Show: The LaRouche Connection

Episode: 0723 The World Needs a New Financial Architecture.mpg


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Episode Description:

Program No. 723
“LaRouche: The Planet Needs a New Financial Architecture”

On September 17, twelve days before his scheduled international webcast, Lyndon LaRouche videotaped some urgent remarks on the global financial/economic crisis. This edition of The LaRouche Connection features his opening statement, followed by a dialogue with members of the LaRouche Youth Movement.

LaRouche: [Between now and Oct. 1] the U.S. economy may have entirely disintegrated. That’s actually a possibility, the way the government has been behaving recently, in dealing with these bailout situations.

We’re now in a hyperinflationary process, caused largely by the measures taken under this government. Back on the 25th of July of last year, I warned that this was about to break out, and I expected it to break out by the first of August. It broke out by the 28th of July, instead. So I’m wrong sometimes, hmm?

We’re now in an aggravated mess. The recent series of bailouts should never have occurred. These entities should have been put into bankruptcy reorganization in a normal way. Many of the assets that are listed, as the loss assets, were dubious. Some of this may have been criminal, and should have been investigated for potential criminal action against those involved.

The essential thing is to save the United States. As I said last year, this involves first of all the Homeowners and Bank Protection act. We must not shut down any bank, which is an essential institution of credit within the chartered banking system, whether Federal or state. Even if they are bankrupt, their doors must be kept open, their assets and communities served must continue to function.

I also proposed a minimum 4% basic interest rate—that was not done. We’re now operating at 2%. Some idiots are trying to reduce it to 1.5%, which is hyperinflationary nonsense.

I also proposed that we approach Russia, China, and India, as prospective partners of the United States, in initiating a new international monetary-financial system, based on the precedent of Franklin Roosevelt’s Bretton Woods system. We would again create a credit system, which is only possible under the U.S. Constitution, because we are not a monetary economy; we are a credit system. This country cannot print money, except by authorization of the Congress, and by the Executive Branch, with the authorization of the Congress. We have an approximation of that under the Federal Reserve System. No other country in the world has this kind of system.

Therefore, we represent, for Russia, China, and India—which are directly, or indirectly, major trading partners of the United States—something unique for the world, in reorganizing a new monetary-financial architecture for the whole planet. We together, if these four powers agree, with other countries joining in, can create a new international credit system, and begin to rebuild the world which is shattered now.

[For a partial transcript, see EIR magazine, Vol. 35, No. 38 (Sept. 26, 2008), pp 12-18. On line at www.larouchepub.com]

Release Date: Sept. 22, 2008

Episode Short Description: N/A

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