There’s only one remedy, there’s only one way this can be stopped: And that is to go — and the thing is right in the United States, it’s being pressed now. We don’t know whether we have a sufficient majority for it or not, but it is being pushed: And that is, the reinstallation of a Glass-Steagall standard for the U.S. dollar. If that Glass-Steagall is established, and there’s much and growing pressure for this, in that case, then the United States can become the pivot of a recovery of the world economy.
What this means is this: Most of the international debt of the world today is fraudulent. It’s based on financial structures which are absolutely fraudulent. And therefore, if you were to put the world through a Glass-Steagall standard, the standard which was established by Franklin Roosevelt in 1933 and continued until 1987-89, if that standard is imposed by the United States, then, what happens is, most of the debt, most of the nominal financial debt of the world is cancelled. Because most of the debt of nations is fraudulent. It is purely financial speculation, it has no intrinsic value. So therefore, what would happen would be, you would have quadrillions of dollars of worthless debt, on the world, would disappear: Under those conditions, and with the establishment of a fixed-exchange-rate system, on that basis we could handle the entire process.
That doesn’t end the problem. It ends the immediate problem. The immediate problem is, growth of the world economy. That’s going to be a longer-term process: It’ll probably take two generations to build up the world economy again, from the mess it’s become now. But it’s perfectly feasible. This means a very large increase of nuclear power development. It will mean the reactivation of a large-scale space program, which will be the major technology-driver for the planet as a whole. These are the conditions that we require.
It means, largely, worldwide, an emphasis on basic economic infrastructure: mass transportation systems, water systems, power systems, and the general basic infrastructure. Because we have a lot of poor people on this planet, who have no intrinsic technological skills. They can acquire these skills, but it will take a generation or two to build up the skill level of the people. So, in the meantime, we will start largely with emphasis on basic economic infrastructure. Then, the basic economic infrastructure, will then be the stimulant for the revival of agriculture and industries.
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