Jacques Cheminade Sends Letter to Sen. Warren Urging Full Glass-Steagall
July 18, 2013 • 12:10PM

The following letter was sent to Sen. Elizabeth Warren by Jacques Cheminade today. Cheminade had written to Sen. Warren on May 6 encouraging her to introduce a Glass-Steagall bill into the Senate.

Jacques Cheminade Paris, July 17 2013

Solidarité et Progrès

BP 27 92114 Clichy Cedex


To the Honorable Senator Elizabeth Warren

Dear Mrs. Warren,

Following my letter of May 6, 2013, I want to congratulate you again, this time for having introduced in Senate, together with senators Angus King, John McCain and Maria Cantwell, a 21st century Glass-Steagall Act to separate deposit-taking financial institutions from speculative investment banking. As I told you before, I am deeply convinced that the adoption of such a Glass-Steagall Act in the United States is, for us all, the first step to emerge out of the present world crisis. You should make it happen now!

Your action is extremely inspiring for us in Europe, for two main reasons. First, it shows that the spirit of the American Constitution is still alive and that Main Street could prevail over Wall Street. Second, because you in the United States should give the first kick because we in Europe are presently under the shackles of the world monetary system mediated by the euro monetarist cult, which prevents us to exert our respective national sovereignties through a government of the people, by the people and for the people. This principle is written in the words of our French Constitution, but it is thanks to your push that we are going to be able to move ahead to re-establish our own banking separation, as it was established in 1945, following the victory over Nazism and the lead of the Roosevelt Administration. You in the United States, endowed with the tradition of a national economy of the Hamiltons and the Roosevelts, should therefore reopen the way for us.

I hope that Joe Manchin, Barbara Boxer, Richard Shelby, Barbara Mikulski and many, many other Senators are going to join you soon. It is a matter of life and death at this point of the present economic and financial collapse.

The Glass-Steagall principle implies a return to a national economy based on a credit policy system, as Roosevelt developed it. A project like NAWAPA in the United States or to restore the Lake Chad water system in Africa should be examples for the 21st century as the TVA was in the '30s of the last century. My hope is that you keep going in that direction, for our common good.

Very respectfully yours in this moment of emergency,

Jacques Cheminade

Former French presidential candidate