The Glass–Steagall provisions of the U.S. Banking Act of 1933 required the complete separating of commercial and investment banking throughout the
USA as a means for protecting the depositors and the funding for the physical
economy of the nation from the looting effect of speculative investment. The act
also prohibited the recombination of commercial and investment banking in any form in future times.
On the basis of this law that blocked financial looting practices, the USA was
able to develop itself into the richest and strongest economic power on the
planet. However, the protective act of law was increasingly violated from the
highest levels of the relevant institutions, without prosecution. Instead of the
law being upheld in the courts, it was repealed in Congress by the 1999 Gramm–Leach–Bliley Act
on the excuse that it was in practice already dead. In reality the Congressional Repeal of
Glass-Steagall was 'purchased' by Wall Street for $350 million.
PBS chronology, a year before the Gramm-Leach-Bliley bill passed both Houses and was signed into law by a heavily-blackmailed and beaten-down President Bill Clinton, then-Treasury Secretary Bob Rubin got a phone call from Sandy Weill, one of the driving forces behind the Glass-Steagall repeal. When Weill told Rubin that he has some "big news," Rubin asked him: "What did you do? Buy the government?"
According to a recent PBS documentary, when Wall Street launched the final drive to repeal Glass-Steagall in the late 1990s, after nearly a dozen failed efforts in the previous 25 years, the financial services sector (known as FIRE—finance, insurance, and real estate) kicked in $350 million to buy enough votes to kill the 1933 FDR legislation that protected the commercial banking sector for 66 years. According to the documentation assembled by PBS, Wall Street spent $200 million on lobbying efforts and an additional $150 million in targeted campaign contributions during the 1997-1998 Congressional election cycle. Needless to say, the lion's share of the money was directed at members of the relevant House and Senate committees with oversight over the financial sector.
Breaking that figure down on a per capita basis, with 435 Members of the House of Representatives and 100 Members of the Senate, Wall Street shelled out an average $654,205.61 on each and every Member. Given the massive taxpayer-backed looting operations that took place over the next seven years, before the bubble finally blew on the biggest gambling binge in history, from Wall Street's standpoint, it was money well spent.
See: LPAC Report March 20, 2013
protection of the nation thereby overturned, the looting of the USA, and of the
world in the shadow of it, was shifted into high gear. As a result the economy
of the USA and the world promptly collapsed, leading into the great financial
crisis that began in 2007. The mortgage foreclosure crisis was just a small
aspect of it. All this was followed in 2008 by the greatest bank heist (by the banks)
in world history on the wings of the bailout processes of the speculator banks
to cover their gambling losses. Up to $50 trillions was given away by the
American government of President Obama to the banking empire that paid for his
election. The funding for the bailout madness was essentially stolen, by default,
as a burden heaped onto the shoulders of the population. Humanity needs to win
its freedom from this swindle that
is fundamentally a process of globally extended grand thievery. For humanity to
have the slightest chance to win its freedom from this smothering choke hold,
the empire's American President needs to be impeached. While calls for
impeachment have been heard for years already, the requirement for it has never
been as critical as has become in recent days.
has now reached a stage at which this most gigantic bailout swindle in history,
which can no longer be expanded, proved to be insufficient to satisfy the
looting machine of empire. As a consequence a new step is now at the planning
stage at the center of empire, which is to artificially collapse the entire
world financial system by which all debts, especially the bailout debts, and all
obligations, including pension and bond obligations, would simply evaporate. The
dead system would then be replaced with a new world-financial system under the
global governance of the ruling world empire that would own the new system and
would issue a new single world currency, which rumours have is planned to be
insufficient to support the world economy so that vast numbers of people would
be artificially starved to death. The official goal at the heart of empire is to
reduce the current world population of seven billion people to about one billion
See: Cyprus: A View From Europe - March 19th 2013
recourse in law that humanity presently has to prevent the planned catastrophe
is the restore the Glass-Steagall Act in the USA as a final recourse to protect
what remains of the physical economy, the living-assets of society, and the
remnant of the banking system that is needed to support the physical economy.
However, with President Obama remaining in office, who is committed to prevent the
Glass-Steagall Act from becoming restored, no chance remains for civilization to
survive. The impeachment of President Obama has therefore become a global issue.
When this is achieved, and the Glass-Steagall protection of society is restored in
Congress as a subsequent step, the speculative looting
system of empire stands isolated to die its own death and vanish forever, without
humanity to its grave with it, as is presently planned, in an economic and
physical collapse too horrible to imagine, akin to the
effects of a nuclear war.
LaRouche Political Action Committee
greatest financial horror is indeed at the planning stage already, just waiting
for the moment to be implemented, for which Glass Steagall is urgently needed to
save the nation and the world, was 'leaked' by America's leading economist and
long-time political activist, Lyndon LaRouche,
in his February 15th, 2013, webcast.
is preceded ( February 14th 2013) by the video:
Glass-Steagall: Signing a Revolution
little chance for an Ice Age Renaissance to unfold if the bulk of humanity
allows itself to be murdered by the master thieves of the world who aim to
starve it to death. The intention is genocide. The hyperinflation, which is
already in the early stages of unfolding, is genocide. The global economic
collapse is by its very design intended to cause large-scale mass death in order
that an economic recovery will not be possible for a long time to come,
evidently for the purpose
that the forces of empire are able to maintain their looting power, which a
developing world cannot tolerate, much less allow to persist. The intention to sacrifice most of humanity
for the utterly insane objective of maintaining a functionally dead system is so unbelievable that
almost no one has bothered to effectively stand in the way to prevent it. Still,
it is happening. The banking crisis in Cyprus that erupted on March 19, 2013, is
just a ripple on the lake shaken by an underlying earthquake.
an emergency intervention sparked by the Cyprus crisis, Helga
Zepp-LaRouche said in her International Webcast, March 23rd 2013,
that nothing, but a worldwide Glass Steagall type response can even begin to
resolve the crisis.
LaRouche added two days later that for the lack of qualified leadership almost
everywhere, the government of Cyprus caved in to the demands of the financial Troika,
and voted up to expropriate massive bailout funds from the depositor's accounts
to pay off the banks' gambling losses (see:
LPAC Policy Committee · March 25, 2013). Such a situation wouldn't have
occurred if a Glass Steagall type law had been implemented in Cyprus. The
gambling houses, that really shouldn't be called banks, would have been bankrupt
by their gambling losses and gone under, while the savings of the depositors
would not have been affected. This was a part of the original intention of the
Glass Steagall law in the USA.
The restoration of Glass Steagall
in the USA, and similar laws around the world, is a necessary first step for
purging the landscape of civilization of the disease called empire. The disease
is empire. It is a hidden mental disease. However, the disease can be healed (see:
Queen of the Lew Law).
while it is extremely urgent, shouldn't be difficult once the disease is
recognized for what it is; a cultivated disease of society's artificially
decaying, small, self-perception. See: Mental
Malpractice & Animal Magnetism. There is a need for humanity
as a whole to rebuild itself as a foundation for rebuilding its financial,
economic, and political house.
a victory is won on this front, in the present, the foundation is lost for meeting the Ice Age
challenge and the challenge of protecting the Earth from the increasing dangers
of asteroid and comet collisions in the future that are becoming increasingly acute
as the result of the unfolding Ice Age transition dynamics. The potential consequences
of humanity entering these 'large' arenas unprepared are unimaginable.
The time for the critical steps to
prevent the unimaginable, both in the present and in the future, is now.
exploration of what this means on the asteroid front for the Strategic Defence
of the Earth, is presented in the video: Russian Asteroid Impact: The SDE Option
- February 25, 2013
Many corresponding steps are being taken on
a wide range of activities to address the growing dangers. I present below examples of three different types of
activities by the LaRouche Political Action Committee in the form of on-the-ground
political organizing (Feb 18), focused
policy discussions with the candidates movement (Feb 18), and Weekly
Report discussions with the science basement team (Feb 6).
The focus to
uplift the political scene towards breakthrough solutions has many aspects and
explorations coming together towards reaching the critical goal.
before us - the wide-ranging approach that a great solution requires - is
mirrored in scope with what has also been put on record as metaphor in J. R. R.
Tolkien's mythical tale, The Lord of the Rings. Let me invite you to my
The Glass Steagall restoration,
which stands at the heart of the breakout from empire requires a
grand commitment to the task of uplifting and empowering humanity on the widest stage of involvement ever, without timidity and
without flinching, as in Tolkien's tale, the Lord of the Rings, focused on
victory - the end of empire - that has not been won before.
greatest obstacle before humanity that is impeding its victory in the fight for
freedom from empire is the accumulated monumental deficit in spiritual values, I
began a number of extensive spiritual explorations.
One of these
explorations resulted in the production of my video: Science
of the Lord's Prayer. Before the video was even finished, a major break occurred
in the political arena. Lyndon LaRouche, 88 years of age, commented on the amazing braking development in his Jan. 25, 2013 webcast
(http://larouchepac.com/node/25294), "I have never seen in my life, such a parade of implicit indictment of a President of the United States...
(See: Is Prayer Effective on the World
spiritual development is an effective force in the fight for freedom from the
accumulated monumental deficit in spiritual values, I started three more
exploration projects of a similar nature, three of a sequence. Dynamics
of Prayer -- The
God Project -- The
Value of God.
Before the sequence was completed another break in the ice dam on the political
sphere began to appear, and also in the sphere of my own work.
LaRouche spoke about the
break that occurred as a significant change in the political weather. The
breaking news dominated almost entirely LPAC's
weekly Policy Committee discussion on February 25. LaRouche points to
the new wind that is blowing. There is decisive movement going on with evermore vigour
to lay out the truth.
See: Hyperinflation: A Graphic Presentation by Dennis Small
February 23rd 2013
Another evidence that a new
wind is blowing is found in what economist and syndicated columnist Paul Krugman
had written in the New York Times. (See: Krugman: Euro Austerity Policies a `Disastrous Failure')
LPAC, of course, has also a
new wind prepared of its own making, a major, deep-reaching, principle-oriented
report by Michael Kirsch on the economy of the U.S. Constitution: Draft Legislation to Restore the Original Bank of the United States
February 27, 2013
And so the movement
continues, for gaining spiritual and economic freedom for the nation, which in
essence are tightly intertwined.
Here is a picture of the
strategic stage nine month later (nine months without a healing) - A
Larouche Friday Webcast (22/11/2013)
A Year to Remember
The LPAC movie: The Inchon Landing
The LPAC movie: Unsurvivable
My own video explorations:
* Sovereignty versus Nuclear War
* Arresting the Infinite Crime