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Mr. Obama, There Is No Recovery!

September 14, 2009 (LPAC)—President Barack Obama is scheduled to give a speech on Wall Street on Monday, Sept. 14, touting the alleged success of his administration in bringing the financial system "back from the brink" of catastrophe. The folly of the move is reminiscent of George W. Bush's declaring "Mission Accomplished" in the Iraq war, except that for Obama, there will be no pretense of success. As the economy continues its relentless collapse under his policies, these foolish words will more than haunt him.

Despite the President's wishful contention, the global monetary system has died, and the real battle is over what will replace it, another monetary system, or a credit system. The creatures of the Anglo-Dutch Liberal slime mold are determined to save themselves, by creating a global monetary dictatorship. While this imperial wet dream is doomed to fail, it could very well bring civilization down with it, so it is useful to keep an eye on what these crazy oligarchs are doing, so that we might protect ourselves from their insanity.

The first thing to realize is that there are no financial solutions, since the system is dead and is not coming back. All such financial solutions are actually political moves in disguise, and the aim is to save the monetary system while destroying the nation-states and dramatically culling what the 'garchs view as the human herd.

Even the oligarchy realizes that the financial system must be greatly downsized, as the business no longer exists to support the capacity that grew up around the bubble, and that the capacity that will be needed to run a world of two billion people is far smaller still. Thus, even in the empire's own terms, we can expect waves of bankruptcies and consolidations as the collapse plays out.

Already, we can see the shape of things the empire intends to come. In the U.S., the Anglophile JP Morgan Chase is seemingly (but only seemingly) soaring, while arch-rival Citigroup is clobbered. Goldman Sachs and Morgan Stanley remain, while Lehman failed, and Bear Stearns and Merrill Lynch were absorbed. In Britain, two of the big banks, Royal Bank of Scotland and Lloyds, have been nationalized, while Barclays and the two old imperial banks, HSBC and Standard Chartered, are rising to the fore. Switzerland's giant UBS has also taken a beating. The system is being rationalized, and the survivors—for this round of consolidation—have been picked. The winners are not any healthier than the losers—but they are being protected, for now, while their rivals are being ripped apart.

There are indications that the empire is attempting to use the "reform" process to stack the decks in their favor, with the intent of sucking what they can out of the losers and abandoning their desiccated corpses, for the governments to pick up the costs. Many of the banking and market reforms were actually authored by the parasites, such as the derivatives measures which would not only leave the derivatives markets open, but make it easier to stick the governments with the losses.

Nothing which does not begin with putting the monetary system into bankruptcy protection, along the lines specified by Lyndon LaRouche, deserves to be called reform. Anything which does not meet that standard, is at best rearranging the deck chairs on the Titanic, and is more likely a scheme cooked up by the empire.

johnhoefle@larouchepub.com


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