It's the British Empire That Is Collapsing

May 3, 2010 (LPAC)—The finance ministers of the European Union met on Sunday and ratified a 104 billion euro bailout of Greece, to be run through the IMF and the EU, as rioters in the streets of Greece made clear that they are not going to tolerate the murderous conditionalities that the Greek government was forced to swallow.

The reality of what happened over the weekend, however, is radically different from what is being reported in the trans-Atlantic media. In reality, it is the entire British Empire that is hopelessly bankrupt and going down. The sovereign defaults looming in Greece, Portugal, Spain, Ireland, Italy, and who knows where else, are just symptoms of the final disintegration of the entire British offshore financial swindle.

Lyndon LaRouche emphasized that this reality must be driven home, over and over. The British Empire is finished, bankrupt, doomed. The entire European Monetary Union (EMU) swindle, imposed on Europe by Maggie Thatcher and her French poodle Francois Mitterrand (and George H.W. Bush), is now crashing down. London will try to blackmail Germany into bailing out the EMU, but that is not going to happen, and it won't work anyway. London is trying to bring down Germany, as all of Europe plunges into collapse. Unless the concept is clear—this is the British Empire that is bankrupt—mistakes are going to be made. Nothing can save the British Empire, but they could bring down the entire world with them. And that is what has to be stopped.

Some Establishment types in the U.S. are starting to recognize bits of this reality. David Ignatius, the CIA agent turned editorial writer, wrote a panicked piece in the Sunday Washington Post, warning that the Greek default, which is inevitable, could trigger a process of contagion and panic like what happened on Wall Street in 2008 after the collapse of Lehman Brothers. The spread of the crisis to Spain, Portugal, Ireland and Italy is also inevitable, and the result could be a run on big European banks that hold this toxic debt. A sovereign debt crisis could become a banking crisis, he warned. The New York Times was more precise, providing a flow chart of the exposure of all of Europe's leading banks, to the sovereign defaults by the so-called PIGS countries of southern Europe. Like the alliances that drew one country after another into World War I, a default by a single nation would send other countries tumbling, the Times admitted. According to the Times account, based on BIS data of internal cross-border sovereign debts in the EU, the five countries all verging on sovereign default—Greece, Portugal, Spain, Ireland and Italy—have a total of $3.9 trillion in debts to one another, but principally to Germany, Britain, and France. This is not a bailout of Greece. This is a bailout of the Euro system, hedge fund manager Eric Fine told the Times. In reality, it is not the Euro system that is being wiped out in the now unfolding bankruptcy marathon. It is the British Empire. Therefore, no survival is possible unless the British Empire system is replaced, as Lyndon LaRouche has uniquely said, by a Global Glass-Steagall bankruptcy reorganization.