LaRouche emphasized, doomed from the start. Now, we have arrived at a point where neither Europe nor the United States can survive, if the current policy is allowed to continue any longer. Glass-Steagall separation of commercial banking from all of the gambling activities is the precondition for the needed policy changes, LaRouche concluded. Without Glass-Steagall, both in the United States and Europe, there is no chance of survival anywhere in the trans-Atlantic world.