Merkel Pressured By British To Set Up Fund To Defend Euro

May 9, 2010 (LPAC)—According to the German financial daily Handelsblatt, German Chancellor Angela Merkel was pressured by French President Nicolas Sarkozy and EU Commission President Jose Manuel Barroso to agree at a summit of the Eurozone heads of state and government to the creation of a new mechanism to defend the euro. Details of the new mechanism will not be released until after a meeting on Sunday, May 9, in Brussels of the 27 EU Finance Ministers and the mechanism will go into effect before the markets open on Monday in Asia.

As Handlesblatt reports Merkel has always been firmly opposed to the creation of such a mechanism because it is not in accord with the bailout prohibition of the European Union. Diplomats reported that Merkel capitulated under pressure from Sarkozy and Barroso. This mechanism would be in addition to the $140 billion bailout of Greece.

According to Britain's Guardian, the "intervention unit" will have up to EU70 billion at its disposal.

During his international webcast on Saturday, Lyndon LaRouche responded to a report on this development from his wife Helga Zepp-LaRouche, who is chairwoman of the BueSo political party in Germany: "This comes from Britain, entirely from Britain. And you can say so. I can be quoted on this, publicly attributed, yes. This operation was entirely British. The British, as I said earlier today, the British system is in an existential crisis. And what happened on Wall Street on Thursday is a reflection of that existential crisis of the British system. The British system is intrinsically bankrupt, and the issue here is this: Again, the Inter-Alpha Group of Jacob Rothschild and company Jacob Rothschild is nothing but the errand boy for the British monarchy and the British Empire. This group of banks, now this involves especially the banks of Spain, Portugal, Ireland, England, and some others. If the United States were, as it must, to support the Glass-Steagall reform, which is being pushed in detail by McCain, Cantwell, and so forth, if that is instituted, the British Empire goes down, right now. That's the crisis. That's what it's all about. And under those conditions, the British will kill; they always do. This is an existential crisis for the British Empire. It cannot survive a Glass-Steagall system re-installed by the United States; that's the reality....

"There's only one thing to do with this thing. Obviously the operation in Germany is British-run. It's entirely run from London. It's not a German policy, it's a British policy.

"Now, what we do is we, in the United States, mobilize to the extreme, for this reform which we're pushing: Back to Glass-Steagall. The Glass-Steagall reform will crash the British system. When we have crashed the British system, by re-establishing the Glass-Steagall, by doing that we're going to create a situation where the British will no longer be able to impose these things.

"If you go into Germany now, and you try to find a solution which can be worked out from inside Germany per se, you're not going to succeed. You have to have an outside—you have to have a global factor. This is a global empire we're dealing with. The British Empire is a global empire. We are the only nation which is capable at this point, of destroying that global empire.

"We require, of course, cooperation with China, which under the right conditions, we will get. Under the right conditions, we'll get Russia's cooperation, and other nations. We can have cooperation from —well, I could name Iran, for example. These countries are looking for cooperation with the United States. and we're not giving it to them.

"If we push this, which admittedly, Obama will fight to the death, if we do that, we can break this up. You have to think strategically, not in terms of a specific medicine for a specific symptom. You have to get to the thrust of the disease itself.

"The way to do that is go with this Glass-Steagall reform, now! Push it through, ruthlessly.

"And on these other cases she mentioned, that if we do it, we can win. The potential is there. But we have to do it. We have to insist that everybody goes and supports this, as far as we're concerned. Every patriotic American will support this Glass-Steagall reform. If they don't do it, if they're not fullbent on doing it, then they're not really patriots. Because we need this strategically, to save the United States. We need this to save the world. If we are saved by this action, we will save the world. As poor and miserable as we are, as a factor in world history, when the other side is much poorer than we are, in terms of resources and capability, we can win. So, let's go out there and win. And beat these bastards."