AUDIO: An Urgent Appeal for Glass-Steagall from Helga Zepp-LaRouche
May 1, 2013 • 6:05PM

Founder of the international Schiller Institute, Helga Zepp-LaRouche, issues an urgent appeal from Germany for the citizens of the United States and the U.S. Congress to immediately act to reinstate Glass-Steagall. The American people must draw on the experience of the American Revolution and act to avoid a catastrophe for the nations of the transatlantic and mankind as a whole.

I'm appealing to you from Germany, to you the American people, and the American Congress. We are facing right now, a very existential crisis in Europe. The whole trans-Atlantic world is in a breakdown crisis which is much, much worse than that of the '30s. But still the memory to what policy choices were taken in the '30s, is extremely important. Because in the United States, you had Franklin D. Roosevelt, who implemented Glass-Steagall, the separation of the banks; he called in the Pecora Commission; he went with a credit policy of the New Deal, and reconstructed the American economy in such a way that by the end of World War II, America was the strongest economy in the world.

Now, as you know, in Europe, unfortunately, things went in a completely different direction. We had Mussolini in Italy, Franco in Spain, Pétain in France, and in Germany, after the brutal austerity of Brüning, it went to Hjalmar Schacht and Hitler, with all the known consequences.

Now, unfortunately today, the policy of Brüning, that is, severe cuts in the living standard of the population, is what is the policy of the Troika, which is the ECB, the IMF, and the EU Commission, in their prescriptions especially for southern Europe. As a consequence, the economies of southern Europe are completely collapsing, disintegrating. The living standard is going downhill, the life expectancy is shortened. These are life-shortening measures. Youth unemployment in some countries is up to 60%! The suicide rate goes up.

Now, the problem is, these are human rights violations. This was the finding of a special rapporteur of the United Nations who just visited Greece. Now, the problem is, that because of the character of the euro, which is a failed experiment, and the de facto dictate of the Brussels bureaucracy, the European nations have lost their sovereignty. However, the tensions between the southern Europeans, the Greek people, the Italians, the Spanish, and the Germans, is increasing, because they blame the German people for what is the policy of Brussels and of [German Chancellor] Merkel. Also, the tensions between France and Germany are on the rise again. This is very dangerous: One of the evildoers, one of the architects of this failed euro policy, the former head of the Eurogroup, Juncker, even made the parallel to 1913, saying one should not think that a repeat of such developments which led to World War I would not be thinkable.

Now, because of the disunity of Europe, because there is no way with the present EU dictatorship this policy will be changed, and as long as countries are in this construct, they don't have the control over their own policy. In addition, the political system in Europe, the parliamentarian system, makes it much, much harder for the normal population to talk to their parliamentarians, because they're bound by what is called "the faction duty."

Now, you in America, therefore, have a very good advantage: You have the privilege of the American Revolution, the American Constitution, and a political system which allows that the normal population can talk to their congressman, to their senator, and have a direct relation, and remind them that they are responsible for the common good of the people. Now, this is a big privilege. We in Europe right now have no sovereignty, and you know, it is a question, very doubtful, that the solution will come from Europe.

So, please be aware of your proud tradition of the American Revolution, of the heritage of Lincoln, of Franklin D. Roosevelt, of Martin Luther King. And I'm appealing to you to go into the biggest mobilization you can have ever made, to implement Glass-Steagall, because if the American Congress implements Glass-Steagall, then swiftly, all of the European countries will follow, and that is the only way I can see how the world can escape a terrible catastrophe.