EMERGENCY RESOLUTION: Glass Steagall Now!

April 27, 2011 • 6:37AM

The current weight of trillions of dollars in gambling debts, foisted on the U.S. taxpayers in the 2008-2011 bailout of Wall St. and the City of London, is currently obliterating and destroying the economy of the United States and its people. We must change course immediately.

The first step is to reinstate Glass-Steagall. Without a return to the original Franklin Roosevelt Glass-Steagall standard, there is no possibility of the continued existence of the United States, as economist Lyndon LaRouche has insisted. Only the re-imposition of the FDR Glass-Steagall principle will separate commercial from speculative banking, thus freeing the nation from obligations to Wall St. and the City of London, and re-establishing a credit system for rebuilding the nation.

H.R. 1489, the Return to Prudent Banking Act of 2011, is now before the House of Representatives, which aims "to ... revive the separation between commercial banking and the securities business, in the manner provided in the Banking Act of 1933, the so-called 'Glass-Steagall Act.'"

We, the undersigned, therefore demand that Congress immediately act to pass H.R. 1489, and identical legislation in the Senate, as the indispensable first measure to save the nation.