More European Action Against Speculation: They're Far Ahead Of Obama's U.S. in Morality

May 26, 2010 (LPAC)—Following up on Chancellor Merkel's breaking of the mold, by suddenly, unilaterally imposing a ban on a category of naked short selling last week, the European parliament's Economic and Monetary Affairs Committee last week passed a resolution, calling for a total ban on naked short selling. The resolution is proposed to be part of the Alternative Investment Fund Manager directive, to be decided on by the EU Council of Ministers next week.

The action was taken against the will of the chair of the committee, Sharon Bowles, who complained that "it's not that simple." But it apparently had the strong support of the German and French MEPs. Jean-Paul Gauzes, the rapporteur, told the Financial Times that he was determined to see a ban on naked shorting, which he described as a "casino game... a tool of pure speculation."

 

THE NEW AMERICA: http://www.larouchepac.com/lpactv?nid=14584

 

LaRouche: It's Time for an "Unnecessary President Act"!

May 26, 2010 (LPAC)—This week, President Obama spoke out against "unnecessary" government spending, and is sending to Congress a bill through which he intends to exert yes-or-no power over whether any Congressionally-passed spending authorization will be carried through or not. In effect, it is Obama's attempted imperial revival of the "line-item [budget] veto," which was declared unconstitutional in 1998 by the Supreme Court.

The title of the newly proposed Presidential authority to make such cuts is, the "Reduce Unnecessary Spending Act of 2010."

Lyndon LaRouche pointed out yesterday, that "It's time for an 'Unnecessary President Act'"! We've had necessary presidents, such as Abraham Lincoln, Franklin Delano Roosevelt, and John F. Kennedy. But Obama is unnecessary. It's urgent that he should go.

Obama's "Reduce Unnecessary Spending Act of 2010" would have three features: First, it would require that a package of proposed rescissions be submitted within 45 days after the final passage of an appropriations bill. Second, Congress would not be permitted to amend the package of cuts. Third, the House and Senate would face time limits for debate, which would guarantee the President's cuts getting an up or down vote quickly.

Obama's Budget Director, Peter Dirtbag, dissimulated on a conference call with reporters yesterday that, "Here, we are trying to find a way for the President to give the knife back to Congress."

But Sen. Robert Byrd (D-W VA), for one, has already denounced the Obama/Orszag power-play. His statement against the proposal said, "Congress has the constitutional authority over the power of the purse and I am not in favor of yet another attempt at a power-grab by a chief executive."

THE NEW AMERICA

How the British Bastards (and Obama Bastards) Think: The Case of BP

May 26, 2010 (LPAC)—Evidence of the murderous mentality of British Petroleum (and British whores like Obama in the U.S.) came to light yesterday, thanks to the publication of documents BP was forced to release in the legal actions brought against it in the 2005 BP Refinery explosion. Lawyers for the victims in that case demonstrated that it was BP's determination to "save money" that led to the deaths of 15 workers, who were housed in unprotected structures.

The Daily Beast blog publishes two of BP's damning internal documents, published by the Risk Management department.

The first, entitled "Cost benefit analysis of three little pigs," is hair-raising in its cynical attitude toward human life. It reads:

"Frequency—the big bad wolf blows with a frequency of once per lifetime."

"Consequences—if the wolf blows down the house, then the piggy is gobbled."

"Maximum justifiable spend (MJS)—a piggy considers it's worth $1000 to save its bacon."

"Which type of house," the report asks, "should the piggy build?"

The answer, indicated in a hand-written note from 2002 (before the 2005 explosions), was to build housing without blast-resistant walls, because to build safe structures, would cost 10 times as much.

An ancillary e-mail from the same time, revealed that BP actually had a monetary value assigned for each worker in its Three Pigs evaluation—$10 million per life. If it cost more, that was just too bad.

These murderous bastards are going to have to pay, all right. As Lyndon LaRouche put it, we're going to raise the price.

THE NEW AMERICA: http://www.larouchepac.com/lpactv?nid=14584

NEW WARS !!! INVOLUNTARY EUTHANASIA !!! PLAGUES / PANDEMICS !!! LAROUCHE MUST SEE !!!

 

THE BRUTISH EMPIRE 

 

WA State Democratic and NV Republican Candidates Support Glass-Steagall

May 25, 2010 (LPAC)— In Washington State, Denny Heck, the Olympia Democrat hoping to win retiring Democrat Rep. Brian Baird's 3rd Congressional District seat, is supporting Sen. Maria Cantwell's Glass-Steagall amendment in very strong terms. And in the Nevada Senate Republican primary, Danny Tarkanian, who plans to run against the traitorous Sen. Harry Reid, also supports both Glass-Steagall and tougher laws against derivatives.

According to the Bellingham Herald, Denny Heck, the highest funded of the three Washington State Democratic primary candidates, put out a letter giving full support to Cantwell. He writes:

"Friends, Wall Street and reckless CEO's brought this country to its knees and materially contributed to over 7 million jobs lost in this country. Southwest Washington continues to suffer from the highest unemployment in the State, and no job is safe if we do not comprehensively reform Wall Street and the casino capitalism that got us into this mess.

"But Senator Cantwell was right tonight - the financial reform legislation just passed by the Senate does not go far enough.

"Missing from this legislation are two important provisions proposed by Senator Cantwell that would have closed critical loopholes which led directly to the type of casino capitalism that got us into this mess in the first place.

"Congress must reinstate the Glass-Steagall Act — which separated commercial and investment banking in this country for over six decades.

"The Glass-Steagall Act was repealed in 1999 and allowed banks to become both commercial lenders and investment companies. This allowed big banks to become 'too-big-to-fail' banks, using our federally-insured deposit money to make bets and take risks.

"Banks should get back to the business of being banks, where our money is safe and being lent responsibly to small businesses and around our communities — creating jobs.

"Wall Street's derivatives bets must be forced out of the shadows and onto publicly traded exchanges.

"Senator Cantwell's other proposal would have tightened clearing requirements for derivatives trading, making it illegal to evade trading a derivative on a public exchange and actually voiding the trade if it violated those rules. Clearing of derivatives is the heart and soul of Wall Street reform because it requires traders to put up money to back their bets. It might be hard to believe, but making bets with other people's money was, and continues to be, a common practice on Wall Street.

"Forcing these derivatives out of the shadows is essential to prevent banks from ever looking to taxpayers again when their bets go bad.

"To be sure, tonight's passage is a good start for reform — but 'good' isn't enough when reining in Wall Street.

"Senator Cantwell was right tonight — Congress must strengthen this Wall Street reform and now has the opportunity to do so during the upcoming conference negotiations.

"I have talked about this from day-one on the campaign, and will continue to call on Congress to step up to the plate to deliver real, comprehensive Wall Street reform. I hope you will too." Signed, Denny Heck.

In Nevada, Tarkanian, an extremely well-known ex-University of Nevada basketball star, is not only freaking out Harry Reid, but also the Republican establishment and Tea Party Express, which is demanding that he drop out of the Republican primary in favor of a Republican who has not supported Glass-Steagall. Tarkanian denounced the Tea Party Express effort as an attempt to "corporatize" the Tea Party movement, and he refuses to drop out.

The "Reid-b-gone" blog reports that Tarkanian supports "tougher rules on the trading of derivatives," and "he also called for the reinstatement of the Glass-Steagall Act to separate commercial and investment banks." He also opposes bailouts saying, "We must get away from the bailout mentality that has taken over Congress since the first Wall Street bailout...."

THE NEW AMERICA: http://www.larouchepac.com/lpactv?nid=14584

Germany Could Exit the Euro "Overnight"

May 25, 2010 (LPAC)—Certainly a sign of the times are remarks like those coming from Ansgar Belke, a director of research at the Berlin-based German Institute for Economic Research, or DIW (Deutsches Institut fuer Wirtschaftsforschung), who is quoted in several investment newsletters and other German media these days, saying that "legally, a voluntary exit from the currency union is possible." Belke went into some detail, saying that "first of all, [Germany's currency] the d-mark would have to be reintroduced as an accounting unit, with a fixed exchange rate [to the euro] for about one year. During this period, the euro would still be the official currency, and in the meantime, new bank notes and coins would be being printed and pressed, which after that one year would come into circulation. All euro coins and notes would then be abolished and the euro would become an accounting unit. In the last stage, the fixed exchange rate between both currencies would be lifted, and the d-mark would be independent again."

For his part, Belke is not in favor of such measures, but does say it is possible, naturally.

However, according to Alfonso Tuor, an economist and deputy editor of the Swiss newspaper Corriere del Ticino, "Germany's exit from the euro must occur overnight." Tuor expressed this view to EIR saying that a transition period such as the one described by DIW researcher Belke does not work. "You cannot do it in one year; it must be done overnight, or in a weekend. The announcement must be done by surprise, like: 'You are given 30 days time to convert euros into DM and state if you want your debt to be denominated in DM or Euro... It must be done in the same way as Nixon did with gold".

The question of the physical changeover is irrelevant, according to Tuor. "Circulating money is very little. Monetary supply is mostly electronic. Technical banknote changeover "is a joke", you can do that afterward.

Tuor is convinced that Germany will exit from the Euro in 2-3 months, "or even in one month". "Now everything is coming down" in the financial system, he said. "I do not see who can intervene" to stop that. The stock market plunge is having other effects, in terms of devaluing bank collaterals. It is a chain reaction.

"I am convinced that Germany's participation to the bailout package is the price Germany has paid in order to get out of the euro", he said. In other words, soon Germany will say: we have given what we could give, it is over now. Now we go back to the DM.

THE NEW AMERICA: http://www.larouchepac.com/lpactv?nid=14584

LaRouche on the New Bretton Woods

THE SECRET ECONOMY

by Lyndon H. LaRouche, Jr.

 

April 17, 2010

 

A prefatory comment on the implications of the subject of the following report:

Fortunately, at least a relatively few leading talents among U.S. economists have understood certain essentials of “the how and why” of my uniquely successful record in economic forecasting, that since 1956-57, to the present date. Unfortunately, many other economists have not yet understood this. The root of the failures by the relatively larger number of economists, as shown by virtually all accountants, and all but a few leading economists, is that they are, essentially, worshipful victims of a widely taught delusion, known as monetarism: the worship of an imagined monetary “magic of the marketplace,” their foolish belief in money as such.

Therefore, the relevant questions include: “What is the secret? Why have most among the world’s presently leading economists, been so stubbornly incompetent, for so long, in matters pertaining to forecasting of the medium- to long-term patterns of net, physical-economic development, in both the relevant nation, and in the world at large? Why has the U.S. economy been in a trend of an actually measurable, physical-economic decline, actually, since the day after the death of President Franklin D. Roosevelt?”

MORE: http://www.larouchepac.com/node/14582

THE NEW AMERICA: http://www.larouchepac.com/lpactv?nid=14584

The Impeachables Target Germany's Merkel For Daring to Go After Derivatives

May 25, 2010 (LPAC)—The eminently impeachable Obama Administration is on a full-tilt mobilization to stop any efforts to return to a Glass-Steagall standard and limit derivatives, not only in the United States, but internationally as well.

German Chancellor Angela Merkel's recent ban on some categories of derivatives trading is "damaging to the market and counterproductive," an unnamed "senior U.S. Treasury official" accompanying Treasury Secretary Timothy Geithner on his current trip to China, told reporters in Beijing. The sovereign German decision was "one-sided," the official protested, and is "unlikely to be adopted on a wider scale," according to reports in Bloomberg and Dow Jones.

After China, Geithner will be traveling to London, Berlin, and Germany's financial center, Frankfurt, where he will deliver the threat personally to the German government.

The Monday Washington Post joined in the Germany-bashing in a front-page article headlined "In Europe, One False Move Could Set Off Global Chain." The article preemptively blames European politicians who "fail to make the expected progress in cutting budgets [and] restructuring economies," of being responsible for a chain-reaction meltdown of the global economy. The article then specifies: "That the dominoes can tumble fast was shown Thursday [May 20] when a new and narrowly drawn stock-trading policy in Germany helped trigger a sell-off on Wall Street."

 THE NEW AMERICA: http://www.larouchepac.com/lpactv?nid=14584

Tarpley í Reykjavik - Solutions for Iceland

Tarpley í Reykjavik - Solutions for Iceland.

Reykjavíkurakademían, 28. sept 2009. Webster G. Tarpley hélt 4 fyrirlestra á Íslandi, þetta er sá fyrsti í röðinni og fjallar um vanda Íslands og lausnir á honum. Fyrirlesturinn er á ensku.

Tarpley í Reykjavik - Solutions for Iceland from Gull Vagninn on Vimeo.

To Save Our Nation Congress Must Pass Glass-Steagall & Shut Down Derivatives Now!

May 24, 2010 (LPAC)--Draft LPAC Resolution:

To Save Our Nation Congress Must Pass Glass-Steagall and Shut Down Derivatives Now!

 

WHEREAS, the leadership of the U.S. Senate has sabotaged the inclusion of the Cantwell-McCain Glass-Steagall amendment into the so-called financial reform bill, thus leaving our banking system vulnerable to the ongoing blowout of the world financial system, as such is anticipated by the current freeze-up of bank lending, and the 1000 point "flash" drop in the U.S. stock market; and

WHEREAS, that same leadership, under pressure from the Obama Administration and Wall St., has similarly removed any significant enforcement mechanism from that "reform" bill in respect to the trading of derivatives, and has given every indication, as of May 24, that they intend to remove the Lincoln amendment which imposes restrictions on banks' trading in derivatives, from the bill entirely during Conference discussions with the House of Representatives; and

WHEREAS, the re-imposition of the Constitutional Glass-Steagall principle that separates commercial from speculative banking, and the shutdown of the hundreds of trillions dollar derivatives casino—both measures which have been strongly promoted and supported by leading economist Lyndon LaRouche—are the indispensable, and inseparable, first steps for saving the U.S. economy, and creating the basis for the launching of a real economic recovery program based on massive infrastructure projects;

THEREFORE, be it resolved that ____________________ demands that Congress immediately act to pass the Cantwell-McCain Glass-Steagall amendment (or law), and to adopt measures which will lead to the shutdown of the derivatives market, starting with the Cantwell-Lincoln amendment to the Dodd bill.

 Larouche on Glass Steagall:

http://www.larouchepac.com/lpactv?nid=14492