The Glass Steagall Principle is a War Between British and US Interests

May 10, 2010 (LPAC)—Sunday saw a worsening of the collapse-crisis of the euro, with the British euro-bailout policy apparently claiming the government of German Chancellor Angela Merkel. The 27 fools of "Ecofin" — the finance ministers of the the so-called Eurozone countries, which have all bankrupted themselves by bailing out their banks while their revenues plunged in the crash — met all day in a race to announce as many as three new bank bailouts before the Asian markets opened on Monday, when a new stage of collapse is expected. Both British still-Prime Minister Gordon Brown, and British puppet Barack Obama, spent the weekend calling and pressuring Merkel for the new bailouts — which British Chancellor Alistair Darling said the UK intends to stay out of! The international rate for overnight lending among banks known as LIBOR, which had not changed by as much as one-hundredth of a point for eight months, suddenly doubled, and all the bank-money conditions of the early 2009 debt freezeup rose again from where they had been lurking just under the surface.

One action can suddenly and dramatically change the course of this disaster — an action by the United States, not Europe, and by Obama's adversaries, not Obama. That is the adoption of the Glass-Steagall policy long demanded by the most important of Obama's adversaries, economist and statesman Lyndon LaRouche.

LaRouche specified yesterday, as in Saturday's webcast, that the Glass-Steagall principle is virtually a matter of war between Britain and U.S. constitutional interest: "The clear threat to the United States of this British crisis, goes away if the U.S. adopts the Glass-Steagall policy put forward by Senators McCain and Cantwell. If it were to adopt the Glass-Steagall principle, then the British policy evaporates. If we go with my proposal, all of the crap is off the table: The United States is saved, the Brits go to Hell, and the Europeans are off the present hook. Their problem is still there, but now the problem can have a solution.

"It's now clear that some people were confused about this. Some people in the Democratic Party have opposed this, and the infection was spread from there. That's over. Nobody should be confused. The Glass-Steagall proposal from McCain and Cantwell is fully consistent with my intention and my policy over a long period of time.

"The U.S. adopting or coming close to adopting the Glass- Steagall policy would mean the sinking of the British pound. If we don't sink this British policy, we lose civilization."

"There's a virtual landslide for this, out in the mass strike among the American people. Get it through!"

WEBCAST May 8.  http://www.youtube.com/watch?v=i9Bglhprq_4