Finanzkrise, Europa: LaRouche: It’s a Breakdown Crisis And They’re Lying Their Heads Off ! (en)

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February 13, 2010 (LPAC)– The fast-unravelling EU crisis is not a crisis of government budgets. It’s the bank exposure, not government budgets; the budgets are only the excuse to impose fascism. „Absolutely,“ replied Lyndon LaRouche. „The banks are bankrupt. Exactly!— because they own assets which are worthless.“ European banks‘ exposure to public and private debts of Portugal, Ireland, Greece and Spain is estimated at $2.1 trillion, with Spanish debt by far the largest part. But the bigger problem is their derivatives exposure, at least an order of magnitude larger.

EU conditions on Greece will include imposing a law under the Lisbon Treaty, that Greece must provide reliable economic statistics. „Who’s going to make sure they’re reliable?“, LaRouche asked. „Because if they reported reliable statistics, it’ll sink the whole system.“ Other conditionalities include Greece’s establishing a contingency fund for „budget emergencies,“ amounting to 10% of current public-sector expenditures. LaRouche’s diagnosis: „Let’s just call this masturbation. It’s pure masturbation. There’s no reality to it whatsoever; it’s a compulsion to lie. Everybody is now put under a compulsion to lie. The system is finished! It’s over!“

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„There is no solution,“ LaRouche continued. „It’s a general breakdown crisis of the entire international system, and there’s no way that this is going to be miraculously cured, nor is anybody going to be able to save a lot of these worthless assets. What’s needed is a global Glass-Steagall cleanout of the entire international financial system. Then we can start all over again, and we’ll have all these happy, bankrupt ex-bankers, who now finally are able to take a lo-o-ong rest, from the strain of their careers. That’s simply the reality. The reality is, that there has to be a global Glass-Steagalll, which means that there’ll be nothing left of places like Wall Street. And people have to get used to that: We don’t need Wall Street. It’s going to have to go, because there’s no way you can carry out a Glass-Stegall type of reform at this time, which is the only way the economies of the world can survive, without wiping out financial centers such as Wall Street. The effect will have to be that. That, regrettably for some people, is the price we have to pay for a recovery. And that’s the point to make. Watch’em suffer! Let’em squirm! Squirm, worm!

„It’s a breakdown crisis,“ he concluded, „and they’re all lying their heads off. And they’re silly, on top of everything else!“

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