May 14, 2010 (LPAC)--Lyndon LaRouche today declared that the only hope for avoiding a near-term collapse of the entire global financial system is for the U.S. Senate to pass the Cantwell-McCain amendment, reinstating the Glass Steagall Act, that separated commercial banks from brokerage and insurance firms in 1933. "If the White House and the Senate Democratic leadership don't succeed in sabotaging the vote on the Cantwell-McCain amendment next week, I believe it will pass with significant bipartisan support,'' LaRouche said.
LaRouche reiterated his warning of May 11, that the $1 trillion-plus 'super-TARP' bailout of the entire bankrupt European Monetary Union, which was announced on Sunday night by the Board of Governors of the Federal Reserve Bank, is doomed to fail. "The entire purpose of the way the Greek debt crisis was handled, was to destroy the United States," LaRouche declared. "The Greek debt crisis could have simply been handled by a sovereign restructuring of their own debt. Instead, they saddled the Greek debt, and then the Portuguese, Spanish, Irish and Italian debt on Germany, which has no capacity to pay. So, now the United States has been drawn in, courtesy of President Obama and Tim Geithner, to subsidize the whole mass of unpayable and, for the most part, illegitimate debt. This will destroy the United States, just as I warned. If President Obama were not such a toy of the British, none of this would be even conceivable.''
LaRouche declared that the only option is for the U.S. Senate to pass the Cantwell-McCain amendment to the Dodd bill, that would reinstate the Glass Steagall separation of commercial banking from the speculative mess. "Otherwise, under the policy announced on Sunday night by the Fed, the United States and Europe are headed for 1923 Weimar-style hyperinflation, right now! Unless we stop this madness through the restoration of Glass Steagall, the entire planet is doomed to a rapid plunge into a new dark age.''
British Foreign Office Declared War
LaRouche reported that "reliable sources have informed me that they have first-hand knowledge that the British Foreign Office has communicated direct threats to the U.S. Department of State, warning, in effect, that any move to reinstate Glass Steagall will be considered an act of aggression against the British government, by which they mean the British Monarchy and the City of London financiers. Wall Street is not the center of the problem. Wall Street is merely an appendage of the British. That is an old story. It goes back to the time of the British East India Company, and the actions of traitors like Aaron Burr and August Belmont.
"The question, therefore, that must be asked, is: How many members of the U.S. Senate and the U.S. House of Representatives, today, are prepared to kiss the Queen's rump? It really comes down to that. The Foreign Office has made a direct threat, that the only sane action for the United States at this time--the reinstatement of Glass Steagall as a first step towards re-establishing a viable commercial banking system, freed from the trillions of dollars in illegal speculative debt--is considered an act of agression against Britain.''
LaRouche reiterated that "over 80 percent" of the American people support the restoration of Glass-Steagall.
The Cantwell-McCain amendment to the Dodd bill, now being debated on the floor of the U.S. Senate, is scheduled to be taken up early next week, perhaps as early as Tuesday. LaRouche called on all of his supporters to "turn the country upside down, mobilizing support for the passage of the Cantwell McCain amendment."
"Senators Cantwell and McCain have shown what it means to be a true patriot at a moment of grave crisis," LaRouche concluded. "I know something about why they have taken up this responsibility at this time. They deserve our total support. The Cantwell-McCain Glass-Steagall amendment is the true test of patriotism at this moment. Whether you realize it fully or not, trust me: The very survival of the United States is on the line in this vote. And if the U.S. goes down, in a hyperinflationary collapse, due to a failure to stand up against the British, then all of the planet is doomed. That is no exaggeration."