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Glass-Steagall:
Alternative To Murderous Looting Policy
by Helga Zepp-LaRouche
April 5—A monstrous crime is occurring before our very eyes. Instead of admitting that their ``business models,'' globalization and the euro, have failed hopelessly, the global financial institutions and their willing governments are resorting to the worst possible means: the lethal combination of hyperinflation and outright robbery of the bank deposits of the population. The effect, as expected, is to crash the real economy and reduce the life expectancy of millions of people. There remains only a very short window of opportunity in which to establish the alternative to this murderous madness, namely the policy of banking separation, in exactly the same form as it was introduced by President Franklin Roosevelt in 1933 in the United States, with the Glass-Steagall Act.
The decision by the Bank of Japan to double its money supply within 21 months, and to pump $140 billion a month into the economy for the purchase of government bonds, index funds, and real estate funds, represents the most massive monetary injection ever by the central bank of an industrial nation. It overshadows even Fed Chairman Ben Bernanke's ``quantitative easing,'' which ``only'' spends $75 billion a month on the purchase of government bonds.
Scott Minerd, the chief investment manager at Guggenheim Partners, commented April 5 on this step by the Japanese central bank: ``The world's third-largest economy may be setting the stage for a global inflationary spiral, perhaps beyond anything previously experienced.... |
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