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| That is just what could happen, since neither the U.S. Senate, nor the German Bundestag, nor the G20 countries, have yet done anything to prevent it. On the contrary: The financial reform bill just passed by the U.S. Senate, which left the fattest loopholes for speculators, has increased the instability enormously. And the Bundestag's rubber-stamping of the EU750 billion ``rescue package'' for Greece has accelerated the dynamic of disintegration of the global financial system—whether by a chain-reaction domino effect, or by global hyperinflation.
A taste of what could happen at any time, on a much larger scale, was shown by the collapse of the Dow Jones on May 6, when it fell by 10% in 16 minutes, wiping out $700 billion, with the automatic trading systems apparently on autopilot. The quick and partial rebound that occurred then, might not happen the next time, and the whole world financial system could actually disintegrate overnight. All it would take is another grave mistake, somewhere on the globe, and the world could plunge into chaos. Only hours after the Senate passed the version of the financial reform bill demanded by the White House and top executives of Wall Street, a Newsweek blog compared the law to a doughnut, with a huge hole in the middle, ``that is so critical to the success or failure of the bill that it becomes the legislation's defining characteristic''!...
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March 23, 2007
—EIR News Service announced the publication of
The Anatomy of Russian Capitalism,
by Professor Stanislav M. Menshikov.
Translated from the Russian by Rachel Douglas, the book is an authoritative study of the Russian economy during the first 15 years after the break-up of the Soviet Union. The Preface, by EIR founder and contributing editor Lyndon LaRouche, titled, "Russia's Next Step," poses the need for U.S. policy-makers to study and grasp the "disease" presented in this book, since it represents "an economic global pandemic which we must all join to defeat." |
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This Week's Cover
- Imagine You Wake Up . . .
and the Global Financial System Is Gone!
By Helga Zepp-LaRouche.
The financial 'reform bill' just passed by the U.S. Senate, with its milewide loopholes for speculators, along with the lack of any effective action by the G20 or the German parliament, could lead, any day now, to a complete disintegration of the world economy. But, if Lyndon LaRouche's proposal for a Global GlassSteagall were enacted now, it would still be possible to step back from the abyss.
- Chancellor Merkel Breaks the Mold
- Italian/Euro Lawmakers Back Glass-Steagall
- LPAC Video:
The Case for Impeachment of President Barack Obama
The LaRouche Political Action Committee reissued its call for the impeachment of President Barack Obama on May 22, in the form of a video outlining the bill of indictment. The transcript is presented here.
- Documentation:
Statements on the financial reform bill and Glass-Steagall, by Senators Maria Cantwell, Russell Feingold, Ted Kaufman, and Tom Harkin.
Feature
- What Your Accountant Never Understood:
The Secret Economy
by Lyndon H. LaRouche, Jr.
Although a relatively few U.S. economists have understood certain essentials of 'the how and why' of LaRouche's uniquely successful record in economic forecasting, most others have not. The root of their failure, is that they worship the 'magic of the marketplace,' and money as such. Therefore, the relevant question is: What is the secret?
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