VoyForums
[ Show ]
Support VoyForums
[ Shrink ]
VoyForums Announcement: Programming and providing support for this service has been a labor of love since 1997. We are one of the few services online who values our users' privacy, and have never sold your information. We have even fought hard to defend your privacy in legal cases; however, we've done it with almost no financial support -- paying out of pocket to continue providing the service. Due to the issues imposed on us by advertisers, we also stopped hosting most ads on the forums many years ago. We hope you appreciate our efforts.

Show your support by donating any amount. (Note: We are still technically a for-profit company, so your contribution is not tax-deductible.) PayPal Acct: Feedback:

Donate to VoyForums (PayPal):

[ Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: 1, 2, 3, 4, 5, 6, 7, [8], 9, 10 ]

[ Next Thread | Previous Thread | Next Message | Previous Message ]

Date Posted: 19:02:43 11/06/07 Tue
Author: part 1
Subject: November 6, 2007

ICLC BRIEFING INTERNATIONAL VERSION

BY: JEFFREY STEINBERG/HZL/KRN
+---------------------------------------------------------------+
| |
| |
| MORNING BRIEFING |
| |
| Tuesday, November 6, 2007 |
| |
| |
+---------------------------------------------------------------+

- OUR MISSION: CREATE A PRESIDENTIAL CULTURE -
- WORTHY OF LINCOLN AND FRANKLIN ROOSEVELT -

The following is a paraphrase of Lyn's message to the
organization, delivered on Monday night in dialogue with the NEC,
the LYM and a group of Chicago organizers who have been tearing
up Ground Zero in Loudoun County for the past weeks.

The organization has been in a crisis for months that must
be solved right now. Up through March-April of this year, the
organization was based on field deployments with mass-circulation
pamphlets. That perspective was abandoned and now must be
revived.

From the mid-1970s to the present day, the organization's
survival was based on Lyn's Presidential campaigns. Now, the
country is going to hell, and what is needed is a spokesman to
articulate what must be done to change course and restore the
American System and our tradition. Just because Lyn, for age
reasons alone, is not running for President does not change that
basic fact. But this must be understood in a larger context.
With the exception of Ronald Reagan's collaboration with Lyn on
the SDI, and a few things that Bill Clinton did here and there,
the whole post-1971 period has been characterized by a disastrous
string of U.S. Presidents. With those brief Reagan and Clinton
exceptions, nothing coming out of the Presidency in the post-1971
period corresponded to the national interest of the United
States.

The key was the 1971 breakdown of the Bretton Woods System.
Either we restore the Bretton Woods approach or we are not going
to make it, as a nation, and as a world civilization. The dark
age will not descend overnight, or tomorrow morning. It will
take one-to-two generations, which is the duration that genuine
policy shifts take to play out. Policies take the terms of two
to three Presidents to fully develop--for the better or for the
worse.

For example, after the one-term Presidency of John Quincy
Adams, you had a real traitor installed, in the person of Andrew
Jackson, who was an agent of Aaron Burr, and was one of the
responsible parties for the ``Trail of Tears'' genocide directed
against the Cherokee nation. Van Buren, who controlled Jackson
and then followed him into the Presidency was, for all practical
purposes, the illegitimate bastard son of Burr. Van Buren killed
the National Bank and imposed the land bank scam, which was the
equivalent of what has been done with the real estate bubble
today--pure speculation and looting. What happened in 1837 is
parallel to the meltdown of the sub-prime mortgage bubble today.

After Van Buren, most of the U.S. Presidents up until
Abraham Lincoln were traitors or scoundrels. Lincoln changed
things. He saved the nation--personally. It was not the
Republican Party, but it was Lincoln, a real genius, around whom
the Republican Party was built. Lincoln was assassinated by the
British and was followed in office by his Vice President Andrew
Johnson, and by Ulysses S. Grant. With the election of 1876,
things went bad again, including the revival of what would later
be called Jim Crow--the crushing of the African-American
leadership that sprang up out of the fight against slavery in
places like South Carolina. These were top people, like
Frederick Douglass, who fought out of slavery--through education
and science. They were part of the Lincoln legacy, that lived on
after Lincoln's death. The civil rights movement of the 20th
century was a pale shadow of the South Carolina legislature in
the immediate post-Civil War period.

Of course, McKinley was assassinated by the British, to pave
the way for Teddy Roosevelt. After Taft, you got a real
scoundrel in Woodrow Wilson, the man who revived the KKK from the
White House. Then soon afterwards, we got Coolidge and Hoover--a
real disaster. So we have had long periods of British agents
controlling the Presidency, usually via the sponsorship of Wall
Street and the Boston Brahmins.

But then, you got FDR, who was a real historical surprise.
His genius, comparable to Lincoln, caught the enemies of the
Republic by surprise. They knew who he was, but didn't
anticipate how he would function as President.

Lyn recounted a famous interview that Abraham Lincoln gave
to some people in Boston. He was asked, if he had to choose
between freeing the slaves and saving the Union, what he would
do. Without a second thought, Lincoln said, ``Save the Union.''
The Boston crowd were out to break up the Union, but they also
played the ``British Liberal'' profile of being in favor of
freeing the slaves--so long as the Negroes never attempted to
rise ``above their station.'' It was like what the British did
to the Irish. But you had people like Frederick Douglass, George
Washington Carver and others who would not tolerate such
treatment. And of course, the unspoken issue from this
post-slavery period was the tremendous scientific and musical
contributions of the freed slaves.

The overall point that Lyn was driving at was this: The key
thing about the Presidency is the characteristic of underlying
policy. Once a Presidential policy has been established, you
have a Presidential culture. That is what is important.

Look at John F. Kennedy. With the election of John Kennedy,
you had an explicit revival of the FDR culture. Eleanor
Roosevelt was in on this--very consciously reviving the FDR
legacy through JFK. This is really why the oligarchy, the
British, killed Kennedy. The assassination of Kennedy was like a
Reichstag Fire. It scared the hell out of everyone, especially
Lyndon Johnson. This is how we got the Indochina War. Only two
Senators voted against the Gulf of Tonkin resolution! Vietnam
went on until 1975.

And in the meantime, we got two other cultural disasters:
Nixon and the Boomer 1968 culture, which was pure sophistry, of
the kind that destroyed Athens in the Pelopponesian War. Lyn
cited two studies of the 1950s, {White Collar} and {The
Organization Man}, that spelled out the cultural cleavage between
the white-collar and blue-collar segments of the population. The
white-collar hatred of progress and physical production was pure
Frankfurt School. It was the Authoritarian Personality. There
was an arrogance and a fear associated with the white-collar
phenomenon of the 1950s. When the recession hit in 1958, the
children of the 1950s white-collar families became enraged. Their
rage erupted fully with the 1968er rejection of Reason. Vietnam
was the vehicle for catalyzing the hatred. Suddenly the Frankfurt
School exploded. The Democratic Party was split between the
white-collar and the blue-collar base. The assasination of RFK,
after the assassination of JFK, paved the way for Nixon. The
Nixon Administration had a mission: To destroy the United
States, using the climate of shock and terror following the
assassination of JFK and the others. By 1969, at the moment that
we were putting a man on the Moon, we had lost the capacity for
Moon colonization.

Lyn saw it all unfolding. He saw that the takedown of
Bretton Woods meant a crash. It also meant that a new image of
the Presidency was needed to save the country and the world from
disaster. So Lyn launched his Presidential campaigns with just
that in mind.

Now fast forward to 2004. Lyn saw that a Bush reelection
would mean the destruction of the legacy of the Clinton
Presidency, and so we intervened. We succeeded, despite
resistance from within the organization, with the deployment of
100 youth to Boston, singing. This changed the course of history
and saved the organization. Some people in the Democratic Party
responded and took action, based on what we stirred up. Were it
not for the flaws in the candidate, John Kerry, we would have won
in 2004. Nevertheless, the impact of what we did shaped the
Democratic Party through 2005. We did save Social Security in
2005, but by early 2006, a major operation was launched against
what we were doing inside the Democratic Party.

Now, with the 2008 Presidential campaign already well
underway, we must do the same thing we did in 2004 and earlier.
The launching of the LYM in 1999-2000 was to rebuild and secure a
continuity of the organization.

We are now at the point of disintegration of the
international financial system. It is dead man walking. The
entire financial system, the entire political system, the
parties, they are all bankrupt. So we have one chance to save
humanity from a plunge into a 14th century dark age. The mission
of LPAC is to lead the drive to create the policy and create the
Presidential culture now.

We are going to redo a competent production of the
{Prologomena}. We are going to revive what we were doing through
the early Spring of this year--mass organizing through an array
of mass pamphlets, which give people an idea of what we are
doing. Then the {Prologomena}, which gives the serious people an
in-depth idea of our broad strategy for saving the nation and
mankind.

You need a young adult movement to create a maelstrom.
Define the wave of the future. That is what gets people of every
age bracket truly excited. We must not have a Romantic notion of
the youth, or of the tweeners. We know the weaknesses and the
neurotic problems. And the enemy knows, too. Why else would
Rupert Murdoch, Bill Gates be spending billions on Facebook,
MySpace, violent video games? This is Nazi culture! The youth
generation is not generally operating in the real world--but we
need to bring them into the real world, to shape the new
politics. The MySpace/Facebook/video game culture is real
Nuremberg Rally stuff--with a distinct killer aspect embedded.
Look at the pattern of zombie schoolyard killers who went nuts
off the point-and-shoot video games. What is the universal
outcome? A killing spree, ending in suicide. The Frankfurt
School has targeted this generation for a particularly perverse
form of ``alienation.'' Key to our campaign in 2007-2008 is to
give these you a real-world sense of identity. They are running
from life, and we have to give them a future, a mission.

Recognize what we are doing that is right. We have total
authority, Lyn has total authority on the economy and the
financial collapse. Look at what we are accomplishing around the
HBPA, and now, around a renewed interest in capital budgeting.
The HBPA firewall is the only thing that can avert total
disaster.

Lyn reiterated: Don't neglect young people. Get the image
of something in motion. Every week, we inject a new dose of
reality. Stick to our job. We are organizing Youth For Reality.
Our concept of organizing is to involve young people in reality.
Have an array of pamphlets, and the {Prologomena}. The pamphlets
have always been the base of the mass work.

Face it, there is no candidate out there, running for
President, who is competent. Hillary is merely incompetent. The
rest are undesirables. So we are going to create a candidacy
around the policies of the next President. We are going to
define the concept of the next Presidency, and by doing so, we
are going to change the nation and the world. We are going for
controlling the environment around the next Presidency.

We have a package of issues. We have nuclear energy, and we
are going to politically destroy Al Gore, as part of this drive.
We are going to force a shift in national policy. Right now,
policy in this country is British-dominated. It is the greatest
source of moral corruption of our Republic.

So we are going to shift to a deployment policy that is a
shocker. Change the policy culture around the Presidential
election and around the next Presidency. Lyn is {the} authority
on the economy and on the financial collapse.

We must, in this context, destroy Nancy Pelosi. She is the
market, the test of politics. She is keeping Dick Cheney in
place, and if Cheney, by virtue of Pelosi's sabotage, gets his
Iran war, then more people will die than were killed by Hitler,
and she will have that blood on her hands. Pelosi is not just
being stupid. The people who own her, like Rohatyn and Shultz,
want the Iran war. She cannot be given any screen of
respectability. Rip off the mask, and Congress will be
liberated. Pelosi has about 30-40 percent support among
Congressional Democrats. In the population as a whole, she has
10 percent support on a good day. By doing the Platform right,
combined with the mass pamphlet outreach, we can get this job
done.

- HELGA CONFERENCE CALL, NOVEMBER 5, 2007 -

Good Morning.
Well, I think the world situation is really coming fast and
hard, and has put as complete fools all the people who have been
doubting and questioning what we, and especially Lyn, have been
saying. So, Lyn strongly castigated those who attacked him for
warning that the entire global financial and monetary system is
hopelessly and irreversibly bankrupt, because what is happening
now is that the whole investment banking system is really coming
down in a way which nobody can deny anymore.
Now, the most dramatic situation is around Citibank, or
Citigroup, which has been taken temporarily by Robert Rubin, as a
provisional director of Citigroup. But it is not just Citigroup;
it is really every other major investment bank as well. I'll go
through the losses, and it really will show you the severity of
the situation:
Merrill Lynch had to write down $8.4 billion; Citigroup $6.4
billion; UBS, $4.4 billion; Deutsche Bank, $3.12 billion, Credit
Suisse, $2 billion; Bank of America, $2 billion; Countrywide,
$1.6 billion; Dresdner Bank, $1 billion; Morgan Stanley, $940
million; and Bear Stearns, $700 million, and so forth and so on.
So, the total write-down of the top 11 banks was $31.27
billion, and such a uniform write-down across the spectrum of
major banks is unprecedented in recent decades. In addition to
the subprime-related write-downs, these banks lost more than $220
billion in stock values. But this is only a fraction of the true
losses, because now, the SEC is investigating the illegal hiding
of losses.
The most dramatic of all of these situations is Citigroup,
where, as I said, Rubin is the interim chairman, replacing CEO
Charles Prince III, and Citigroup has the following speculative
investments: $80 billion in radioactive off-balance-sheet SIVs,
Structured Investment Vehicles. Citigroup has altogether seven of
such SIVS; most of them are sitting in the Cayman Islands. They
have $60 billion in off-balance-sheet conduits, which are
operating under slightly different rules. They have at least $20
billion in collateralized debt obligations, CDOs. They have more
than $70 billion in asset-backed securities, and basically, this
really means that Citigroup alone, could detonate its derivatives
holdings of $34.9 trillion in notional value, which could bring
down the world's $750 trillion-plus derivatives markets, and the
entire world monetary system.
Citigroup is America's largest bank, and thus is at the
heart of the world's dollar-based system. The meltdown here could
have many other far-reaching consequences. So, I think that if
you just take this situation alone, it really makes clear: This
system is about to blow, and the degree of collapse of the major
financial institutions in the United States--and I don't even go
into the rest of the world picture--means the whole thing is
gone. And we are in front of a global crash which is evident to
anybody who is not a complete moron, because this is the heart of
the dollar system. This is much worse than 1933, and the
situation is simply such that if the solutions which Lyn has been
advertising, and what we have been fighting for, are not
implemented, this thing will end in a complete disaster.
And I think this is the point we have to be driving home in
the most dramatic form. Because if people don't wake up now, a
Dark Age is absolutely certain.
Now, that this is also having all kinds of effects, already
now, is becoming clear from the fact that Maryland is in an
emergency session of the state legislature, because they are
confronted with the situation that the state is bankrupt, and
that they don't have a plan of what to do. So, the good side of
it is that, all of a sudden, in these states, we have now more
and more sponsors who are willing to introduce the Homeowners and
Bank Protection Act very soon, because they somehow realize that
there is absolutely no other alternative in town.
Also, in Illinois, which comes from ripple effects from the
work we've been doing in Missouri, we have now two initial
sponsors of the Homeowners and Bank Protection Act, because the
Illinois legislature is also in an emergency session, over the
fact that they can't get a budget together either. This thing is
really exploding in a major way.
Now, we should expect this week major developments on the
financial front, because Citigroup, for example, is in danger of
falling below the minimum capital adequacy allowed for a
federally chartered bank--they may already be below it, but this
is all coming to a head, so this week you should expect major
financial developments.
All of this, naturally, has an effect on the real economy,
and of the many things, let me just mention one: that the
{Figaro} headline on the 31st of October was basically that the
pasta in France is becoming a rare item. They have a headline:
``Will Pasta Become a Luxury Item?'' And since the French are
eating pasta three times a week, the fact that there is a
shortage of hard wheat is naturally a result. In four months, the
price of wheat nearly tripled, going from 170 euros to 500 euros
a ton, and the same thing is actually the case in Italy, where
the major Italian pasta-makers, such as Panzani and Barilla,
reported a 21% price hike, which means really that for people who
don't have the highest income, this is being felt tremendously.
And naturally, heating oil and so forth are also affected, and
will cut down on the living standard of the population.
The gold price, in tandem with all of these developments, by
the end of Friday, had reached $807, then it went down a little
bit. But it just shows you the indicator for the insecurity in
the system.
Now, the strategic situation is no less dramatic. As a
matter of fact, we are sitting on a complete powderkeg of World
War III, of which Bush has been talking, and that has been noted
by the whole world, because when Bush said that he had to bomb
Iran in order to prevent World War III, everybody knows that
bombing Iran means World War III.
Now, in Pakistan, the situation is really totally out of
control. President Musharraf announced martial law, and he
ordered the chief of the judiciary to be removed, and said that
the country was on the verge of destabilization, and that
inaction would be tantamount to committing national suicide, and
he would reject that. And therefore he made emergency law. He
eliminated the election which was planned for the beginning of
the year, and the Supreme Court building was taken over by the
Pakistani military. Benazir Bhutto, who was just returning,
probably could not even enter the country, and so basically, the
situation is really completely out of control.
Sources from India have been telling us that they think a
direct U.S. military intervention into the Pakistan North West
Frontier Province area would not be impossible, because this is
where the command-and-control centers for al-Qaeda, Taliban, and
other such entities are sitting. So, where this whole thing in
Pakistan is going to lead, is really a very open question,
because the situation is very dangerous. And obviously Musharraf,
Bhutto, and all of these people are at the risk of their lives.
Now, that has to be complemented by a situation where the
Iraq situation is also on the verge of exploding, because there
you have still the 100,000-man military of Turkey sitting on the
border of Iraq, and an effort by Condoleezza Rice to prevent an
attack of the Kurdish enclaves in Northern Iraq, so far, failed.
And if this thing is exploding, you have a dark age potential in
the whole region.
Naturally, if you then look at the sitaution with Iran,
where Cheney again threatens a war with Iran in a speech to the
Dallas World Affairs Council on Nov. 2, saying again, the
President has made clear that we have taken {no} option off the
table, and that Iran is developing nuclear weapons, prepared to
use them against other nations in the region, or to dominate that
part of the globe--well, then you see how close we really are to
complete disaster.
And that is the reason obviously, why Kucinich is
introducing a privileged resolution to impeach Cheney, on
Tuesday. Obviously, because Kucinich responds to the situation
that basically, they are about to blow up the world. This is
tomorrow, so we should really see what will happen.
Also Chuck Hagel wrote a private letter to Bush, saying
don't bomb Iran, start diplomacy immediately, and then you have a
letter by Sen. Jim Webb, the Democrat from Virginia, which was
signed by 29 other Democrats, including Hillary Clinton, saying
the same thing: that the President cannot attack Iran without
going to Congress, and present a credible case to the American
people and the Congress.
So, I think we are really sitting on a powderkeg. And you
have some motion from the Congress and the Senate. There was
earlier, on the 25th of October, a motion by Sen. Richard Durbin,
a Democrat from Illinois, a resolution in the Senate, which says,
any offensive military action taken by the United States [will
create] a situation that could blow up.
Now, the height of absolute chutzpah this time comes from
Prince Bandar, who made a statement in the Arabic TV network,
al-Arabiyya, where he said that Sept. 11 could have been avoided
if the United States would have taken Saudi intelligence efforts
more seriously; that Saudi intelligence was actively following
the 9/11 hijackers, and that the United States did not listen to
the Saudis.
Now, in light of what has come out about the BAE scandal and
Bandar's involvement in this, this is really quite a story, and
it will definitely have a big followup.
But if you look at the combination of the two main points I
just made: You have a financial system blowing out, with
Citigroup being the most important investment bank, where the
fuse is lit, and you have the immediate danger of an Iran war.
You have an out of control situation in Pakistan, Turkey,
northern Iraq. I think that people {have} to wake up. This
civilization is about to crash. And we have to make the biggest
shakeup of our mobilization, and intervention, because anybody
who doesn't understand that we are on the edge of a dark age, and
a potential catastrophe--you have to get through the skulls of
denial, and people are not really in the real world, because it
{could} not be more dramatic. What else do you want?
And I think we have to get that across.
Now, just on minor items relatively speaking, in light of
this unbelievable picture, there are major developments in
Georgia, where there were large demonstrations demanding the
resignation of President Saakashvili. Thousands of people were
meeting in front of the parliament, and were yelling ``Go, go!''
So obviously this has to be watched, because of the specific
situation of Georgia and the NATO eastward expansion.
It should be mentioned as one side aspect of the whole
renewable fuel, biofuel insanity, that there is some interesting
statements by this Jean Ziegler who is Swiss, and who's now an
independent expert on the right to food for the United Nations,
who called the use of food for fuel a crime against humanity. And
there is a big freakout about it. The National Corngrowers
Association demanded Ziegler's resignation, and so forth, but we
should make the point that this biofuel {is} a crime against
humanity.
Okay. So, basically if you look at the picture, I think that
the paper Lyn wrote about the Pelosi resignation, where he really
making the point of why the present situation can be only
compared to the force of tragedy, Lyn makes there the point--and
I think we should use that--that what is behind that {is} the
danger of fascism. And it's very clear that the oligarchy has a
clear idea of global fascism. And that if all of this would be
going in the direction of what they want, the world populaation
could plunge to a level of 1 billion.
Lyn has, in this paper, on the Pelosi question, this very
interesting quote from Joe Kennedy, the father of the present
Kennedy clan, where he said in the book quoted by Harold Ickes,
from 1938, that it was all right to attack Nazism, but not
fascism, because, he says, that some form of fascism has to come.
And if he would be in power, he would give the United States a
fascist form of government, and he would organize a small
powerful committee under himself as chairman, and this committee
would run the country without much reference to Congress. Because
that is exactly what's happening.
And people should not be so naive. If you read these things
in terms of history, they all say, Oh yeah, that was happening,
and so forth. But the same stuff is going on now! And people know
it.
I was in Berlin in the last week, and I had a couple of
meetings in which it became very, very clear that at least some
of the parliamentarians, and other institutional forces, they
know perfectly well what the hour is, but the idea that they
should step forward and defend the common good of the people,
does not even occur to them. The people who know that we are
about to go into a meltdown of the system, and World War III,
they just think, how can they personally, with their family, and
their own possessions, how can they personally make it? And that
is not an exaggeration. The people who know, they think about
themselves. And I think we have to somehow take the gloves off,
and get more under the skin of people, because this civilization
is not secure. We are really in an unbelievable danger, and we
have to get that across.
So, I think that we should go with this perspective. Only
our proposals, only the Homeowners and Bank Protection Act, only
what Lyn has been saying about the four most powerful nation
agreement, a changed United States plus Russia, China, India, and
then have the European nations--as nations--attached to that, can
really respond to this. Because, you know, the Grand Coalition in
Berlin is in shambles. They are completely not in the real world.
The issues they are discussing are ridiculous. The people who are
debating opposing the Transrapid in Munich, they are ridiculous.
It is really an insane society.
And just to give you one idea: This society is decadent. Not
only do we have an impossible mayor in Berlin, who thinks that
Berlin should be the capital of the 100 master cooks, the
self-image of Berlin is to have 100 master cooks. Naturally, if
you have people who are master cooks, the dinner without
beverages is 200 euros, so you can imagine for whom that is. Then
they have a new poster by this transvestite, which is called
Mari. So the poster says, ``Merry Christmas,'' being written
M-A-R-I, so 100 Master Cooks and Mari Christmas. This is
decadence, and I think we really have to shake things up. Because
this society is a dying society, and only us, the Eurasian
Land-Bridge, the New Bretton Woods, and all the other proposals
which we have, can really remedy the situation. And we have to be
much more authoritative in putting that on the table. I think we
have to increase our polemics, because that is the only thing
which will shake up the virtual reality, which most people have
in their head, and I think we have to really use all of these
things--the danger of war, the danger of a meltdown of the
system, as the bolt to really detonate the virtual reality which
people are living in.
So, I think we should have fun. We should have a positive
idea about humanity, and we should be absolutely certain that the
image of man is good, but it is in mortal danger right now, and
that is what we should go into the week with, and really make a
breakthrough.
That is what I wanted to tell you.

NEWS SUMMARIES
- ECONOMICS -

The 'Genius' Goldman Sachs Firm Reported Fake Third Quarter
Profits. (see slug)

Citigroup: Troubles Deepen. (see slug)

A Hue and Cry Springs Up To Override Bush Water Bill Veto.
(see slug)

Capping Usurious Interest Rates Called `Un-American.' (see
slug)

BBC Gloats: `Foreclosure Wave Sweeps America.' (see slug)

Baltimore Sun Tries To Imitate LaRouche-Commissioned Study
On Death Zones In Baltimore. (See slug)

Call for A New Bretton Woods System in Copenhagen Daily.
(See slug)

High Speed Rails Are In America's Future. (see slug)

Why the HBPA Is Urgent: $100 Million New York Mortgage
Program Has Stopped One Foreclosure! [see slug]

Winter Heating-Oil Crisis Looms in Northeast; Mass.
Official Blasts Speculation. [see slug]

PETROCHINA'S VALUE TOPS $1 TRILLION, SURPASSING EXXON,
reports Bloomberg. PetroChina Co. has become the world's first $1
trillion company as its stock began to be traded by investors in
China. PetroChina's shares almost tripled on their Shanghai debut
today, bringing the Beijing-based state-owned oil company value
to more than Exxon and General Electric Co. combined. China's
entire stock market was valued at less than $1.1 trillion before
tripling this year and giving China five of the world's 10
biggest companies. (ron/mjf)

- UNITED STATES -

On Nov. 6, Rep. Dennis Kucinich (D-Ohio) intends to submit a
resolution for the impeachment of Dick Cheney on the floor of the
House. Over the weekend he said he expects that someone will then
move that it be tabled. The vote on the motion to table,
according to Kucinich, will then be a vote on the impeachment of
Cheney. [wfw]

Bush Sidesteps Only Questions Allowed at Press Conference
with Turkey's Prime Minister Erdogan. (see slug)

BAE Confirms That DOJ Still Investigating. [see slug]

- IBERO-AMERICA -

THE NEW INFINITESIMAL AFTER THE BOGOTA ELECTIONS, IS THAT
THE CANDIDATE WHO CHAMPIONS THE WORLD LAND-BRIDGE, WILL WIN THE
2010 PRESIDENTIAL ELECTION, Max Londono, President of the
LaRouche Association of Colombia, reports from Bogota. (See
slug.)

- EUROPE -

MI5 Sounds Terror Alert in Britain. [see slug]

Bavarian Industry Is for Maglev Development. [see slug]

Atomic Energy Development Is Russian Priority. [see slug]

- SOUTHWEST ASIA -

Dichter: Syria Ready for Peace; Are Israel and the U.S.?
[see slug]

Erdogan: U.S.-Turkish Relationship Being Tested. [see slug]

Palestinian Source: Annapolis Could Be Called Off. [see
slug]

London Times Expose of Saudis as ``Hub of World Terror'';
Half-Truth, Half-Coverup. [see slug]

PKK Fighters Move Into Iran. [see slug]

U.S. Sanctions Hit Iran Infrastructure Projects. [see slug]

- SOUTH ASIA -

Washington Upset with Musharraf, Considers Punitive
Measures. [see slug]

What Triggered the State of Emergency in Pakistan? [see
slug]

LEADING DEVELOPMENTS

Call for A New Bretton Woods System in Copenhagen Daily

COPENHAGEN, Nov. 5 -- An article in Copenhagen's daily
{Berlingske Tidende} calls for New Bretton Woods system in midst
of Danish election campaign. Referring to the currency, the
krone, the headline reads "The Krone Is Out in Stormy Weather
with the New Currency Crisis," by the daily's correspondent Ole
Bang Nielsen. The kicker asks "Are there any boundries for how
far the dollar can continue to fall before we have the biggest
currency crisis since the Bretton Woods system fell apart in the
beginning of the 1970s on our hands?"
Near the end, he writes, "The logical solution would, of
course, be that the major economic actors on the world scene sat
down and made an agreement about regulating their currency rates,
which would be advantageous for the whole world economy." This
was done in the 1980s with Japan. It would be hard now to do the
same with China. "So, to make the story short, the world needs a
new international monetary system to replace the Bretton Woods
system, which collapsed 35 years ago. But that will probably not
happen until after a new American President is elected, and maybe
a situation where the dollar begins to go over the edge into free
fall."
In the beginning, he writes that while everyone is
speculating about the various party combinations after the
elections on Nov. 13, sometimes it's healthy to look at the world
outside Denmark. And it doesn't look good. "The next Danish
government will very quickly have to deal with the biggest
international currency crisis in decades, which could endanger
the last 25 years of Danish fixed-rate-currency policy for the
krone." (Although is outside of the eurozone, it is pegged to the
euro.) People didn't think that oil would go over $50 a barrel,
and now it's over $90. The U.S. Fed lowering the interest rates
hasn't dampened the turmoil, and the stock market fell on Friday,
Nov. 2. They're trying to keep the bubble aloft, because they
can't push austerity during an election campaign.
He concludes that because the krone is not part of the
eurozone, it will be interesting to see what happens, because the
eurozone countries would try to protect themselves and maybe not
support the krone.
Well, Tom Gillesberg, and the other three independent
candidates from the Schiller Institute are bringing precisely
these questions into the election. [mr_]

Congressman Says $20 Trillion Mortgage Bubble Could Blow Up
The System; LaRouche Says the System Is Gone, Build a New One

Nov. 5 (LPAC)--Rep. Paul Kanjorski (D-Pa.) and New York Attorney
General Andrew Cuomo, along with other legislators and
organizations, held a press conference on Capitol Hill today on a
regulatory crackdown against fraudulent home appraisals, and the
mortgage lenders' demand for appraisal fraud in building up the
now-collapsing mortgage bubble. Kanjorski has legislation to
re-regulate appraisers, mortgage services, and escrow practices,
H.R. 3837, which was being endorsed at the press conference by
Cuomo, Rep. Gwen Moore (D-Wisc.), the Center for Responsible
Lending, and Debbie Huber of the Appraisal Institute.
But it was clear that this was not the solution to the
foreclosure of millions of households, and the huge losses now
hitting the banks as the $20 trillion mortgage bubble melts down.
Kanjorski put the bubble at $20 trillion in his opening
remarks, and said that its losses "are having an incredible
impact on financial markets right now.... If left alone, they
could be the germ that infects the entire [financial] system." He
acknowledged that stopping foreclosures--"keeping people in their
homes"--was the element not yet addressed by any of the
Congressional proposals: "It's not an easily soluble problem. But
we [Congress] have to take it up," he said.
Attorney General Cuomo, who has begun the first prosecution
(of Washington Mutual mortgage bank) for pressuring house
appraisers for fraudulently inflated appraisals, called appraisal
fraud the "central, systematic element" in the pumping up of the
huge mortgage bubble, "and it continues into the secondary
[mortgage securities] markets. There is a crisis of confidence in
valuations in the securities markets," Cuomo said. He later told
an EIRNS journalist that "many other banks are involved, this is
systematic."
In answer to a question from EIRNS on the "systemic banking
crash and foreclosures on top bank CEOs" from the mortgage
blowout, Kanjorski replied that his own estimate was that
$150-300 billion in losses were already being suffered by U.S.
financial institutions due to the mortgage collapse. "Is it
systemic? That depends on us," he said, meaning the Congress. "We
will have to act."
Lyndon LaRouche commented that in fact, the entire system is
bankrupted now, no matter what they do--only a new financial
system can survive. We need a replacement system now, LaRouche
emphasized.

[ Next Thread | Previous Thread | Next Message | Previous Message ]

Replies:

[ Contact Forum Admin ]

Forum timezone: GMT-8
VF Version: 3.00b, ConfDB:
Before posting please read our privacy policy.
VoyForums(tm) is a Free Service from Voyager Info-Systems.
Copyright © 1998-2019 Voyager Info-Systems. All Rights Reserved.