- Emphasis mine:
- There Is No Practical Solution: The Entire Trans-Atlantic Banking System is Hopelessly Bankrupt And Heading for Massive Collapse
Even Jaime Caruana, the General Manager of the Bank for International Settlements (BIS), the Central Bank for Central Banks in the western financial system, is now admitting what Lyndon LaRouche has been saying for years—the entire trans-Atlantic banking system is hopelessly bankrupt, and nothing short of eliminating the debt can stop a cataclysmic breakdown. There are no “pragmatic” measures to fix the system – the system itself is irreparably broken. As the former chief economist to the BIS, William White, said at Davos:
It will become obvious in the next recession that many of these debts will never be serviced or repaid…. The only question is whether we are able to look reality in the eye and face what is coming in an orderly fashion, or whether it will be disorderly. Debt jubilees have been going on for 5,000 years, as far back as the Sumerians.
“Shut down Wall Street,” as LaRouche has argued, is no longer viewed as unworkable, but increasingly seen as the only hope to save the legitimate banking system and the legitimate debt from the cancer of the quadrillions of dollars of worthless derivative paper, with no real value. And to make the point clear to those who hope for a partial, pragmatic solution, if Barack Obama remains in the White House for even a few more months, preventing a Glass-Steagall elimination of the worthless paper, and proceeding with his rapidly escalating plans for war with Russia and China to stop the new paradigm they are implementing internationally, then thermonuclear war will almost certainly occur before the November presidential election in the U.S.
Look at those candidates—not one, Republican or Democrat, has uttered a word about the rush to global thermonuclear war. Hillary Clinton, in fact, chose to use the last debate before the New Hampshire primary to praise Obama and his equally insane Defense Secretary Ash Carter for quadrupling the troops and advanced military hardware being deployed on Russia’s border, claiming this was necessary for “defense,” precisely as Hitler argued as he prepared his suicidal invasion of Russia.
Obama’s rush to war was equally evident in Asia, where North Korea’s successful launch of a satellite is being used to justify a further build-up of advanced war fighting capacity in a ring around China and the Russian Far East.