Watch Lyndon LaRouche today, Wednesday Oct. 1, at 1:00 PM EDT, at www.larouchepac.com
With the defeat of the Paulson swindle in the US House of Representatives this week, the population has demonstrated that there is a limit to the tyranny of Wall Street over the elected officials of the US government. Congressmen facing re-election in five weeks were unable to sell out to the criminals from Goldman Sachs and others, as millions of calls and e-mails flooded their offices, warning them that they would be thrown out if they capitulated to the treasonous leaders of the House, who were doing the hedge funds' budding. Will they now listen to LaRouche, who was proven right when everyone else was wrong?
Several hundred thousand of the following release by LaRouche, "There IS a Plan B," were distributed to every Congressman on Monday, and across Washington over the past two days. LaRouche will elaborate on his three-step solution in his webcast today. Tune in ---- Mike Billington
LaRouche: There IS a Plan B!
September 27 2008 (LPAC)--Lyndon LaRouche today reiterated that the trillion dollar taxpayers bailout scheme, being peddled by Hank Paulson, Barney Frank, Chris Dodd, et al. is doomed to fail. ``If the bailout is passed, this will not solve anything. It will trigger Weimar hyperinflation immediately, will bring down the whole banking system, and, contrary to Gordon Brown's fantasies, will not save the hopelessly bankrupt British banking system.''
LaRouche emphasized, ``However, as many people inside Washington and on Wall Street perfectly well know, there is a Plan B. Plan B is my three-step solution, which begins with bankruptcy reorganization, rather than hyperinflationary bailout. First, pass my Homeowners and Bank Protection Act (HBPA). This viable proposal has been out there since Sept. 2007, and everyone serious, who has studied it, knows it will work. Had Congress shown the guts to pass my HBPA in 2007, this crisis would have been averted, and we would have already been on the road to a new, viable international financial order.
``Second, Congress, in coordination with the Fed, must establish a two-tiered credit system. The Fed must immediately increase short-term rates to 4 percent, to send a clear signal that the U.S. government is behind a strong dollar. At the same time, Congress, using its Constitutional authority, must issue trillions of dollars in low-interest credit for earmarked infrastructure projects, in the vital interest of the nation. We need high-speed rail and maglev, nuclear power, water management, new hospitals, repairs on our bridges and roads. These kinds of projects should be financed through capital budgeting, authorized by Congress at 1-2 percent interest.''
LaRouche said, ``And at the same time, the United States, Russia, China and India must take the lead in convening a treaty conference to establish a new international financial system, based on fixed exchange rates, along the conceptual lines of what Franklin Roosevelt did in 1944 with the original Bretton Woods System. We can and must put the bankrupt current international financial system through bankruptcy reorganization, and launch, on a global scale, what I have proposed with the domestic capital investment in massive infrastructure.''
LaRouche noted that prominent Italian officials have voiced their support for the convening of such a New Bretton Woods conference, and Russian leaders, including President Medvedev and Prime Minister Putin, have voiced similar support, particularly if the United States takes the lead.
``So no one in good faith,'' LaRouche concluded, "can honestly claim that the current bailout scheme on the table of Paulson, Frank and Dodd is the only option. It is not the only option. It is the option of a dark age for civilization. My Plan B is available, is viable, and can and must be acted upon now. This week.''