“Tantamount to Treason”
(LPAC) Those were Lyndon LaRouche’s words on Thursday, describing two of the latest fascist innovations to come from the Obama White House, Treasury Department, and Federal Reserve.
On Thursday, Treasury Secretary Tim Geithner appeared before Barney Frank’s House Financial Services Committee, to release a proposed reorganization of the bank regulatory system, that would, in effect, wipe out the use of bankruptcy reorganization, to deal with the hopelessly bankrupt financial system. Under the new swindle, bank holding companies, and other “non-banks”, would be exempted from bankruptcy court proceedings, and, instead, would be put through reorganization by an Executive Branch “Financial Services Oversight Council.” There are now minimally $5-6 trillion of worthless “toxic waste” liabilities on the books of the big banks, and the proposed “reform” would establish a $10 billion Financial Company Resolution Fund, to deal with these “too big to fail” institutions. You see the fraud! All of the B.S. aside, the essence of this “reform” would be to gut the U.S. Federal Constitution’s credit system and provisions for bankruptcy reorganization on behalf of the general welfare.
Combine this latest swindle with the fact that the Fed has, through its zero-interest rate policy, created a “dollar carry trade,” which is creating a gigantic new financial bubble.
Lyndon LaRouche commented on these developments by focusing on the “criminal intent of these measures.” He fully endorsed the denunciation of the Geithner/Frank scheme by Rep. Brad Sherman (D-Cal.), who called it “TARP on steroids.” LaRouche explained, “Even though this latest scheme by Geithner, Bernanke, Barney Frank, et al. will not live, it is the criminal intent behind it that must be targeted. If this swindle is allowed to go forward, it will be a recipe for the total collapse of the entire financial system. It must be stopped. It is boiling down to genocide against the American people.”
The same genocidal swindle was reflected in several other events of the day, including the laughable fake data, coming out of the government, claiming that GDP for the third quarter of 2009 jumped by 3.5 percent! “On the basis of past performance,” LaRouche immediately reacted, “we can presume that the GDP data is fraudulent. Everything this Administration has done with respect to the economy and the financial system has been one big lie. We have not yet carefully reviewed the latest phony data, but we can be certain that the evidence is there of one more lie in the series of wild hoaxes.”
The same “genocide” label can be affixed on the Obama Administration’s response to the swine flu pandemic, which continues to spread all over the country and around the globe. On Thursday, in its weekly conference call status report, the Centers for Disease Control (CDC) once again admitted that the amount of H1N1 vaccine that would be produced this year would fall far short of initial estimates. LaRouche responded, “It is so obvious they are lying. This swine flu issue is the hottest issue on the planet, and once again, we hear last-minute announcements of unexpected failure to deliver the adequate supply of vaccine. It is only fair to ask: Did they ever really intend to deliver the vaccine?”