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Citizens Electoral Council of Australia

Media Release  19th of May 2010

Craig Isherwood‚ National Secretary
PO Box 376‚ COBURG‚ VIC 3058
Phone: 03 9354 0544 Fax: 03 9354 0166
Email: cec@cecaust.com.au
Website: http://cec.cecaust.com.au
 

Glass-Steagall gets the world’s attention—what’s Rudd doing?


As the fight to get the Cantwell-McCain amendment to reenact Glass-Steagall regulations goes down to the wire in the U.S. Senate—the vote is expected Wednesday U.S. time—the nations of the world are paying very close attention, because they know it will change everything.

To be clear: while there are many and varied debates about how the financial system should be regulated “post-GFC” [sic]—e.g. whether and how derivatives should be regulated, what capital ratios banks should maintain, etc.—if America brings back Glass-Steagall, it will cut off the entire speculative casino part of the financial system, from all of the deposits in all of the banks in the U.S. which it has fed off to sustain itself. In other words, whether and how they gamble in the future is irrelevant—they will no longer have other people’s money to gamble with!

And that’s the ball-game. The quadrillions of dollars churning over in the global derivatives bubble, played by millionaires and billionaires who produce absolutely nothing—the real “useless eaters”—only exists because until now it has been able to feed off the real money in the deposits held by banks, the savings of farmers, builders, nurses, doctors, teachers, tradesmen, engineers, factory workers, retirees, and everyone else in the real world. Cut the bubble off from its source of loot, and it is dead.

As of this release, Obama and the leadership of the Democratic Party are scrambling to stop the Cantwell-McCain amendment from coming to a vote, because they know it will pass, and today’s primary elections will strike fear into the minority of politicians who oppose it—the voters crucified the sitting politicians who support Obama and bailed out Wall Street.

In crisis-wracked Europe, leading Italian newspaper Corriere della Sera today gave editorial endorsement to the Cantwell-McCain amendment, and called for a Glass-Steagall arrangement for Europe.

A member of the European parliament, Italian Cristiana Muscardini, the vice-president of the European Parliament Committee on International Commerce, submitted an interrogatory to the European Commission on Glass-Steagall, drawing on information from Lyndon LaRouche’s EIR news service, which posed as its question number 4: “By imposing innovative regulations on finance, would it not be easier to find investment for the development of the real economy, which by producing wealth, would be more effective in combating debt?”

The magazine of the French Society of Financial Analysts published a spirited defence of Glass-Steagall by Nicolas J. Firzli, which laid the blame for Glass-Steagall’s 1999 repeal on then British PM Tony Blair; not surprisingly to anyone who understands the British system, the same Brits are threatening the U.S. that a return to Glass-Steagall would be viewed as an act of aggression.

Citizens Electoral Council leader and candidate for Wills Craig Isherwood said today, “These international events around Glass-Steagall all show political leaders fighting to protect their people from the financial pirates.

“I ask: what is Rudd, and the Australian government, doing, to protect Australians in the same way?

“This system is exploding, and they’d better act—impose Glass-Steagall restrictions now, so that Australia becomes part of LaRouche’s call for a global Glass-Steagall arrangement, and reorganise the unpayable debt that is piling up on Australia like dry tinder, set to blow.”

To find out about the massive fight to reinstate Glass-Steagall regulations in the U.S., click here.

To find out more about a new Glass-Steagall, click here to receive a free copy of the DVD “LaRouche on the Record: Glass-Steagall or Die”. (Call 1800 636 432 to purchase, $10.)

To buy a copy of What Australia Must Do to Survive the Depression, click here.

Click here to join the CEC as a member.

Click here to refer others to receive regular email updates from the Citizens Electoral Council of Australia.



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