The meltdown of the global financial system is now six months along, and has escalated dramatically as of January: American banks have lost well over $100 billion, with losses projected to rise into the trillions, led by Citibank’s report of a staggering $15-20 billion loss in the fourth quarter of 2007, alone; the American recession is now a reality, and the U.N. has declared the world is set to follow; oil broke the US$100 per barrel mark, and already there are options contracts on the NY Mercantile Exchange to buy oil for $200; inflation has now been officially recognised as out of control.

The Australian banks have been forced to raise their interest rates, as they desperately seek to refinance their overwhelming debts in a collapsing world money market; however, the rate rise will only compound their problems, as more Australian homeowners are forced into mortgage default, which threatens to collapse the property market, and leave the banks bankrupt.

For four decades LaRouche has warned of exactly this moment. In his July 25th 2007 webcast, he forecast the latest phase of the crash, just days before it began in the form of the so-called U.S. subprime mortgage crash, now rapidly spreading worldwide. To address this global crisis, LaRouche drafted his Homeowners and Bank Protection Act 2007 (HBPA), support for which is exploding on the grass-roots level in the United States. The legislation has now been introduced, or drafted for introduction, into the state legislatures of 13 states, and has been passed by 38 city councils in the USA, many of them major cities like Philadelphia, Pennsylvania.

The mobilisation led by LaRouche and his LaRouche Youth Movement-led LaRouche Political Action Committee (LPAC), to force his HBPA through the U.S. Congress, has already helped cause a dramatic shift in the U.S. Presidential campaign, as reflected in Democratic Party presidential nominee Hillary Clinton’s call for a moratorium on mortgage foreclosures.

The webcast will be a real lesson in how to conduct a global financial re-organisation, beginning with the United States.

To view LaRouche’s Jan. 18 webcast from the LaRouche Political Action Committee archive, click here

To find out how to mobilise for the Homeowners and Bank Protection Bill in Australia, click here.
To receive free literature on the HBPB and financial crash click here.