J.P. Morgan: Fascists Then, Fascists Now
During a live webcast on Friday June 21, Lyndon LaRouche stated that the fight for Glass-Steagall is at a tipping point. On June 20 representatives of J.P. Morgan made a blundering, heavy-handed intervention in the Delaware State House, threatening and attempting to dissuade state senators from passing State Senate Resolution No. 9 calling on their congressional delegation to reimplement the 1933 Glass-Steagall Act, currently in the United States House (H.R. 129) and Senate (S. 985).
In response to the news, LaRouche stated:
"That J.P. Morgan came out with all full fists and so forth, indicates that they are frightened. Because we do have, in the U.S. population (to the surprise of many members of the Congress) we do have an accelerating trend toward Glass-Steagall...
"If we do not get Glass-Steagall now, if we do not pass Glass-Steagall now, the United States will be destroyed, because it will be a victim of a dictatorship which had to cancel quadrillions of dollars of debt that it could never pay, and never intended to pay. So when J.P. Morgan comes in, considering what they know about their business, one would have to say that unless they've suddenly gone stupid and lost the idea of what their intentions are, they are finished. But if we don't get in Glass-Steagall, we're finished, too. And if we win, if we get Glass-Steagall, J.P. Morgan and banks like it will never again appear on the surface of this planet."
- J.P. Morgan Laments: Not Enough Fascism -
On March 28, J.P. Morgan issued a 16-page report titled, "The Euro Area Adjustment: About Halfway There," stating, the problem with imposing the austerity demanded of Eurozone governments is not fiscal discipline, but countries turning away from their fascist constitutions of the 1930s toward democratic ones. The report reads:
"In the early days of the [current] crisis, it was thought that these national legacy problems were largely economic... But, over time, it has become clear that there are also national legacy problems of a political nature. The constitutions and political settlements in the southern periphery, put in place in the aftermath of the fall of fascism, have a number of features which appear to be unsuited to further integration in the region."
"Political systems around the periphery typically display several of the following features: weak executives; weak central states relative to regions; constitutional protection of labor rights; consensus building systems which foster political clientalism, and the right to protest if unwelcome changes are made to the political status quo. The shortcomings of this political legacy have been revealed by the crisis. Countries around the periphery have only been partially successful in producing fiscal and economic reform agendas, with governments constrained by constitutions (Portugal), powerful regions (Spain), and the rise of populist parties (Italy and Greece)."
The implied solution: Morgan could diversify its interests and return to its roots in spawning and supporting fascist movements throughout the transatlantic.
- Morgan Fascist Coup Plot -
In November-December 1934 Ret. General Smedley Darlington Butler exposed the J.P. Morgan-American Legion ploy to recruit Butler to lead a fascist coup against President Franklin Roosevelt. Butler was approached by representatives of both the American Legion (financier front-group for World War I veterans) and a syndicate of Morgan interests led by Gerald C. MacGuire. MacGuire propositioned Butler to lead an army of half a million veterans to the capital to induce President Roosevelt to turn away from his New Deal policies and eventually step down as President. Butler would deliver a rousing speech to the veterans, written by Morgan lawyer and former Democratic presidential candidate, John W. Davis. The army would neutralize FDR, and Butler would be appointed as a General Secretary of Affairs, assuming executive responsibilities, including implementing what the Morgan interests termed a "correct" economic policy. $3 million was immediately available for the plot, and $300 million more could be generated easily. Armaments were promised by DuPont's Remington Company.
MacGuire was in the employ of Col. Grayson Mallet-Prevost Murphy, who ran a leading New York brokerage firm, was a director of Morgan's Guaranty Trust bank and several other Morgan-connected corporations, and had syndicated the Morgan loans to Fascist Italy.
Reporter Paul Comly French took the lead on Butler's exposé and quoted MacGuire in Congressional testimony, as saying, "We need a fascist government." French paraphrased MacGuire: "The impression I gained from MacGuire was that he had a very brilliant solution of the unemployment situation. He said that Roosevelt had muffed it terrifically but that he had the plan. He had seen it in Europe. It was a plan that Hitler had used in putting all of the unemployed in labor camps or barracks for enforced labor. That would solve it overnight. And he said that when they got into power that is what they would do. That was the ideal plan. Hitler was right."
The Congressional Committee confirmed there had been a plot to seize the government of the United States by force, organized by interests controlled by Morgan and allied circles.
- J.P. Morgan and the Pecora Commission -
On May 24, 1933, Ferdinand Pecora commenced the trial of the House of Morgan. J.P. Morgan Jr. was called as the first witness. It was perhaps the most explosive trial brought about by the independent commission and was intended to affect the public perception of those enemies of the nation, the "unscrupulous money-changers" whose "mad chase for evanescent profit" led to the worst financial crisis in history, up to that time. Despite attempts by J.P. Morgan's top lawyer, John W. Davis (of Morgan Coup fame) to deflect questions during the hearing, Morgan was forced to answer for its illicit activities. Lists of companies in which Morgan partners held directorships, lists of banks on which they were directors, lists of banks which held their deposits, and the firm's balance sheets, were exposed to public scrutiny. Moreover, Morgan's "preferred clients list" was disclosed, revealing the extent to which the House of Morgan effectively controlled the leadership of all three branches of government, both political parties, the Federal judiciary, Congress, and the Executive for the previous three decades.
In his book, Wall Street Under Oath, Pecora wrote: "The power of J.P. Morgan was not 'a very strong popular delusion,' as Mr. [Thomas W.] Lamont would have it, but a stark fact... It reached into every corner of the nation and penetrated into public, as well as business affairs. The problems raised by such an institution go far beyond banking regulation in the narrow sense. It might be a formidable rival to the government itself."
The public expose crippled J.P. Morgan; it ended the popular delusion of the time that Wall Street was "untouchable"; and the main enemies of Franklin Roosevelt's reforms were put in check (or in prison) allowing the swift passage and successful implementation of the Banking Act of 1933 and the historic Glass-Steagall Act.
- J.P. Morgan Leads Glass-Steagall Repeal -
From his position as corporate director of J.P. Morgan & Co., Alan Greenspan oversaw the drafting of a policy pamphlet in December 1984 titled, "Rethinking Glass-Steagall: The case for allowing bank holding company subsidiaries to underwrite and deal in corporate securities." Prepared by a team of in-house economists led by current New York Federal Reserve Director, William C. Dudley, the pamphlet spelled out the offensive to break the Glass-Steagall Act, and return to the pre-FDR era of unbridled financier cartelization.
The J.P. Morgan study "analyzes the major issues raised by proposals to allow bank holding company subsidiaries to underwrite and deal in corporate debt and equity securities. It first examines the arguments most commonly made to justify preservation of artificial barriers to competition imposed by Glass-Steagall and finds these arguments have little merit... The study concludes, and Morgan believes, that there is no valid reason to preserve the securities industry's protected position in capital markets."
Greenspan would go on to be the single most important player in the erosion and final takedown of Glass-Steagall from his position as Chairman of the Federal Reserve from 1987-2006.
- Never Again -
To this day J.P. Morgan stands as the Wall Street investment house with the longest, richest British pedigree. Morgan's history of treason is as old as the fight between the London-sponsored traitor and some-time Vice President Aaron Burr and the patriot and National Bank founder Alexander Hamilton. Built from the humble beginnings of Burr's Manhattan Company, J.P. Morgan cherishes its legacy. Hanging in the anteroom to the office of J.P. Morgan CEO, Jaime Dimon, is a pair of pistol braces which belonged to Aaron Burr and were used by Burr to assassinate Hamilton during their famous duel.
Recent developments indicate an oncoming deadline for action. Either the United States and its people will be liquidated to consolidate a dictatorship run out of London and Wall Street, or the U.S. Congress will stop being whores for J.P. Morgan and pass Glass-Steagall.
