What's new

Glass-Steagall gains British Support

babe

Well-Known Member
The news is shocking. . . . totally unexpected. . . . .

But leading British movers and shakers have called for a measure of law, called "The Glass-Steagall Legislation", to be applied in both Europe and the United States. Including Rothschild and Financial Times associated experts.

Here is the report, from Lyndon LaRouche:

https://larouchepac.com/larouche/response-to-britain

The measures were in place from the depression until the nineties, and were a significant factor in preventing certain speculative and/or fraudulent practices within the banking system. Today, one of the looming crises we face is still the multi-Trillion, times ten, or more. . . . in speculative investments called "Derivatives": Derivatives are highly-leveraged bets on futures markets of all kinds, and the postions which banks hold in these "assets" has many very large banks potentially needing bailouts beyond the capacities of all governments to provide.

The simple alternative: Let banks fail, liquidate their valuable assets, and let the investors holding the bad ones go broke. That's not you nor me, unless you're some kind of market player with a huge gambling problem. Derivatives do have some place in business, as if you're a producer of a commodity, say, you can lock in a future price for the stuff you're producing now. But producers doing that are something far different from day traders or high roller bank executives doing that on some kind of "hunch". The leverage power is such that they can just go broke. So if you want to play the game, put your money down and watch how things roll. . . . and if you lose you lose. No more bailout, no more insider manipulations, no more gambling with the public treasury.

LaRouche says the Brits are still oligarchs, but oligarchs who are looking down the road to what will be the consequences of not fixing this particular bad form of gambling. . . . now.

LaRouche says it's essentially a decision to dump Obama this election, as he is backed by the high rollers. And so is Romney. The question now is who here is going to listen?
 
The simple alternative: Let banks fail, liquidate their valuable assets, and let the investors holding the bad ones go broke. That's not you nor me, unless you're some kind of market player with a huge gambling problem.

Under Glass-Steagall, investment banks,insurance companies, and lending banks were kep separate, and when an investment bank went kablooie, it did not take down other sectors of the financial community. In those conditions, "let the banks fail" is viable.
 
Back
Top