LaRouche PAC

July 13 (EIRNS)-It was a mere five words, almost inaudible, even in the video, drowned out by intentional applauding by the crowd, yet history has been changed as a result. "Senator Clinton, will you restore Glass-Steagall?" was the call from LaRouche PAC activist Daniel Burke, made repeatedly from the back of the room, as Clinton was ending her "economic policy" speech-a speech entirely devoid of any content-at the New School in New York City this morning.

There were to be no questions allowed. While Burke was quickly escorted out, and Clinton thus saved by the orchestrated crowd noise, the news had already begun to circulate around the globe.

The first coverage appeared within minutes, on the website Business Insider, which interviewed Burke immediately after his expulsion from the hall. It reported his affiliation with LaRouche PAC and Lyndon LaRouche, what the Glass-Steagall Act is, and that Burke was supporting the action, "by a bipartisan group of Senators including Sen. Elizabeth Warren (D-MA) to restore Glass-Steagall." He said this is particularly important because the situation in Greece could fuel another crisis. "It should be passed immediately, preferably in the next two weeks," Business Insider reported him saying. "We really do not know what will come of the potential for an immediate financial crash on the basis of the Greek trigger."

In its coverage, American Banker succinctly noted, "Each Democrat's position on 'too big to fail' and other issues coming out of the crisis may be judged on how closely it aligns with that of Sen. Elizabeth Warren, who recently reintroduced a bill along with Sen. John McCain to revive elements of the Glass-Steagall Act. Her bill would require banks to separate their depository institutions from higher-risk businesses."

By his own count, as a result of his intervention, Burke had been interviewed by at least nine news venues, within minutes of his ejection from the event, including French TV and Britain's Independent, with additional outlets taking photos or printed material for further reference.

Thus forced to respond, Clinton issued one of the few declarative policy statements of her campaign, so far. "You're not going to see Glass-Steagall," was the curt reply of Alan Blinder, one of a stable of ten "economic advisors" recently hired by her campaign.

Senators Introduce '21st Century Glass-Steagall Act'

July 7 (EIRNS)-Elizabeth Warren (D-MA), Maria Cantwell (D-WA), John McCain (R-AZ) and Angus King (I-ME) introduced the 21st Century Glass-Steagall Act into the U.S. Senate today. The bill does not yet have a number, but the four Senators, who introduced the same legislation into the Senate during the last session, released a press release today, accompanied by the text of the 36-page bill and a one-page fact sheet.

Maria Cantwell was quoted in the release that "Americans have suffered enough from big banks making them their deep pockets for reckless behavior. It's time to separate commercial from investment banking."

Elizabeth Warren was quoted that "The biggest banks are collectively much larger than they were before the crisis, and they continue to engage in dangerous practices that could once again crash our economy. The 21st Century Glass-Steagall Act will rebuild the wall between commercial and investment banking and make our financial system more stable and secure."

John McCain added, "Since core provisions of the Glass-Steagall Act were repealed in 1999, shattering the wall dividing commercial banks and investment banks, a culture of dangerous greed and excessive risk-taking has taken root in the banking world. Big Wall Street institutions should be free to engage in transactions with significant risk, but not with federally insured deposits."

It is no coincidence that the Senate bill was finally introduced at a moment whenthe entire trans-Atlantic financial system is on the edge of disintegration, with the Eurozone on the verge of break-up, and with U.S. too-big-to-fail banks now sitting on $26.5 trillion in gambling debt, subject to taxpayers bailout, according to a recent report from the Richmond Federal Reserve Bank-not to mention the $2 quadrillion in global derivatives that have taken over the trans-Atlantic financial system.

The original 1933 Glass-Steagall legislation was enacted in response to thefinancial crash of 1929, and it separated depository banks from investment banks.

The idea was to divide the risky activities of investment banks from the core depository functions that consumers.

Starting in the 1980s,regulators at the Federal Reserve and the Office of the Comptroller of the Currency reinterpreted longstanding legal terms in ways that slowly broke down the wall between investment and depository banking and weakened Glass-Steagall. In 1999, after 12 attempts at repeal, Congress passed the Gramm-Leach-Bliley Act to repeal the core provisions of Glass-Steagall.

The Murder of Greece

July 13 (EIRNS)-The new and brutal cruelties just imposed on the Greek nation and people by European "leaders," made July 13 a day of shame for Europe. The plan forced down Greek Prime Minister Tsipras's throat by blackmail, is genocide, which is being steered by the financial power of London centered banks, and it is the death knell of the European Union.

The plan, which foresees immediately raising Greece's debt/GDP ratio to at least 225%, perhaps up to 300%, cannot possibly work-except to unemploy, sicken, and kill more Greeks. The EU leaders spent their 17-hour marathon meeting alternately fighting among themselves, and venting hatred toward Greece, according to reports of the session; few, if any, even of them, would voice optimism that their plan might work. How foolish, then, Barack Obama, who said in a public statement, "This is a credible plan."

The new plan intends to increase Greece's absolutely unpayable debt pile- already at over €350 billion and 180% of its Gross Domestic Product-by another €86 billion to 225% of Greece's GDP! In addition, according to Eurogroup President Jeroen Dijsselbloem today, the plan will take Greek "airplanes, airports, infrastructures, and most certainly banks," and put them in a "fund" to be sold off under control of the European Commission, for Greece's creditors, from Germany to the vulture funds. This is virtually a "Nazi solution" to the so-called Greek crisis.

During the Nazi occupation of Greece in World War II, Hitler compelled a"forced loan" from Greece to Nazi Germany-still un-repaid. Now Chancellor Merkel compels "forced payments" of unpayable debts, which arose from a massive 2010-12 bail-out of London and European banks, not profligacy by Greece.

The EU will disintegrate, and it is the London financial empire which will have done this, by insisting since the Ireland bailout in 2009, on what has become the rigid mantra of Europe: "No writedown of [unpayable] debt, not a euro." They operated through the German Finance Minister, Wolfgang Schäuble, who represents the extreme right-wing influence on German Chancellor Angela Merkel.

But this "plan" will not get by in Germany, either, and therefore, it, too, now will go into a crisis.

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LaRouche PAC