Latest from LaRouche

PRESS RELEASE

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Bill To Reinstitute Glass-Steagall
Reintroduced in 113th Congress

Jan. 4, 2013 (EIRNS)—This release was issued today by the Lyndon LaRouche Political Action Committee[1] (LPAC)

Reps. Marcy Kaptur (D-OH) and Walter B. Jones (R-NC) moved immediately within the opening hours of the 113th Congress, to reintroduce legislation to revive Franklin D. Roosevelt's Glass-Steagall act[2]. Kaptur's previous bill, H.R. 1489[3], had 84 cosponsors[4] when the 112th Congress expired. The new bill, H.R. 129, is expected to rapidly gain even more overwhelming support.

The official Library of Congress website on legislation identifies the purpose of the bill thus:

"To repeal certain provisions of the Gramm-Leach-Bliley Act and revive the separation between commercial banking and the securities business, in the manner provided in the Banking Act of 1933, the so-called 'Glass-Steagall Act', and for other purposes."

The full text will be available soon. The bill has already been referred to the House Financial Services Committee.

Lyndon LaRouche and his political action committee have identified the reinstatement of Glass-Steagall as the essential, immediate first step in rescuing the U.S. and global economy, from the catastrophes of hyperinflation and draconian austerity, to be immediately followed by the creation of a federal credit system linked to inaugurating major infrastructure projects such as the North American Water And Power Alliance (NAWAPA)[5].

We are in a countdown, before the hyperinflation set off by the bailout policies of the Federal Reserve and the European Central Bank, create an unstoppable crisis, LaRouche commented recently. Many leading bankers are fully aware that we are on the cusp of precisely such a catastrophe, which is why prominent bankers in London and elsewhere are now speaking out for Glass-Steagall. What they, and many in Congress, don't understand is that this emergency measure must be taken now, within weeks, in order to launch the crucial next steps of a recovery program: a credit system with funds dedicated to rebuilding the physical economy.

Lyndon LaRouche PAC will be moving immediately not only for passage of H.R. 129 as an emergency measure, but for introduction of a matching measure in the U.S. Senate, where support is growing for the banking separation.

Links:
[1] http://www.larouchepac.com
[2] http://larouchepac.com/gs-infographic
[3] http://thomas.loc.gov/cgi-bin/query/z?c112:H.R.1489:
[4] http://larouchepac.com/node/19643
[5] http://larouchepac.com/infrastructure

 

 

 

PRESS RELEASE

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Rep. Jones Re-introduces
House Concurrent Resolution
To Stop Unconstitutional Wars

Jan. 4 (EIRNS)—In the opening hours of the 113th Congress, Rep. Walter B. Jones (R-NC) took immediate action to try to block any action by the Executive branch to go to war, without prior consultation with Congress. Rep. Jones introduced House Concurrent Resolution 3, with the identical language to his HCR 107[1], which expired with the 112th congress with 12 cosponsors.

HCR 3 expresses

"the sense of Congress that the use of offensive military force by a President without prior and clear authorization of an Act of Congress constitutes an impeachable high crime and misdemeanor under article II, section 4 of the Constitution."

It has been referred to the House Judiciary Committee.

Rep. Jones's sense of urgency on this matter was also reflected in an open letter he issued to President Obama on December 18[2], and announced in a Dec. 19 press conference[3], in which he and six other Congressmen strongly urged the President "not to once again lead our nation into war without authorization from Congress."

Furthermore, the letter said,

"Your recent threat of 'consequences' should Syria use chemical weapons is eerily reminiscent of the calls for war with Iraq to deal with their 'Weapons of Mass Destruction.'

We would like to remind you that the power to declare war remains vested in the Congress. No resolution from the United Nations or NATO can supersede the power carefully entrusted with the representatives of the American people.

Signing onto that letter with Rep. Jones were

• Ron Paul (R-TX);
• Mo Brooks (R-ALA);
• Michael H. Michaud (D-ME);
• Justin Amash (R-MI); and
• Charles Rangel (D-NY).

Links:
[1] http://www.larouchepub.com/eiw/public/2012/eirv39n23-20120608/63_3923.pdf
[2] http://www.larouchepub.com/pr_lar/2012/121219_letter_2_obama.html
[3] http://larouchepac.com/jonespress2

 

 

 

December 26, 2012 9:57 pm

MPs back forced separation of banks

By Kiran Stacey, Political Correspondent

A large majority of MPs think British banks should be forced to separate investment banking and high-street operations, research suggests.{-

The full article can be found at: http://www.ft.com/cms/s/0/57e63c4e-4f72-11e2-a744-00144feab49a.html

 

 

 

Lyndon LaRouche explains how America's economy can win again

http://communities.washingtontimes.com/neighborhood/conscience-realist/2012/dec/28/lyndon-larouche-explains-how-americas-economy-can-/

Lyndon H. LaRouche, Jr.

Friday, December 28, 2012 - The Conscience of a Realist by Joseph Cotto

FLORIDA, December 28, 2012 — Lyndon LaRouche was a lightning rod of controversy 20 years ago. A perennial Democratic candidate for the presidency, LaRouche's economic and political views were intertwined in a philosophy that other Democrats derided as "fringe."

A stint in federal prison took him out of the national eye, but LaRouche continues to share his views. Over the last several decades he has played an active role in forecasting financial trends, promoting the use of manufacturing technology, and emphasizing space exploration, among other things.  

In this first part of a candid interview, LaRouche explains how America can reclaim its economic vitality, discusses the limits of free trade, describes what might be done to reinvigorate the manufacturing sector, and much more.  

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Joseph F. Cotto: America remains mired in the sluggish aftermath of the Great Recession. How do you think that our country can reclaim its economic vitality?

Lyndon LaRouche: To be both specific and brief: I have set forth a specific set of measures of reform which would meet the requirements of a most urgently needed combination of three elements of national economic policy: 

1. A most urgently needed return to a Glass-Steagall policy as such. While Glass-Steagall would end the hyper-inflationary drive which had been officially launched at the close of the Clinton Presidency, [it] must be recognized as being only an indispensable "platform," as for President Franklin Roosevelt, for eliminating the roots of the present hyper-inflationary spin which took over the control of the trans-Atlantic economies since about September 2007 in the U.S.A. itself.

2. We must return to the national banking policies which had been in force prior to the launching of the Andrew Jackson Administration, including the precedent of a Federal Credit System in force under President John Quincy Adams, a Federal Credit system which would be typified by the form of national banking credit for achievement of predetermined goals for specified future dates. This is the only basis for a present, actually physical-economic recovery of the United States presently.

3. There must also be special national projects typified by the fulfillment of the goals of NAWAPA, with the same general objectives of the NAWAPA of the late 1960s, but with adjustments for advances in technologies suited to the presently available technologies; that must be supplemented by special machine-tool design programs now urgently needed to bring the destructive rampage of the "68er" cultural trends under control, for the sake of return to a desperately needed real economy.

Cotto: Prominent economists and politicians say that free trade will only benefit America in the long run. What are your opinions about this idea?

LaRouche: They are repeating the same arguments which have failed our nation's economy at an accelerating rate, since the "68er" rampages, especially since 2007. All successful economies depend upon superseding the depletion of what existed in the past, by progress into the urgently needed future replacements, with better methods, and with superior technologies. Otherwise, we would plunge into the attrition and related decay which has plagued us since the end of the Indo-China war of the mid-1960s.

Cotto: One of the reasons that the American economy consistently fails to emerge from the Great Recession is that it produces a decreasing number of material goods. What would you say can be done to reinvigorate our manufacturing sector? Honestly, is this even possible now?

LaRouche: As I am certain that your circles are adequately aware, our chief economic problem has been the reversal of the principle of economic progress – actually at the accelerating rates prevailing since  the aftermath of the assassination of President Kennedy. Without a correction from that trend now, trans-Atlantic civilization in particular is doomed: We are at the fag-end of our recent decades of foolishness. 

The loss of much of the machine-tool design capabilities which had been represented by the legacy of the machine-tool design-driven U.S.-built automobile, aircraft, and space potentials, since the virtual collapse of "Detroit," must now be replaced by "machine-tool design" programs for reviving and improving the technological improvements, programs on which we depend, absolutely, if any recovery at all were to be made possible.  

Cotto: Libertarian economic theorists tend to believe that trade deficits are of minimal importance. Do these deficits have a great impact on America's economy?

LaRouche: What are sometimes mis-identified as being trade-deficits are actually the effect of collapse of technological progress. We need a "protectionist" policy of a certain, very specific type: scientific-technological progress, rather than the death of the former system of sovereign nations in western and central Europe. We must protect our economy's healthful scientific-technological progress. And, then we would have no continuing fear of "competition." Financial gambling will never be an actual substitute for science-driven economic progress. 

Cotto: During complicated times like these, robust national security policy is essential. While America can continue to build stronger relationships with proven allies, more should be done to prevent against domestic terrorism as well. What are your opinions on this most challenging matter?

LaRouche: Speaking in broad terms, terrorism has never changed for the better since Adolf Hitler and kindred cases, and often for the worse, or even prospectively the worst. Indeed, the contemporary variety is even more genocidal in combined depth and scale than that of the Nazi regime's effect on Eurasia in World War II. As a virtually stateless Europe under the paws of a Tony Blair, have shown, as the cases of the trends in Portugal, Spain, Italy, and Greece. as also elsewhere in the "Euro" region, has shown us now. It is neither unfair nor "discriminatory" to point out that a Europe continued under the "paws of Blair" is already at the brink of something hitherto beyond previous notions of a modern Europe.

Terrorism exists and spreads; who actually sponsors it? We urgently need stability in matters which Blair did much to destroy in Eurasia since his fraudulent pretext for the launching of the second Iraq war, and now threatens to bring among both the United States, and also throughout the world at large. We are presently hovering at the brink of thermonuclear warfare. Our United States, under the proper leadership, could stop this prevalence of such and related lunacy which threatens the entirety of civilization now.

 

 

 

Snapshot of Discarded U.S. Labor Force in BLS End-of-Year Report

January 5th, 2013 • 9:53 AM

The final Labor Department monthly report on U.S. employment reported 155,000 net jobs creation in December after seasonal adjustment, with construction adding 30,000 jobs and mfg adding 20,000. The "official" unemployment rate went back up to 7.8%.

The unadjusted figures show that there was a net loss of 243,000 in employment in December, about in line with the previous two Decembers and better than the three before that; and that total job creation for 2012 (not seasonally adjusted) is reported to be 1.8 million, about equal to the implied growth of the labor force for the year.

The Bureau of Labor Statistics' summary report for the year gives a snapshot of the lost and discarded condition of the labor force. It grew by just 1.5 million in 2012; labor force participation fell by 0.4% over the year to 63.4%, which is 3.2% lower than 2007. The important ratio of employment to total population was unchanged for the year and is down a huge 5.0% since 2006, at 58.4%. As is well known, if the labor force participation rate were the same in December 2012 as when President Obama took office in January 2009 (65.7%), the December 2012 official unemployment rate would have been 10.7%.

The number of officially unemployed Americans fell by about 750,000 during 2012, but the total "underemployment"—including those forced to work part-time and those who dropped out of the labor force within the year—is 23 million. If longer-term dropouts are included, and the unusual numbers of young potential workforce entrants who did not enter, the total is 27 million who actually cannot find work. The number of Americans not in the labor force (NILF) grew by 2.23 million in 2012, and by 10.3 million since 2007. For comparison, in the previous five years 2002-07, NILF grew by just half as much, 5.2 million.

The average weekly wage is reported up by just 1.9% during 2012, so that real wages of those employed continued to fall.

 

 

 

Angus King, Senate Newcomer, Joins Elizabeth Warren In Fight To Reform Financial System

http://www.huffingtonpost.com/2013/01/03/angus-king-senate-elizabeth-warren-banks_n_2405014.html

Posted: 01/03/2013 6:33 pm EST  |  Updated: 01/04/2013 7:23 am EST

WASHINGTON -- Freshman Sen. Angus King (I-Maine) joined Sen. Elizabeth Warren (D-Mass.) this week in the fight to rein in the financial establishment. In an interview with Maine newspaper the Portland Press-Herald, the new lawmaker called for major structural reform to the American banking system.

Sen. Angus King		Sen. Elizabeth Warren.

King, who caucuses with Democrats but does not identify as one, listed several progressive policy preferences in a Dec. 30 interview with the paper. Among his dream policies: filibuster reform, tighter gun-control laws and the reimplementation of Glass-Steagall. Read the full article here: http://www.huffingtonpost.com/2013/01/03/angus-king-senate-elizabeth-warren-banks_n_2405014.html

 

 

 

Lyndon LaRouche Friday Webcast January 4, 2013

http://larouchepac.com/node/25059

1 hours, 5 minutes

Lyndon H. LaRouche, Jr.

The fourteenth Friday webcasts[1] by Lyndon LaRouche addressed to the American population.

Don't miss LaRouche's paper published before this webcast, Obama and the Trojan Horse![2], and LaRouche's statement Science as a Matter of Truth.[3]

Full Video Archive:[4]

Link:
[1] http://larouchepac.com/lpactv?lid=0-1-2&type=webcast 
[2] http://larouchepac.com/node/24994
[3] http://larouchepac.com/node/25041
[4] http://larouchepac.com/webcasts/20130104.html

 

 

 

Congress is in Session; Call their offices
and meet your Congressmen
to Co-sponsor H.R. 129!

Dear Congressman,

I am writing to you to request that you add your name as a co-sponsor to H.R. 129, the bill to re-instate the Glass-Steagall law. H.R. 129 is the replacement in the new Congress for H.R.1489, which was introduced last spring by Congresswoman Marcy Kaptur (D-Ohio) and has Republican and Democratic co-sponsors. Glass-Steagall was law for 66 years until its repeal in 1999. Since then, the country has gone into an ever increasing financial spiral, which collapsed in 2007 and 2008, and a new spiral now ruining the nation. The bailouts to Wall Street have totaled $27 trillion or more according to reports from Neal Barofsky, former Inspector General of TARP, and have been used to prop up countless hundreds of trillions in derivatives and other Monopoly money paper. Re-imposition of Glass-Steagall will end this monetarist madness once and for all, and return the nation to a credit system. Under our traditional credit system, the government can issue credit to states to rehire unemployed, but urgently needed municipal workers, such as firemen, policemen, teachers, sanitation and others. 

We can immediately follow this,  as was done to end the Great Depression in the 1930s,  by emitting  federal credit into the private sector and the states to launch urgently needed projects to reconstitute our national rail/power/water grid, creating millions of jobs in the process.  I urge you to become a co-sponsor of HR 129. Please communicate your intentions on this to me as soon as possible.   I enclose the Dear Colleague letter from Congresswoman Kaptur for your study. 

Thanks,
Stu Rosenblatt 

Reinstate Glass-Steagall
Cosponsor H.R. 1489 (now H.R. 129),
“The Return to Prudent Banking Act”

Dear Colleague:

I am writing to request your support for H.R. 1489, “The Return to Prudent Banking Act.”  I recently reintroduced this legislation to strengthen our financial system by reinstating Glass-Steagall. 

In response to the failure of thousands of banks across the country, Congress enacted the Banking Act of 1933, commonly known as Glass-Steagall, during the height of the Great Depression.  This statute safeguarded the American economy for decades by legally separating commercial and investment banking.  Such a common sense system provided greater security to banking deposits in commercial banks.  Additionally, investment banks were only able to leverage their own funds, limiting the systemic risks of the American citizenry.  For decades, Glass-Steagall was a cornerstone of the U.S. financial system, until the Gramm Leach Bliley Act unwisely completely ended this important financial regulation in 1999.

With the repeal of the Glass-Steagall Act over a decade ago, the U.S. economy was exposed to an intolerable level of risk, and the recent financial crisis was certainly exacerbated by the removal of these safeguards.  I believe that we must limit the potential for future economic collapses by returning to a more prudent banking system in which banks must once again choose between investment activities or commercial lending.  If you would like more information or would like to become a co-sponsor of H.R. 1489, please contact John Brodtke in my office at john.brodtke@mail.house.gov. 

Sincerely,
 /s
MARCY KAPTUR
Member of Congress 

H.R. 129 Now has 2 co-sponsors.
Call your Representative to urge him or her
to sign H.R. 129;  202-224-3121

Current List of Congressional Co-Sponsors to Marcy Kaptur's H.R. 129. (By date of signing)

1. (init.) Marcy Kaptur (D - OH)
2. Walter Jones (R-NC)

List of Congressional Co-Sponsors to Marcy Kaptur's H.R. 1489 when it expired with the adjournment of the 112th Congress on Jan. 3, 2013. (By date of signing)

1. (init.) Marcy Kaptur (D - OH)
2. James Moran (D-VA)
3. Walter Jones (R-NC)
4. John Conyers (D-MI), former Chair, current ranking member House Judiciary Committee, dean of Black Caucus
5. Jesse Jackson Jr. (D-IL)
6. Lynn Woolsey (D-CA), former Co-Chair Progressive Caucus
7. Jim McDermott (D-WA)
8. Louise McIntosh Slaughter (D-NY), ranking member House Committee on Rules
9. Edolphus Towns (D-NY), former Chairman of the House Oversight and Government Reform Committee
10. Maxine Waters (D-CA), former Chair of the Congressional Black Caucus
11. Marcia Fudge (D-OH)
12. Kurt Schrader (D-OR)
13. Danny Davis (D-IL)
14. Roscoe Bartlett (R-MD)
15. John Garamendi (D-CA)
16. Dennis Kucinich (D-OH)
17. Peter Visclosky (D-IN)
18. Jan Shakowsky (D-IL)
19. Barbara Lee (D-Ca), former Chair Congressional Black Caucus, former Co-Chair of the Progressive Caucus
20. Mike Coffman (R-CO)
21. George Miller (D-CA), former Chair, current ranking member Education and the Workforce Committee
22. Hansen Clarke (D-MI)
23. Fortney Pete Stark (D-Ca)
24. Michael Capuano (D-MA), ranking member U.S. House financial services Subcommittee on Oversight and Investigations
25. Rep. Charles Rangel (D-NY), former Chairman of the United States House Committee on Ways and Means
26. Rodney Alexander (R-LA)
27. Raul Grijalva (D-AZ), the Co-Chair of the Progressive Caucus
28. Daniel Lipinski (D-IL)
29. John F. Tierney (D-MA)
30. Donna Christensen (D-VI)
31. Al Green (D-TX)
32. Bob Filner (D-CA)
33. Tammy Baldwin(D-WI)
34. Peter Welch (D-VT)
35. John Olver (D-MA)
36. Larry Kissel (D-NC)
37. Yvette D. Clarke (D-NY)
38. Chellie Pingree (D-ME)
39. Michael H. Michaud (D-ME)
40. Henry C. "Hank" Johnson(D-GA)
41. Zoe Lofgren (D-CA)
42. Peter DeFazio (D-OR)
43. Keith Ellison (D-MN)
44. Rosa DeLauro (D-CT), House Democratic Steering and Policy Committee (Co-Chair for Steering)
45. Wm. Lacy Clay (D-MO)
46. Bennie G. Thompson (D-MS), ranking member Committee on Homeland Security
47. Loretta Sanchez (D-CA)
48. John Lewis (D-GA)
49. Tim Ryan (D-OH)
50. Collin Peterson (D-MN), ranking member of the Agriculture Committee
51. David Cicilline (D-RI)
52. Betty Sutton (D-OH)
53. Sheila Jackson Lee (D-TX)
54. Donald M. Payne (D-NJ) (* deceased)
55. Frederica Wilson (D-FL)
56. Frank Pallone, Jr. (D-NJ)
57. John A. Yarmuth (D-KY)
58. Michael F. Doyle, (D-PA)
59. Susan Davis (D-CA)
60. Dale Kildee (D-MI)
61. Edward J. Markey (D-MA)
62. Karen Bass (D-CA)
63. Eddie Bernice Johnson (D-TX)
64. Gene Green (D-TX)
65. Judy Chu (D-CA)
66. James McGovern (D-MA)
67. Paul Tonko (D-NY)
68. Mazie Hirono (D-HI)
69. Donna Edwards (D-MD)
70. Eni F.H. Faleomavaega (D-AS)
71. Silvestre Reyes (D-TX)
72. Jackie Speier (D-CA)
73. Bob Brady (D-PA)
74. Eleanor Holmes Norton (D-DC)
75. Maurice Hinchey (D-NY)
76. Tim Holden (D-PA)
77. Gregorio Sablan (D-MP)
78. Earl Blumenauer (D-OR)
79. Steven Rothman (D-NJ)
80. Janice Hahn (D-CA)
81. Elijah Cummings (D-MD)
82. Luis Gutierrez (D-IL)
83. Lloyd Doggett (D-TX)
84. Lucille Roybal-Allard (D-CA)
85. Eshoo, Anna G. (CA)

Bill Summary & Status
113th Congress (2013 - 2014)
H.R.129
All Information

http://thomas.loc.gov/home/LegislativeData.php?n=BSS , under "Enter Search", select "Bill Number" from the drop-down list and enter "H.R.129" in the text field.

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H.R.129
Latest Title: To repeal certain provisions of the Gramm-Leach-Bliley Act and revive the separation between commercial banking and the securities business, in the manner provided in the Banking Act of 1933, the so-called "Glass-Steagall Act", and for other purposes.
Sponsor: Rep Kaptur, Marcy [OH-9] (introduced 1/3/2013)      Cosponsors (1)
Latest Major Action: 1/3/2013 Referred to House committee. Status: Referred to the House Committee on Financial Services.

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SUMMARY:

***NONE***

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MAJOR ACTIONS:

***NONE***

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ALL ACTIONS:

1/3/2013: Referred to the House Committee on Financial Services.

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TITLE(S):  (italics indicate a title for a portion of a bill)

OFFICIAL TITLE AS INTRODUCED:
To repeal certain provisions of the Gramm-Leach-Bliley Act and revive the separation between commercial banking and the securities business, in the manner provided in the Banking Act of 1933, the so-called "Glass-Steagall Act", and for other purposes.

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COSPONSORS(1), ALPHABETICAL [followed by Cosponsors withdrawn]:     (Sort: by date)

Rep Jones, Walter B., Jr. [NC-3] - 1/3/2013

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COMMITTEE(S):

Committee/Subcommittee:		Activity:
House Financial Services		Referral, In Committee

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RELATED BILL DETAILS: ***NONE***

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AMENDMENT(S): ***NONE***