pahunkboy
Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
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Thank you Mr Rodgers! It is important to imform others of this. There is actually a woman on the US banking committee that did not know the dollar is not backed by metals.
There is "some" hope. This excerpt is from the Larouch adress to Europe. (I know he was just in India...)
...
...of January, presumably the elected President of the United States will be inaugurated. Between now and then, it is extremely difficult to forecast exactly what will happen. The terrorism in India and Mumbai is merely typical of this interim situation and what we must be prepared to deal with. But in the meantime, the issue which is facing the coming President of the United States, who has, incidentally nominated a number of friends and collaborators of mine for his government, starting with of course Hillary Clinton as Secretary of State; but the problems that are going to confront all of them, is something I forecast on the 25th of July of 2007, where I forecast that I expected within a few days or so, we must expect the beginning of the biggest crisis of all modern history, the biggest economic-financial crisis in all history. Three days later, it broke out. The crisis is essentially one of a financial derivatives crisis: That the system of speculation which was launched under Alan Greenspan when he began the head of the Federal Reserve System of financial derivatives has reached the point of explosion. It's over quadrillions of dollars of debt. And there's no possibility that this debt could ever be satisfied or liquidated. This presents the world with a danger, the challenge of a reorganization of the world monetary-financial system, and what I am proposing to my friends and sympathizers in the coming administration, is that we put the entire world through a financial reorganization, in the direction of the policies of Franklin Roosevelt in 1944. Not what Truman began to implement in 1945, but what Franklin Roosevelt presented at the Bretton Woods conference in 1944: That is, to create an international credit system based on a fixed-exchange rate of credit systems among nations, and to proceed to start a program of actual recovery, financial-economic recovery. We know what the situation is in Europe, we know largely what the situation is presently in the United States. The insanity of the present government of the United States, in going to a virtual zero interest rate, much like what the yen did some years ago, in the overnight yen market, is a piece of insanity whose results we have yet to see. I would hope that this would be reversed. If it's not reversed, then we have an incalculable situation. But in any case: That's the issue. The issue is, we must end the kind of financial system which was created since 1971-1972. We must go back to a system of a fixed-exchange-rate system. It must be based on a credit system, not a financial system. What I mean, is this: The United States is unique among nations, in the fact that we have a credit system, where European nations have financial systems, monetary systems. The difference is this: Under our Constitution, the creation of money, or credit, must be made by the President of the United States, but with the consent of the House of Representatives. This credit can be then used, and monetized, as specified by the legislation and by upholding the President's power to utter credit. What I'm proposing, essentially, is that we use the United States' Constitution, with its provision for a credit system, through treaty agreements with other nations to create a fixed-exchange-rate credit system. The purpose is largely to generate credit, which can then be used, internationally, for building up long-term investments in the world economy. This means, taking much of the financial derivatives, which could never be paid anyway—there's no possibility of satisfying the demands of this financial system presently; there's not that amount of money will ever exist in the world, to pay off quadrillions of dollars of debt, which is largely fraudulent debt. And therefore, we have wipe this aspect of the debt of the world off the books, and go back to a credit system which is based on the idea of the nation-state, as opposed to what we're getting now, in terms of a new, funny international system, a monetary system. Go back to the nation-state, and take long-term commitments, in terms of a quarter-century, half-century, or full century, depending upon the category. /snip
for more go here _>
http://larouchepac.com/
BTW- I dont want to hear he is a nut. Discuss why his ideas wont work. Or will. It simply wastes time to ingore these ideas.
...he does seem abit more positive about our future. so that is good. :-)
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