LaRouche Political Action Committee

May 28—As of this week, the LaRouche Political Action Committee (LaRouche PAC) escalated its campaign for reinstituting Glass-Steagall with the release of a devastating new exposé of what is demonstrably a mandate for genocide against the American people—the Dodd-Frank law.

In summary:

● Dodd-Frank codifies into U.S. law an international financial agreement, established no later than April 2009 in London by the G20 nations, to subordinate the banking systems of all member nations to the maintenance of the current international financial system.

● That international agreement prioritizes claims of the international financial institutions, including trillions or quadrillions of dollars in derivatives gambling claims, over the needs of the population of the United States and other nations.

● Thus, that bill should be immediately null and void, as an act of treason, i.e., "levying war against [the United States], or adhering to their enemies, giving them aid and comfort." In this case those enemies are the international financial institutions, centered around the British Monarchy, that are pursuing the destruction of the United States through financial means

LaRouche PAC is circulating the mass leaflet printed immediately below. Following that is the Documentation of what Dodd-Frank actually does.

Kill Dodd-Frank Before It Literally Kills You!
Reinstate Glass-Steagall;
Pass H.R. 129 and S. 985!

May 26, 2013 (LPAC)—Whether your Congressman and Senator know it or not, Wall Street and the City of London's too-big-to-fail banks have been given the keys to your savings account, and will steal every penny that you think you own, the minute they get into trouble and need another bailout. This is not some wild futuristic nightmare. This has been the reality ever since Congress passed the Dodd-Frank Act (The Wall Street Reform and Consumer Protection Act of 2010) and President Barack Obama signed it into law. This is pure treason!

Under Title II of the Dodd-Frank Act, the leveraged gambling debts of the too-big-to-fail banks are put at the front of the bail-out line. Household and business depositors are defined as unsecured creditors, and will lose all but the FDIC-insured portion of their deposits. What this means is that the "bail-in" program that looted depositors' funds in the two largest banks in Cyprus earlier this year has already been in place in the United States under Dodd-Frank.

After the 2008 Wall Street fiasco, in which the too-big-to-fail banks were given tens of trillions of dollars in taxpayers' funds in the biggest bailout in history, it was obvious that no more taxpayer bailouts were possible. Instead, the bankers and their Congressional allies opted for bail-in. If a too-big-to-fail bank gets into trouble, the FDIC steps in, in the form of an Orderly Liquidation Authority to oversee the restructuring. In the process, the bank is saved—at the expense of the depositors who will lose all but the FDIC-insured portion of their deposits.

This represents the biggest theft in history, and it is pure treason. Under the Preamble to the U.S. Constitution, the first responsibility of government is to protect the general welfare of both current and future generations. Under Dodd-Frank, that core principle of the American Republic is thrown out the window, in favor of saving the system, a system that has been hopelessly bankrupt since long before the 2008 crisis.

The Dodd-Frank Act is 848 pages long. Already, regulators have drafted 8,843 pages of rules of implementation, and they are only a third of the way through the process. Earlier this month, members of the House Financial Services Committee passed H.R. 992, the Swap Regulatory Improvement Act, with only six dissenting votes. The bill would further guarantee that derivatives contracts—pure gambling bets—would be protected even when held by foreign banks operating in the U.S. The New York Times reported on May 23, 2013, that H.R. 992 was written by Citigroup, and was introduced by Members of Congress on the receiving end of major Wall Street contributions. This is a further betrayal of the rights of all Americans.

Confirming what Lyndon LaRouche has warned since the 1971 breakup of the Bretton Woods System and the 1999 repeal of President Franklin Roosevelt's Glass-Steagall Act of 1933, the entire trans-Atlantic financial system is hopelessly bankrupt and must be put through orderly bankruptcy reorganization. The only way to achieve that is to fully reinstate the original Glass-Steagall Act, which separated commercial banking from all of the gambling activities of the brokerage houses, hedge funds, and insurance companies. There are now bills before both Houses of Congress to reinstate Glass-Steagall. H.R. 129 and S. 985, the Return to Prudent Banking bills in both the House and the Senate, offer the only hope of survival for a United States already on the very edge of economic disintegration.

LaRouche declared May 25,

"The looting has gone far enough. The Dodd-Frank bill is a piece of treachery that has already claimed the lives of too many of our citizens, through the destruction of our economy, the continuing collapse of real employment, the gutting of our health-care system. Nothing short of the full reinstatement of Glass-Steagall can save the United States at this point in time."

LaRouche continued,

"Glass-Steagall is the indispensable first step to reverse the London-Wall Street tyranny of Dodd-Frank. Once we have reinstated Glass-Steagall, we must immediately move to rebuild the collapsed U.S. economy. We need to return to the American System of Federal credit for urgently needed infrastructure projects, starting with the North American Water and Power Alliance (NAWAPA), a project that will create millions of productive jobs and revive our collapsed manufacturing base.

"My colleagues have prepared a detailed exposé of the treason of the Dodd-Frank bill. It is available on the LaRouche PAC website [and below in this EIR Feature]. When you study that report, you will come to the obvious patriotic conclusion: Kill Dodd-Frank before it kills you."

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This article appears in the May 31, 2013 issue of Executive Intelligence Review.