Wall St needs the money

Wall St needs the money.  They are broke and have to loot everyone from Argentina to Russia.  It's a dangerous situation.  Call it the "Tonkin Gulf Syndrome." First you fabricate a lie about an incident or its authorship to justify military action; then you quickly escalate hostilities; and war is irreversibly underway before anyone has time to think twice about it.

It's what the British Empire did to suck the U.S. into the Vietnam quagmire. It's what Tony Blair pulled off with his "dodgy dossier" about Saddam Hussein's non-existent WMD in Iraq, with George Bush in tow. It's what the British and Obama tried to do again last year with the Syrian government's supposed chemical weapons attack—which was derailed at the eleventh hour by strong opposition from outside and inside the U.S., much of it organized by LaRouche PAC. And it is what the desperate, bankrupt British Empire is once again trying to pull off around the MH17 incident in Ukraine, with a headlong rush towards thermonuclear confrontation between the United States and Russia.

In the last 24 hours, significant obstacles have been thrown up to that British gambit—from U.S. military and intelligence circles opposed to Obama's provocations; from Russian President Putin; and from a deeply-divided Europe, which is dragging its feet on adopting increased sanctions against Russia.

But stalling war, as desirable as it is, does not eliminate the driving force behind the rush to thermonuclear confrontation.

"As long as you go along with Wall Street's fraud, with their demands for payment on dead debt regardless of the cost in human lives, you are walking into a trap,"Lyndon LaRouche commented today."If you denounce their $2 quadrillion in phoney assets as a fraud, then you can bankrupt the British Empire and their Wall Street sidekicks, and also sink their drive for war. It's the only way to break the trap."

"Take the case of Argentina,"LaRouche continued."What the vulture funds are trying to impose on that country, with the backing of Federal Judge Griesa and the Supreme Court of the United States, is a fraud and a crime. The paper that they are trying to enforce is fraudulent and worthless. Argentina can't pay and won't pay—they have no legitimate obligation to do so. All of South America agrees. This is paper that is never going to be paid. There is no possibility that the speculators will be able to recoup. Wall Street and the City of London are just going to have to take the hit."

"So we are sending Wall Street a simple message: It's your crap; you eat it,"LaRouche stated.

"Take the related case of Detroit, where that city is also being destroyed by bankers and vulture funds—including some of the very same ones preying on Argentina—trying to collect on worthless assets. That's also a fraud, and should be cancelled. These guys said they had it coming to them; well, they don't have anything coming to them. What they are claiming is a joke; it's finished; it's all over; they are never going to get it. Their claims are worthless,"LaRouche said.

LaRouche also pointed to other worthless paper accounts which are destroying the world economy, such as those of commodity speculators."Look at the grain markets. Look at energy. These guys are also claiming values that don't exist, and they are killing people as a result. In fact,"LaRouche added,"we need a general proposal for an agreement among nations, as to what isand what is not real value in the economy. We have to force that issue, if we are going to solve the crisis. Fortunately, the BRICS nations have taken a strong step in that direction at their mid-July summit in Brazil."

With yesterday's decision by Judge Griesa to not grant a stay in the execution of the vulture funds' predatory collection demands on Argentina, that country now faces a July 31 deadline to either pay up, for face default. "That means the fuse is lit," LaRouche said,"both on the Argentina debt bomb, which could detonate the entire international system, and also on the escalating war danger. The time to act is now."

Glass Steagall Bank Act is Urgent

The Glass Steagall Act on banking and limiting FDIC (Federal Deposit Insurance corporation) banking to checking and savings accounts is urgent.  It is being backed again by Sen. Eliz. Warren, John McCain, King of Maine, and Cantwell of Washington State.  We want it now.

Break Up the Banks or Else

Break up the banks is still the demand from Sen. Eliz. Warren, and also of course from Larouchepac

ore Prominent Glass-Steagall Coverage of Sen. Warren

November 29, 2013 • 8:00PM

Another prominent American columnist, Newsweek's Eleanor Clift, has weighed in supporting Elizabeth Warren and the promotion of Glass Steagall. In a Nov. 12 column that appeared in both Newsweek and The Daily Beast, longtime Washington fixture Clift reported on the Roosevelt Institute event where Warren assailed the too-big-to-fail banks and promoted her 21st Century Glass Steagall legislation. Clift noted that Warren's name has repeatedly surfaced in recent weeks as a possible candidate for the 2016 Democratic presidential nomination, and that, while her staff insist that she has no plans to run, it is giving her a further political spotlight from which to promote banking reform including Glass Steagall.
"A professor turned politician, she was among the first to sound the alarm bell on a runaway banking industry, and now she's using her seat on the Senate Banking Committee to warn of another 'too big to fail' crisis in the making." Clift went on to note that Warren "wants to reinstate the Glass-Steagall Act of 1933, a Depression-era piece of legislation pushed through by FDR that separated depository banking and investment banking." Clift noted that, while most sponsors of the bill are liberal Democrats, with the exception of John McCain, "the legislation does have Tea Party appeal. A companion bill in the House is titled 'Return to Prudent Banking Act of 2013." After paying lip service to Warren's support for Dodd-Frank, Clift noted that "she is the go-to person on banking regulations and the senator most feared by the banking industry."
M

Obama Genocide Deal for the Banks

The U.S. deal to end the government shutdown is to accept mass death. Through health care rationing called Obamacare. Through forcing through the NEXT ROUND of the sequester, the mass cutting of social programs and US military. Bail in your Social Security, bail-in your bank deposits.
Then, on to a January bail-in of Medicare, Medicaid and your Social Security. Anyone watching what is going on in Europe, especially in Greece, Portugal, Ireland and Spain? That is the Wall St bankers' dictatorship in line with the British-Dutch monarchist empire. LaRouche told you so.

Then there is the NY Times story about the medical credit cards. Another money suck up, despite your great Obamacare fraud.... It really is Glass Steagall speuculation investment bank separation from the check deposit banks, from the government insurance the FDIC. Glass Steagall Act or die.

Detroit Genocide Baby Harlem

Harlem, Detroit Mich is the shape of things to come.  What happened is that Detroit was sucked into a criminal scheme called financial derivatives, interest rate swaps.  They were bilked.

When AIG went under they were bailed out.  But the City of Detroit's rates went through the roof.  This is what happens when you go along with the bailout of Obama and Timmy Geithner of the banks.

If Glass Stegall is defeated you will have a sacrifice of the American population.

Geitner Gets a Round

Geitner gets around;
Like a run a round Sue;
He thinks he's got it good;
He get a round.

"If you think we stole, wait till you see what the other banks did." That's the gist of a July 13 internal memo by Barclays CEO Marcus Agius to the bank's staff which went public today. "As other banks settle with authorities, and their details become public, and various governments' inquiries shed more light, our situation will eventually be put in perspective," the Telegraph quoted the memo today. The memo goes on to stridently defend the investment bank master-minded by the disgraced Bob Diamond— known internally as "Bob's baby"—in what the bank itself called "an unequivocal statement": "Our strategy and business model were right for Barclays before recent events, and they remain right for Barclays now."
Will the Liborgate killers get away with this "hang tough" line? Barclays Chief Operating Officer Jerry del Missier will be questioned by the British Parliament on Monday; on Tuesday, a hearing will be held to grant Barclays' request to be taken off the panel that sets the interbank lending rate for the UAE (EIBOR); and the Barclays correspondence is exploding in Timmy Geithner's face and threatening to sink Obama himself, even if the mainstream media is working overtime to CoverYour and Geithner's Asses.
"That is very stupid of them," Lyndon LaRouche commented today about the attempted pro-Geithner spin and coverup. "With an angry population, I really would advise them, don't do that."
The U.S. Justice Department's Criminal Division is building cases against several banks, today's NY Times reports today, based on DOJ sources. Congress must demand that they not be settled with an obscene kiss on the rump, as Eric Holder's DOJ did in its agreement not to prosecute Barclays because of its extensive "assistance" to the DOJ. Though technically reserving the right to prosecute individuals, the DOJ release makes it very clear that there is no DOJ intention to do so—and certainly not the higher-ups.
Deutsche Bank has sought a deal in which it provides evidence to European authorities about the LIBOR rigging in exchange for a lighter penalty, Der Spiegel reports today. It offered EC and Swiss investigators a pact in 2011, which Spiegel says was recently agreed on. According to a Morgan Stanley study, Deutsche Bank's exposure to lawsuits might total more than $1 billion, and that of all banks together totals $22 billion.
The prospect of criminal prosecution is rattling the banking world in general, the Times piece reports. The DOJ investigation comes on top of private investor lawsuits and broad investigations by the Commodity Futures Trading Commission (CFTC). More then 10 big banks in the U.S. are under investigation, and at least two European banks are scrambling to arrange deals. NY Times sources say UBS, whose Americas division chairman Robert Wolf is an Obama bundler and golf buddy, is high on the list.

Harlem, Sue over LIBOR Banks

LIBOR banks beware, you can sued by cities and by Harlem dudes.

The New York Times reports that there is now a pile-on of cities, states, and municipalities to lawsuits filed in Manhattan Federal Court against the banks that set the LIBOR rate, for having ripped off millions from them. These are cities and other government units that have torn up their budgets, laid people off, and in some cases been forced into bankruptcy. This is hugely explosive politically, especially if properly channeled to putting an end to the financial system which created and thrives on such misery, through LaRouche's Glass-Steagall policies.

The City of Baltimore and a pension fund in Connecticut, the City of New Britain's Firefighters' and Police Benefit Fund, are the first to sue, claiming the LIBOR manipulation cost them millions, according to NPR.
"Now, cities, states, and municipal agencies nationwide, including Massachusetts, Nassau County on Long Island, and California's public pension system, are looking at whether they suffered similar losses and are weighing legal action," the Times reports. Peter Shapiro, an investment advisor to Baltimore and other cities, told the Times that "about 75% of major cities have contracts linked to this" — the LIBOR fixing. "Unambiguously, state and local government agencies lost money because of the manipulation of LIBOR," said Shapiro. "The number is likely to be very, very big."

The banks targetted include Bank of America, JP Morgan Chase, Deutsche Bank, and Barclays. Darrell Duffie, a Stanford professor of finance, estimates that these lawsuits could result in the banks' having to pay out tens of billions of dollars, an estimate in line with recent report by Nomura Equity Research.
The Times story emphasized the losses to cities, etc. from transactions involving interest-rate swaps, just barely mentioning pension funds which lost income on their investments if interest rates were held artificially low.
The rather unlimited potential of these lawsuits was pointed out a week ago by, among others, the Seeking Alpha blog and the NY Times "Dealbook" blog. UBS and Barclays have already admitted to wrong-doing in their settlements with government authorities, and are cooperating with authorities, increasing the pressure on their co-conspirator banks to do the same. These admissions of misconduct will open the floodgates to civil lawsuits, since the proof of wrong-doing is already on the record. This also opens to door to a massive number of suits under U.S. federal anti-trust and racketeering statutes. Both the Sherman Anti-trust Act and the Racketeer-Influences and Corruption Organizations (RICO) Act allow for triple damages, and RICO furthermore allows for recovery of attorneys fees, an incentive for the filing of class-action cases.

Glass-Steagall, Economic Collapse, Empire

San Bernardino, CA, to File for Bankruptcy

18 hours 41 min ago

"Memorandum of Understanding" Secures Spain the Greek Treatment

18 hours 46 min ago

Libor-Gate: Obama and Geithner Gotta Go

19 hours 1 min ago

Pathetic City Defense Against "Glass-Steagallism"

1 day 9 hours ago

The Space In Which To Live

So get into the groove Harlem dudes and get that sweet money.

Grave Doubt Harlem and Bronx Dudes

Harlem and Bronx NY dudes, there is a doubt if civilization can survive. You cannot trust yourself. It is the impulse of degeneration, Harlem dudes. Not just the thieving banks. Look at music, classical music. Do you fight for Furtwangler, for Beethoven to be performed properly? This Harlem and Bronx NY hip hop is degenerate beyond belief.

Occupy Wall St. and Alternet.org

Picture from Oct. 20th, 2011.  Union guys including IBEW, Teamsters and SEIU join Occupy Wall St., NYC, NY

Alternet.orghttp://alternet.org/ expose
A 12-page Alternet.org expose dated Oct. 19, "Which Bank is the Worst for America? 5 Behemoths That Hold Our Political System Hostage," will help our drive to force through Glass-Steagall before it becomes too late. The "5 behemoths" are Bank of America, JP MorganChase, Citigroup, Wells Fargo, and Goldman Sachs. The very title, backed up as it is by extensive documentation on the pernicious influence of these five, buttresses LaRouche's point: contrary to the lies from Wall Street and Obama, Glass-Steagall will not "shut down the banks." Rather, it will shut down about six banks which are nothing but Wall Street predators, as Alternet proves, which we will be better off without. It will leave thousands of functioning commercial banks in the U.S.



The article opens with an unusually competent sketch of how we got to where we are — i.e., through the process of repeal of Glass-Steagall.



"The giant mortgage bubble and the irresponsible and corrupt practices that caused the catastrophic economic crash didn't emerge out of thin air. They were a consequence of decades of pay-to-play politics rife with conflicts of interest; a political system awash in cash and legal pay-offs, designed to undermine the checks and balances that could have prevented the meltdown.



"Many of these checks and balances were implemented during the Great Depression. How they were eroded and eventually abandoned is the story of a small group of banks, financial companies and elites involved in major conflicts of interest, revolving-door politics and backroom deal-making — all to protect the interests of the global elite at the expense of the American public.



"Big Finance has a long history of working hard to deregulate the American economic system on behalf of global capitalism run amok. One of its biggest coups was the overturning of the Glass-Steagall Act, a Depression-era law that created a firewall between investment banking and the commercial banks that hold deposits and make loans.



"The first victory in the quest to overturn this major protection came in 1986. Under intense pressure from Wall Street, the Federal Reserve reinterpreted a key section of Glass-Steagall, deciding that commercial banks could make up to 5 percent of their gross revenues from investment banking. After the board heard arguments from Citicorp, J.P. Morgan and Bankers Trust, it loosened the restrictions further: in 1989, the limit was raised to 10 percent of revenues, and in 1996, they hiked it up to 25 percent....



"The following year, after 12 unsuccessful attempts, Glass-Steagall, which would have made the crash of 2007-2009 impossible, was finally repealed. And it was only then that the explosion of shaky mortgage-backed securities began. Subprime loans, which made the mortgage system so vulnerable, made up 5 percent of all mortgages in the U.S. the year before repeal, but had skyrocketed to 30 percent of the total at the time of the crash."

Time to get a real bankruptcy reorganization of the bankrupt banking system, and not only Harlem dudes are getting in the groove. Andrew Romanoff, the former Speaker of the Colorado House, who is challenging incumbent Democrat Michael Bennet for the Democratic nomination for the U.S. Senate, has posted a press release vowing to push both Glass-Steagall and the derivatives regulation if elected. The release, dated May 21, read, in part: "When I am in the U.S. Senate, I will fight to restore a Glass-Steagall wall between commercial and investment banking. I will fight to bring derivatives into the light of day—and close the loopholes that contributed to this calamity. And I will fight to prevent banks from ever becoming too big to fail. Senator Bennet and a majority of his colleagues refused to take these steps." In a conversation recently with a LaRouche PAC activist, Romanoff had complained that the media had refused to report on his promotion of Glass-Steagall. Romanoff has earned the hatred of the Obama White House, for releasing the text of emails sent by Deputy Chief of Staff Jim Messina, offering him three paying Administration jobs in return for his not challenging incumbent Bennet for the Senate nomination. Romanoff released the emails just a few days after the White House had run their "Bill Clinton did it" damage control coverup of the similar bribe offer to Rep. Sestak (D-Pa.). Get rid of Obama in a nice way, perhaps a mental asylum.

Hey Harlem, Fight for Glass-Steagall

AN 8th CANDIDATE FOR GLASS-STEAGALL—A FIGHT THE LYM CANDIDATES ARE LEADING. Former Congressman Tom Campbell, running in the Republican primary for the nomination to oppose Sen. Barbara Boxer, attacks the Dudd bill on his campaign website and declares: “We should have never repealed Glass-Steagall.... I favor restoring Glass-Steagall.” As a Congressman in 1999, Campbell voted against its repeal. Also note the mass demonstration in San Francisco California against Obama and Barbara Boxer. People are in motion, people in motion, so whether are not you have the flowers in your hair, get with the movement. The banks must be reorganized and separated from the mad financial derivatives.

Harlem Needs Action on the Banks

The crash is on again. The problem is not just Greece and the Euro. The geezer is right, the system needs to be replaced and Glass-Steagall the separation of bank deposits from the investment casino has been introduced as a bill into the US Senate. That is the McCain (R- Arizona) Cantwell (D- Washington) bill. This will separate out the goats from the patriots, and make Obama choose sanity or evil. The 1,000 point sudden drop in the stock market (Dow and other markets) on Thursday showed how insane this has become now.

The economy needs help Harlem, with the need for Federal credit and lots of infrastructure, construction and other jobs. But, before that we have to end the gambling casino game. The game must die, of derivatives, side bets and options and poptions.