Show: The LaRouche Connection

Episode: 0725 The Program for World Economic Recovery Part 2.mpg


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Program No. 725
“The Program for World Economic Recovery,” Pt. 2

For years, Lyndon LaRouche has warned us that the U.S. economy was heading into a breakdown crisis. He has repeatedly indicated measures, which, if taken, would have worked to avoid it. And now, with Congress’s betrayal to Wall Street, Mr. LaRouche has, once again, repeated his warnings of a New Dark Age. Program No. 724 featured all but 10 minutes of Mr. LaRouche’s opening remarks to an event sponsored by the LaRouche Political Action Committee in Washington, DC on Oct. 1. This edition features the last 10 minutes, plus six questions from the discussion session. Debra Freeman moderated the event.

From the Discussion Session:

Questioner #1: “People like former Treasury Secretary Robert Rubin, Larry Summers, and others among us, have been engaged in international discussions for a new financial architecture, precisely along the lines of what you have proposed, [but] they all insist that this bailout must come first, in order to give leaders time to act. Your comments?”

Questioner #2: “I know first hand you’re right, that the Russians favor talks that would include the U.S., among others, to begin to craft a new financial architecture. But this current administration is no way inclined to do so, and has rejected the proposal when it was put to them, both by the Russians, and also by people inside the U.S. Even with some institutional support here in America, I’m not sure I understand how this could work without the agreement of the U.S. Presidency. Go through that for us.”

From a Democrat member of the U.S. Senate: “In trying to decide how I would vote tonight [on the stimulus package], I asked my friend [former World Bank economist] Joe Stiglitz what he recommended. He said there were a variety of reasons why the [Treasury Secretary Henry] Paulson plan would not and could not work, but recommended I vote yes, as essentially a very expensive way to buy the time needed for us to reorganize and re-regulate. Clearly you disagree. If the measure passes, is it true that we pass a point of no return?”

From another Democrat member of the U.S. Senate: “When FDR addressed the banking crisis in the 1930s, he made no bones about the fact, that building our way out of the Great Depression would carry with it hardship for the population. I’m inclined to vote against the bailout, but I don’t want to lie to my constituents and tell them I have a painless solution, especially when we do not. What is the pain threshold of your proposal?”

From 17 freshmen members of the U.S. House of Representatives: “Taking direction from you, we’ve studied the period from 1932 on, and it does seem that FDR’s approach would work [today]. Why is there so much opposition to an FDR solution?”

From a staffer to a Democrat member of the House of Representatives: Three questions: How would a two-tiered credit system prevent runs on banks? What is the difference between bank liabilities and bank credits, or assets? How would fixing exchange rates prevent speculative attacks against national currencies?

[For a complete transcript of the webcast, see EIR magazine, Vol. 35, No. 40 (Oct. 10, 2008), pp. 4-39. On line at www.larouchepub.com]

Release Date: Oct. 20, 2008

Episode Short Description: N/A

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File Name of SD Episode: 0725 LaRoucheConnection World Economic Recovery Part 2.mpg

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Date SD Episode Video Uploaded: Friday, July 10, 2009 - 17:53


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