Isherwood: It’s hyperinflation vs. Glass-Steagall

Citizens Electoral Council of Australia
Media Release 17th of May 2010

Isherwood: It’s hyperinflation vs. Glass-Steagall

While the market mugs wonder why their portfolios are crashing, the insiders are waiting for Tuesday’s vote in the U.S. Congress on the Cantwell-McCain amendment to bring back Glass-Steagall, to find out if the game is up, Citizens Electoral Council leader and federal candidate for Wills Craig Isherwood said today.

“Forget the markets; we have to save the economy, but if the Cantwell-McCain amendment doesn’t pass on Tuesday, you can kiss your butt goodbye,” he said.
Amendment co-sponsors Senator Maria Cantwell and Senator John McCain hurriedly filed it on 6th May, as the Greece bailout triggered financial pandemonium, and America was being drawn into backing the British-imposed trillion-dollar hyperinflation bailout of the European Monetary Union.

The amendment reimposes the strict rules of the Glass-Steagall Act, which from 1933-1999 prohibited any association between deposit-taking commercial banks and speculative Wall Street investment banks; reimposing that rule will cut off the globalised casino economy from the enormous volumes of liquidity that for ten years the speculators have siphoned from people’s deposits.
Lyndon LaRouche, the world’s foremost economist, called for this return to Glass-Steagall immediately when Lehman Brothers imploded in September 2008.
“This is the first step to saving the world economy,” Mr Isherwood said.
“The trillion-dollar euro bailout shows that the only way the City of London financiers and their lackeys in governments can continue to prop up the gigantic speculative bubble they created through deregulation and free trade—globalisation—is by printing money on a scale not seen since Weimar Germany in 1923.

“This can only destroy the world, but the good news is that there are saner people in various governments around the world who are unwilling to watch their nations be destroyed so that the British can bail out their system, and some of those people in the U.S. have heeded LaRouche’s advice and decided to reenact the speculators’ worst nightmare—Glass-Steagall.”

Mr Isherwood accused the Rudd government of sacrificing Australia’s interests to the City of London, by not taking Glass-Steagall-like measures to reorganise the Australian economy:

“Australians need to take their leadership on economic matters from the CEC,” he said.

“When Finance Minister Lindsay Tanner told ABC radio last Wednesday that ‘nobody can predict something of the magnitude and nature of the global financial crisis’ he knew he was lying to the Australian people.
“The CEC did predict it; for years we warned Australians and the Australian government about LaRouche’s forecast, and what to do.
“It’s time the Australian government broke from the City of London and started to serve the interests of the people of Australia, by listening to the CEC,” he said.

To find out about the massive fight to reinstate Glass-Steagall regulations in the U.S., click here.
To compare the CEC’s record to that of the growing chorus of leaders who claim that nobody could have seen this crisis coming, order a free copy of the Homeowners & Bank Protection Bill—The Only Solution here. Click here to purchase the DVD online ($10).
To buy a copy of What Australia Must Do to Survive the Depression, click here.
Click here to join the CEC as a member.
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