Show: The LaRouche Connection

Episode: 0720 One Year Later - But Still Not too Late Pt 1.mpg

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Program No. 720
“One Year Later—But Still Not Too Late!” Part 1

In a webcast one year ago (July 25, 2007. See The LaRouche Connection Program Nos. 699, 700, 701: “The End of the F.D.R. Era,” Parts 1-3) Lyndon LaRouche declared that the collapse of the global financial system was not “about to occur,” but was, in fact, ongoing.

Now, a year later, he told a Washington, DC audience on July 22, that we are not facing a depression, but a general breakdown crisis. The question, as always, is how to get people to act, and do it now. The event, sponsored by the LaRouche Political Action Committee, was webcast live over the internet in English, Spanish, Italian, German, and Russian. The entire event was moderated by Debra Freeman. This edition of The LaRouche Connection features Mr. LaRouche’s opening remarks.

Mr. LaRouche emphasized: “The first thing to settle, is that the present international monetary-financial system will die, and will never recover. This system is finished. The only possibility that exists now, is to create a replacement system, based on the principles of the founding of the U.S. economic system, with the founding of the actual Constitutional government, as defined under, particularly, Alexander Hamilton. And if you don’t understand, and agree, with Alexander Hamilton, it’s like saying, there is no future for you.”

Now, as last July, Mr. LaRouche called for “three specific remedies, which are not cures to the problem,” but without which “there’s no future for the United States and no future for the world:”

1. Congress must pass the “Homeowners and Bank Protection Act.” Under this Act, all State and Federally chartered banks are to be put into bankruptcy protection, by the Federal government, with restrictions on which of their accounts will be paid; the rest to be frozen. And, there will be no evictions of householders because of mortgage default. They will remain in their homes under conditions which are acceptable conditions, and will continue to function under bankruptcy protection.

2. Under the Constitution, the United States must again treat its money as a sovereign instrument of government. Money, or credit, which is convertible into money, must be allowed only through action of government. No bank is permitted to create money, only a government, by credit, by authorizing the utterance of debt of the government, in the form of credit, which defines that debt explicitly as applicable to certain missions, like investments, or developments of people. Under this system, two tiers of credit must be set up, in which the standard interest rate for regular banking—the basic interest rate—is 4% throughout the Federal Reserve System; and 2% (with Federal government protection), for special projects, especially infrastructure projects.

3. The United States must propose to the governments of Russia, China, and India, that these four major countries agree to sponsor a committee—an alliance of powers, including other powers—to establish a fixed-exchange rate financial-credit system internationally, of the type President Franklin Roosevelt intended in 1944 at Bretton Woods, New Hampshire. No other country can initiate such action.

We must have a Presidential candidate, in the United States, who will be credible, in saying to the China, Russia, India, and so forth, “This is what the Unties States is committed to do, as soon as I get to be President. And we can start it right now.” That’s what we need right now!

[For a complete transcript, see EIR magazine, Vol. 35, No. 30 (Aug. 1, 2008), pp 4-31.]

Release Date: Aug. 11, 2008

Episode Short Description: N/A

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