Date: Tue, 22 Dec 2009 14:41:35 -0800 (PST)
From: Phil Ossifur <>
Subject: Next 3 weeks determines fate of humanity.
....Now, we're reaching the point that we're headed toward a breakdown. There's
a breakdown crisis in process in Europe, there's a breakdown crisis in the
Americas, there's a breakdown crisis inside the United States. We can not, at
this point, assume, that unless we do what I will emphasize we must do, by the
middle of January " no later " unless we do that, the United States will go
down, and the world will go down, into a prolonged Dark Age. So people who have
these ideas about step-by-step, the usual kinematic kind of thing, we'll do
this, and then we'll do this, and then we'll do this " no! You won't do that.
What's going to have to happen, the first thing that's going to have to happen
to do any damned good at all"any other measure's a waste of time"is to
immediately install a transformation from a monetary system to a credit system.
And this is done by the vehicle of a Glass-Steagall reform of the entire banking
system. Which means that those parts of the banking system which do not conform
to a Glass-Steagall standard are simply put aside; they don't count. And that
would probably take a good deal of about $22-23 trillion worth of bailout money
away"it would just fly away, a good deal of it. And then, we would turn around,
on the same day virtually, and we would utter credit-system credit for
large-scale programs. We would immediately install the Homeowners and Bank
Protection Act of 2007, which should have been done then: because the housing
crisis is very serious, right now, and there's no answer to it, except
this.First of all, you agree that
you're going to change the U.S. system, from a monetary system, which it is
now, to a credit system. And the credit system will conform to a Glass-Steagall
standard for commercial banks. And we're concerned only about commercial
banks, and also savings banks, of course; but, commercial banks. The Wall
Street-type banks, they're on their own. If they can't meet up to the standard?
That's it! We're going to write off trillions of dollars of phony-money debt,
in order to save the world.http://www.larouchepac.com/node/12879
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