The present world monetary system is totally bankrupt. Nothing—no amount of bailout—can save it in its present form. We have reached the breakpoint, and the whole system will crash very soon. U.S. state budgets’ expiration in early July will cause a default by the states and trigger a crisis that will crush the American people. Greece, Spain, and every nation in the world is in the same position.
The USA has an opportunity to avert this catastrophe, to save our nation and the world if we re-implement the Glass-Steagall Act in banking. This would immediately separate the speculative investment banks from commercial banks. The crooks and criminals known as speculators could gamble in their own casino, and commercial banks could function as they were intended: to promote real commerce. HR 1489, sponsored by Rep. Marcy Kaptur (D-Ohio), calls to restore the Glass-Steagall Act in banking.
So far, the Obama administration and most members of the Senate and Congress have shown themselves to be puppets of the Wall Street-London banks and answer to them. They don’t listen to the citizens and have willingly betrayed our best interests to please the speculators and banks. They are forcing an austerity budget down our parched throats, stealing our pensions, home equity, jobs, health care, and social security and are allowing speculation in food and oil that has led to hyperinflation of these necessities.
Political leader and economist Lyndon LaRouche has issued a warning to the Senate and Congress that HR 1489 is the litmus test of their morality. If they care about the survival of this nation and its citizens, they will support HR 1489 for Glass-Steagall.
For a real Independence Day celebration, let us citizens raise our voices to our leaders and demand they co-sponsor HR 1489 to restore Glass-Steagall and rebuild our nation. Make our leaders restore the American system of banking and economics and throw out the British and Wall Street banking imperialists once and for all.