GlassSteagallfan
21st June 2012, 19:08
Volcker Confesses To $2 Trillion Swindle Against American People
http://www.youtube.com/watch?v=yLtxhDY_GyU
http://www.youtube.com/watch?v=yLtxhDY_GyU
June 19, 2012 • 3:19PM
We need you to call your congressmen now (lookup here (http://www.govtrack.us/congress/members)), and demand their support for H.R.1489 (http://thomas.loc.gov/cgi-bin/bdquery/z?d112:h.r.01489:).
The LaRouche Political Action Committee has learned that former Federal Reserve Board Chairman Paul Volcker is conducting a call-up campaign against the reinstatement of Glass Steagall, arguing that the so-called Volcker Rules are sufficient because they do not "punish" bankers by demanding that they take responsibility for the more than $2 trillion in still-outstanding gambling losses. Under a full return to the FDR Glass Steagall Act, taxpayers would be freed from responsibility for covering the gambling debts of Wall Street, which amount to trillions of dollars that Volcker wants the American people to cover.
Lyndon LaRouche, who has led the campaign to reinstate Glass Steagall ever since the collapse of the trans-Atlantic financial and monetary system beginning in the summer of 2007, sharply denounced the "Volcker attempt to swindle the American people out of $2 trillion plus," recalling that as Chairman of the Fed in the late 1970s and 80s, Volcker presided over the takedown of the real U.S. economy by driving interest rates up over 20 percent, bankrupting countless farms and businesses.
Volcker's efforts to kill Glass Steagall, which has been reintroduced into the House of Representatives by Rep. Marcy Kaptur (D-Oh.) as H.R. 1489, with over 65 co-sponsors, were first made public by Rep. Michael Burgess (R-Tex.), during a recent district town hall meeting, at which he told constituents that he would not support Glass Steagall and H.R. 1489 because he had spoken with Volcker and had been told that it was unnecessary because the Volcker Rule was sufficient. It has been further confirmed by top Democratic Party sources that the Volcker calls to pro-Glass Steagall economists and politicians is part of a larger push by the Obama White House to push back against Glass Steagall. For months, the Obama White House and Treasury Department had held back from making any comments on Glass Steagall, due to the broad and growing public support for a return to the FDR era separation of commercial banks from the speculators. But, following the recent admissions by JPMorgan Chase CEO Jamie Dimon that the bank had lost billions of dollars on bad speculative bets on the survival of the euro, support among members of Congress, state legislators and other elected officials for an immediate return to Glass Steagall has skyrocketed. Now, the Obama White House, along with Treasury Secretary Timothy Geithner, is on an all-out desperate drive to kill the Glass Steagall initiative. The Volcker Rule, from the outset, LaRouche has warned, has been nothing but an Obama and City of London weapon to blunt support for the only viable option for dealing with the trans-Atlantic bankruptcy: Immediate reinstatement of Glass Steagall in the United States, and full bank separation in Europe.
"Volcker has made a big mistake," LaRouche commented today. "He has accused me and all of those supporting the reinstatement of Glass Steagall of trying to `punish Wall Street.' In reality, Volcker is telling the American people that they once again have to cover Wall Street's gambling losses with their hard-earned tax dollars. This is a swindle that no sane American is going to tolerate. Furthermore, the entire trans-Atlantic financial system is hopelessly bankrupt and cannot be saved under any circumstances. Volcker's renewed efforts to kill the only viable alternative to more bailouts, is going to lead to a global hyperinflationary blow-out worse than what happened in Weimar Germany in late 1923. This time it will happen on a global scale, starting in the United States and Europe."
************************************************** *
Paul Volcker: Obama's Enforcer Against Glass Steagall
June 21, 2012 • 6:58AM
LaRouche PAC has received another independent confirmation yesterday, that Paul Volcker undertook his present mission against Glass-Steagall and LaRouche at the request of the Obama White House.
The very banker-thug upon whom Obama is relying to stop the momentum building to restore Glass-Steagall, is the same one who bears enormous responsibility for the collapse of the U.S. economy over the past 40 years.
From 1969 to 1974, Paul Adolph Volcker served as Under-Secretary of the Treasury for International Monetary Affairs. Volcker is reported to have played an important role in Nixon's decision to junk the fixed-exchange-rate system and the Bretton Woods system in August 1971 — which paved the way for globalization and the shutdown of U.S. industry. In 1978, Jimmy Carter appointed Volcker as chairman of the Federal Reserve, putting him in a position to implement the policy of "controlled disintegration" which the New York Council on Foreign Relations had promoted in its "Project 1980s." A few months after his appointment, Volcker went to Warwick University in England to announce his endorsement of this policy, declaring that: "A controlled disintegration in the world economy is a legitimate object for the 1980s." By the the time of his Warwick speech, Volcker had already begun to put this evil policy into effect, by jacking up interest rates, until the prime lending rate for U.S. banks hit 21.5% at the end of 1980. This triggered a murderous collapse of U.S. industry and agriculture, with the output of key U.S. manufacturing industries falling in the range of 50%.
The Volcker economic massacre was accompanied by his direct push for banking deregulation, in which he explicitly attacked FDR's banking reforms as an impediment to transforming the U.S. into a "post-industrial economy." Volcker's speculative bubble popped in the 1987 market crash, at which point Volcker was replaced at the Fed by Alan Greenspan. Volcker was rewarded by being made chairman of Wall Street's Wolfenson & Co.
With this record, you might think that Volcker would be washed up for good. But no; after bouncing around chairing various commissions and so on for two decades, he emerged as one of candidate Barak Obama's controllers in the 2008 campaign. After he endorsed Obama, the newly-inaugurated Nero appointed him to head his "Economic Recovery Advisory Board" in February 2009, which he chaired until February 2011, when its charter expired.
In recent months, Adolph Volcker has been hyperactive in his drive to kill the LaRouche-led movement to restore FDR's Glass-Steagall Act, and instead to promote Obama's silly "Volcker Rule" as the alternative.
As Crain's New York Business reported in early June: "In the past month alone, Mr. Volcker has testified before the U.S. Senate and met with political leaders in Europe and China. He has met privately over the past several months with every major financial regulator in Washington," and it listed a number of speaking engagements as well. Additionally, LPAC's sources report that Volcker has been conducting a one-man phone bank, calling pro-Glass-Steagall economists and political leaders, including ones working for Glass-Steagall directly with LaRouche's movement.
*****************************************
Wall Street's Nazis Bankroll Volcker's Campaign
June 21, 2012 • 6:51AM
Simultaneous with Paul Volcker's taking up an assignment from Obama to try to derail the movement for re-introducing Franklin Roosevelt's Glass-Steagall legislation, the Pew Charitable Trusts unveiled a "Systemic Risk Council," with the same Paul Volcker in second billing as "senior advisor," as part of the same effort. It was announced on June 6, and made a public debut in Washington on June 18.
Pew Charitable Trusts is a fund representing the fortune of the Pew family, the founding family of Sun Oil (Sunoco). In the 1930s, the Pew family was one of the major funders of the American Liberty League, a fascist organization centered around the Morgan interests and linked to European fascist movements, which organized for a fascist putsch against Franklin Roosevelt after his election — as was famously exposed by Gen. Smedley Butler.
They have not improved themselves since: in the recent period, Pew has funded the American Enterprise Institute and the Heritage Foundation. In 1985, Pew funded the start-up of the British-American Project for the Successor Generation (later called simply the British-American Project) for the purpose of subordinating American intelligence and foreign-policy specialists to the British. A large number of Tony Blair's first cabinet members came from the BAP.
The ostensible purpose of the "Systemic Risk Council" is to improve banking regulations and avert "another financial crisis." Its real purpose is to crush the movement for Glass-Steagall, but it would be quite useless for that purpose without the protective camouflage of some of the good names Pew has hired on for the effort, many of whom have supported Glass-Steagall or otherwise played some positive role in the recent period. These include its chair, former FDIC chair Sheila Bair, former CFTC chair Brooksley Born, Simon Johnson of MIT, and even former Citicorp and Citibank chairman John Reed, who fought successfully to kill Glass-Steagall in 1999, but has more recently repented of his error and called for bringing it back.
Story is still developing......watch larouchepac.com for updates
http://www.youtube.com/watch?v=yLtxhDY_GyU
http://www.youtube.com/watch?v=yLtxhDY_GyU
June 19, 2012 • 3:19PM
We need you to call your congressmen now (lookup here (http://www.govtrack.us/congress/members)), and demand their support for H.R.1489 (http://thomas.loc.gov/cgi-bin/bdquery/z?d112:h.r.01489:).
The LaRouche Political Action Committee has learned that former Federal Reserve Board Chairman Paul Volcker is conducting a call-up campaign against the reinstatement of Glass Steagall, arguing that the so-called Volcker Rules are sufficient because they do not "punish" bankers by demanding that they take responsibility for the more than $2 trillion in still-outstanding gambling losses. Under a full return to the FDR Glass Steagall Act, taxpayers would be freed from responsibility for covering the gambling debts of Wall Street, which amount to trillions of dollars that Volcker wants the American people to cover.
Lyndon LaRouche, who has led the campaign to reinstate Glass Steagall ever since the collapse of the trans-Atlantic financial and monetary system beginning in the summer of 2007, sharply denounced the "Volcker attempt to swindle the American people out of $2 trillion plus," recalling that as Chairman of the Fed in the late 1970s and 80s, Volcker presided over the takedown of the real U.S. economy by driving interest rates up over 20 percent, bankrupting countless farms and businesses.
Volcker's efforts to kill Glass Steagall, which has been reintroduced into the House of Representatives by Rep. Marcy Kaptur (D-Oh.) as H.R. 1489, with over 65 co-sponsors, were first made public by Rep. Michael Burgess (R-Tex.), during a recent district town hall meeting, at which he told constituents that he would not support Glass Steagall and H.R. 1489 because he had spoken with Volcker and had been told that it was unnecessary because the Volcker Rule was sufficient. It has been further confirmed by top Democratic Party sources that the Volcker calls to pro-Glass Steagall economists and politicians is part of a larger push by the Obama White House to push back against Glass Steagall. For months, the Obama White House and Treasury Department had held back from making any comments on Glass Steagall, due to the broad and growing public support for a return to the FDR era separation of commercial banks from the speculators. But, following the recent admissions by JPMorgan Chase CEO Jamie Dimon that the bank had lost billions of dollars on bad speculative bets on the survival of the euro, support among members of Congress, state legislators and other elected officials for an immediate return to Glass Steagall has skyrocketed. Now, the Obama White House, along with Treasury Secretary Timothy Geithner, is on an all-out desperate drive to kill the Glass Steagall initiative. The Volcker Rule, from the outset, LaRouche has warned, has been nothing but an Obama and City of London weapon to blunt support for the only viable option for dealing with the trans-Atlantic bankruptcy: Immediate reinstatement of Glass Steagall in the United States, and full bank separation in Europe.
"Volcker has made a big mistake," LaRouche commented today. "He has accused me and all of those supporting the reinstatement of Glass Steagall of trying to `punish Wall Street.' In reality, Volcker is telling the American people that they once again have to cover Wall Street's gambling losses with their hard-earned tax dollars. This is a swindle that no sane American is going to tolerate. Furthermore, the entire trans-Atlantic financial system is hopelessly bankrupt and cannot be saved under any circumstances. Volcker's renewed efforts to kill the only viable alternative to more bailouts, is going to lead to a global hyperinflationary blow-out worse than what happened in Weimar Germany in late 1923. This time it will happen on a global scale, starting in the United States and Europe."
************************************************** *
Paul Volcker: Obama's Enforcer Against Glass Steagall
June 21, 2012 • 6:58AM
LaRouche PAC has received another independent confirmation yesterday, that Paul Volcker undertook his present mission against Glass-Steagall and LaRouche at the request of the Obama White House.
The very banker-thug upon whom Obama is relying to stop the momentum building to restore Glass-Steagall, is the same one who bears enormous responsibility for the collapse of the U.S. economy over the past 40 years.
From 1969 to 1974, Paul Adolph Volcker served as Under-Secretary of the Treasury for International Monetary Affairs. Volcker is reported to have played an important role in Nixon's decision to junk the fixed-exchange-rate system and the Bretton Woods system in August 1971 — which paved the way for globalization and the shutdown of U.S. industry. In 1978, Jimmy Carter appointed Volcker as chairman of the Federal Reserve, putting him in a position to implement the policy of "controlled disintegration" which the New York Council on Foreign Relations had promoted in its "Project 1980s." A few months after his appointment, Volcker went to Warwick University in England to announce his endorsement of this policy, declaring that: "A controlled disintegration in the world economy is a legitimate object for the 1980s." By the the time of his Warwick speech, Volcker had already begun to put this evil policy into effect, by jacking up interest rates, until the prime lending rate for U.S. banks hit 21.5% at the end of 1980. This triggered a murderous collapse of U.S. industry and agriculture, with the output of key U.S. manufacturing industries falling in the range of 50%.
The Volcker economic massacre was accompanied by his direct push for banking deregulation, in which he explicitly attacked FDR's banking reforms as an impediment to transforming the U.S. into a "post-industrial economy." Volcker's speculative bubble popped in the 1987 market crash, at which point Volcker was replaced at the Fed by Alan Greenspan. Volcker was rewarded by being made chairman of Wall Street's Wolfenson & Co.
With this record, you might think that Volcker would be washed up for good. But no; after bouncing around chairing various commissions and so on for two decades, he emerged as one of candidate Barak Obama's controllers in the 2008 campaign. After he endorsed Obama, the newly-inaugurated Nero appointed him to head his "Economic Recovery Advisory Board" in February 2009, which he chaired until February 2011, when its charter expired.
In recent months, Adolph Volcker has been hyperactive in his drive to kill the LaRouche-led movement to restore FDR's Glass-Steagall Act, and instead to promote Obama's silly "Volcker Rule" as the alternative.
As Crain's New York Business reported in early June: "In the past month alone, Mr. Volcker has testified before the U.S. Senate and met with political leaders in Europe and China. He has met privately over the past several months with every major financial regulator in Washington," and it listed a number of speaking engagements as well. Additionally, LPAC's sources report that Volcker has been conducting a one-man phone bank, calling pro-Glass-Steagall economists and political leaders, including ones working for Glass-Steagall directly with LaRouche's movement.
*****************************************
Wall Street's Nazis Bankroll Volcker's Campaign
June 21, 2012 • 6:51AM
Simultaneous with Paul Volcker's taking up an assignment from Obama to try to derail the movement for re-introducing Franklin Roosevelt's Glass-Steagall legislation, the Pew Charitable Trusts unveiled a "Systemic Risk Council," with the same Paul Volcker in second billing as "senior advisor," as part of the same effort. It was announced on June 6, and made a public debut in Washington on June 18.
Pew Charitable Trusts is a fund representing the fortune of the Pew family, the founding family of Sun Oil (Sunoco). In the 1930s, the Pew family was one of the major funders of the American Liberty League, a fascist organization centered around the Morgan interests and linked to European fascist movements, which organized for a fascist putsch against Franklin Roosevelt after his election — as was famously exposed by Gen. Smedley Butler.
They have not improved themselves since: in the recent period, Pew has funded the American Enterprise Institute and the Heritage Foundation. In 1985, Pew funded the start-up of the British-American Project for the Successor Generation (later called simply the British-American Project) for the purpose of subordinating American intelligence and foreign-policy specialists to the British. A large number of Tony Blair's first cabinet members came from the BAP.
The ostensible purpose of the "Systemic Risk Council" is to improve banking regulations and avert "another financial crisis." Its real purpose is to crush the movement for Glass-Steagall, but it would be quite useless for that purpose without the protective camouflage of some of the good names Pew has hired on for the effort, many of whom have supported Glass-Steagall or otherwise played some positive role in the recent period. These include its chair, former FDIC chair Sheila Bair, former CFTC chair Brooksley Born, Simon Johnson of MIT, and even former Citicorp and Citibank chairman John Reed, who fought successfully to kill Glass-Steagall in 1999, but has more recently repented of his error and called for bringing it back.
Story is still developing......watch larouchepac.com for updates