On 19th September Lyndon LaRouche, the only economist who forecast the current global financial crisis, issued an urgent call, “‘Times That Try Men’s Souls’: Bush Must Telephone Medvedev”, in which he stated:
“Russia’s President Medvedev has uttered a proposal for immediate, emergency consultation among the U.S.A. and Russia and others, on a general international meeting for emergency measures to deal with the presently onrushing general monetary-financial breakdown-crisis. Since none among the proposals uttered so far, from the Executive Branch or the Speaker of the House of Representatives have any competence for dealing with this onrushing breakdown-crisis of the present international monetary-financial system, it is of the greatest urgency that there be initiating joint action, co-sponsored by Russia, as a member of the Russia-China-India, Eurasian party and the U.S.A. as the representative of the international Dollar system on which the present world system depends.”
“A ‘New Bretton Woods’ agreement in the spirit of the initiative of President Franklin Roosevelt, is the only precedent of relevance for the currently ongoing, general breakdown-crisis of the world’s present monetary-financial system.”
This week, Italian Economics Minister Giulio Tremonti reiterated his call for a New Bretton Woods, which received supported from the Italian Industrialists Association and major Italian media commentators.
In contrast, the $700 billion bailout initiated by U.S. Treasury Secretary Henry Paulson on 19th September, puts the fox in charge of the chicken coop: Paulson represents the very investment banking community whose practises brought us to this point of crisis.
For Australia’s part, our leaders should consider the following (from “On Bernanke et al.: Caught in His Rotor Blade”):
“...Washington, D.C. is not the only case of a mentally ill regime in the world today. Consider those foolish governments, from around the world, which had heralded the onrushing U.S. financial collapse with the assertion: ‘Yes, the U.S. is sick, but it won’t really hit us here.’ The crash of the U.S. dollar is the crash of every financial-monetary system in all continents of the world. It is the present international monetary-financial system which is incurably bankrupt, and, therefore, virtually dead. Reviving the dead was never a sound policy. Now, they are all dead, because the financial-monetary system within which they were situated is now dead.”
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