June 24—With the emergence of the best known face of British banking in America, JPMorgan Chase, to fight in its own name against the reinstitution of Glass-Steagall banking separation, the battle for reviving that vital FDR measure has undergone a crucial change. What is clear is that the British bankers are now on the defensive against an accelerating trend toward Glass-Steagall.
American statesman Lyndon LaRouche drove this point home in his weekly Friday webcast June 21. Commenting on the June 20 appearance of a JPMorgan Chase lobbyist at a hearing on a Delaware Senate Memorial to Congress on Glass-Steagall, where the lobbyist literally threatened the Senators against taking what he called the ``inadvisable'' action of passing the resolution, LaRouche said: ``For a long period of time, even during the course of this year to date, the opposition to what JPMorgan represents was considered a loser. That has changed, and that is the crucial change. That JPMorgan came out with all full fists and so forth to show this thing, indicates that they are frightened. And because we do have, in the U.S. population, to the surprise of many members of the Congress, an accelerating trend toward Glass-Steagall.''
What JPMorgan realizes, LaRouche continued, is that the entire global financial system is ``hopelessly bankrupt.'' They could never pay the gambling debts incurred, which go into the quadrillions of dollars. ``They never intended to. ...