This statement is available as a leaflet.
It seemed sudden, that an important faction in England should have chosen yesterday’s moment as the occasion to have presented an urgent proposal whose effect might well become a rescue of the trans-Atlantic community from the nick-of-death of the entire trans-Atlantic community (and more) from the worst economic break-down crisis in all modern European history.
If this venture, launched into public opinion yesterday, is to succeed, the actions to be taken immediately must be placed into operation immediately. It is my estimate that the kind of turn reported publicly in London yesterday could become the needed basis for rescue of the planet from the most deadly moment in modern world history. The necessary, immediate actions, must be taken immediately, but with precise design as to who does what in which sequence.
It happens that the remedies which are implicitly available are not inconsistent with the launching of an attempt at a true FDR Glass-Steagall reform, and represent a potential which could save civilization at the veritable “last moment;” but, this is not a task for the generality of leading figures in government and financial leadership today. Current thought in financial markets and related academic traditions would lead to an early and irreparable disaster throughout the trans-Atlantic sector and beyond. My own qualifications in this matter are unique. An entirely new system of values must be adopted, and that must be done very quickly: the present world system, especially that of the trans-Atlantic regions, is already ready to blow out.
At the same time, it must also be emphasized, that what I have read from monetarist circles of opinion, or most academically trained professionals in “economics” would be a virtually immediate disaster for humanity generally. In short, the practice of monetarism must be suspended, and a system of physical-productive values must be substituted.
To sum up these opening remarks, the essential change to be made, if civilization is to avoid the greatest economic crash in modern history, must be the termination of use of a system of monetarist values; physical-productive [e.g., “production-based”] physical values must be adopted as the controlling standard of “market values,” instead.
As the announcements in certain sections of the British press have presented their argument yesterday, a workable escape from the presently accelerated break-down crisis is both a physical-economic and political option, and some among us in this community are summoned to this common cause. I emphasize, that there are certain circles in London and other places which are intelligent enough to recognize the essential nature of the reform which must be instituted immediately.
I am uttering the foregone message here and now, for immediate distribution. During the over-night and tomorrow, I shall present my summary of this matter.