[GJM] Discussion Digest, Vol 47, Issue 12
Yaseen
myaseen at mail.globalvision2000.com
Thu Aug 9 17:04:17 MDT 2007
UNCLE SAM, YOUR BANKER WILL SEE YOU NOW
http://www.gv2000.com/forums/showthread.php?tid=30&page=5
---------- Original Message ----------------------------------
From: discussion-request at globaljusticemovement.net
Reply-To: discussion at globaljusticemovement.net
Date: Thu, 09 Aug 2007 09:23:56 -0600
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>Today's Topics:
>
> 1. Larouche -- interest-free loans for public capital
> (Steve Consilvio)
> 2. Re: Discussion Digest, Vol 47, Issue 10 (Yaseen)
>
>
>----------------------------------------------------------------------
>
>Message: 1
>Date: Wed, 8 Aug 2007 16:59:03 -0400
>From: Steve Consilvio <steve at behappyandfree.com>
>Subject: [GJM] Larouche -- interest-free loans for public capital
>To: discussion at globaljusticemovement.net
>Message-ID: <EE705BC7-3F29-46D4-ABEF-72D8128BFE3C at behappyandfree.com>
>Content-Type: text/plain; charset="us-ascii"
>
>
>On Aug 8, 2007, at 4:27 PM, discussion-
>request at globaljusticemovement.net wrote:
>
>> I have tried -- and failed -- to get American binary economists to
>> do a link-up with Kucinich. - Rodney Shakespeare
>
>Kucinich's wife Susan was a researcher for Stephen Zarlenga. In
>fact, that is how they met. Love at first sight, evidently. Since
>Stephen rejects binary economics, chances are the Kucinich's will too.
>
>Kucinich is the only politician where there is the "possibility" of
>his making the right choices. (I'm not totally convinced that he
>"gets it" entirely.) But the reality is that people vote for people
>most like themselves. Intellectual rigor, compassion and courage are
>not how you would describe the average American. You might get two,
>but seldom all three. Most people are short-sighted, proud and
>afraid of what they don't understand, and so politicians (of various
>stripes) represent that unique and limited combination, aka the
>status quo of politically correct.
>
>I have tried to engage Zarlenga in a discussion going back a few
>years ago, but it was as difficult as getting others here to discuss
>binary economics critically. People say more with their silence than
>they do with their words. Politics is the realm of True Believers.
>Everybody creates their own propaganda to convince themselves, and
>they want to hear an echo in the faces of others. I, of course, am a
>madman, nobody wants to agree with me, and I don't really care if
>they do. As Paine wrote: Time makes more coverts than reason. We
>are only impatient when we are in error.
>
>Money is not the solution (interest free or not,) money is the
>problem. The more everyone tries to "make things right," the worse
>they make it. There is too much love for something that isn't real.
>
>If you overesteem great men,
>people become powerless.
>If you overvalue possessions,
>people begin to steal.
>
>The Master leads
>by emptying people's minds
>and filling their cores,
>by weakening their ambition
>and toughening their resolve.
>He helps people lose everything
>they know, everything they desire,
>and creates confusion
>in those who think that they know.
>
>Practice not-doing,
>and everything will fall into place. - Lao-Tzu
>
>peace,
>
>steve consilvio
>
>www.behappyandfree.com
>
>
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>Message: 2
>Date: Wed, 8 Aug 2007 18:20:01 -0400
>From: "Yaseen" <myaseen at mail.globalvision2000.com>
>Subject: Re: [GJM] Discussion Digest, Vol 47, Issue 10
>To: <discussion at globaljusticemovement.net>
>Message-ID: <200708081820.AA174915906 at mail.globalvision2000.com>
>Content-Type: text/plain; charset=ISO-8859-1
>
>
>Stock Market Meltdown
>Mike Whitney
>
>http://www.gv2000.com/forums/showthread.php?tid=19&pid=1324#pid1324
>
>
>?Whatever is going to happen, will happen...just don?t let it happen to you.? Doug Casey, Casey Research
>
>It?s a Bloodbath. That?s the only way to describe it.
>
>On Friday the Dow Jones took a 280 point nosedive on fears that that losses in the subprime market will spill over into the broader economy and cut into GDP. Ever since the two Bears Sterns hedge funds folded a couple weeks ago the stock market has been writhing like a drug-addict in a detox-cell. Yesterday?s sell-off added to last week?s plunge that wiped out $2.1 trillion in value from global equity markets. New York investment guru, Jim Rogers said that the real market is ?one of the biggest bubbles we?ve ever had in credit? and that the subprime rout ?has a long way to go.?
>
>We are now beginning to feel the first tremors from the massive credit expansion which began 6 years ago at the Federal Reserve. The trillions of dollars which were pumped into the global economy via low interest rates and increased money supply have raised the nominal value of equities, but at great cost. Now, stocks will fall sharply and businesses will fail as volatility increases and liquidity dries up. Stagnant wages and a declining dollar have thrust the country into a deflationary cycle which has---up to this point---been concealed by Greenspan?s ?cheap money? policy. Those days are over. Economic fundamentals are taking hold. The market swings will get deeper and more violent as the Fed?s massive credit bubble continues to unwind. Trillions of dollars of market value will vanish overnight. The stock market will go into a long-term swoon.
>
>Ludwig von Mises summed it up like this:
>
>"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The question is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved." (Thanks to the Daily Reckoning)
>
>It doesn?t matter if the ?underlying economy is strong?. (as Henry Paulson likes to say) That?s nonsense. Trillions of dollars of over-leveraged bets are quickly unraveling which has the same effect as taking a wrecking ball down Wall Street.
>
>This week a third Bear Stearns fund shuttered its doors and stopped investors from withdrawing their money. Bear?s CFO, Sam Molinaro, described the chaos in the credit market as the worst he'd seen in 22 years. At the same time, American Home Mortgage Investment Corp---the 10th-largest mortgage lender in the U.S. ---said that ?it can't pay its creditors, potentially becoming the first big lender outside the subprime mortgage business to go bust?. (MarketWatch)
>
>This is big news, mainly because AHM is the first major lender OUTSIDE THE SUBPRIME MORTGAGE BUSINESS to go belly-up. The contagion has now spread through the entire mortgage industry?Alt-A, piggyback, Interest Only, ARMs, Prime, 2-28, Jumbo,?the whole range of loans is now vulnerable. That means we should expect far more than the estimated 2 million foreclosures by year-end. This is bound to wreak havoc in the secondary market where $1.7 trillion in toxic CDOs have already become the scourge of Wall Street.
>
>Some of the country?s biggest banks are going to take a beating when AHM goes under. Bank of America is on the hook for $1.3 billion, Bear Stearns $2 billion and Barclay?s $1 billion. All told, AHM?s mortgage underwriting amounted to a whopping $9.7 billion. (Apparently, AHM could not even come up with a measly $300 million to cover existing deals on mortgages! Where?d all the money go?) This shows the downstream effects of these massive mortgage-lending meltdowns. Everybody gets hurt.
>
>AHM?s stock plunged 90% IN ONE DAY. Jittery investors are now bailing out at the first sign of a downturn. Wall Street has become a bundle of nerves and the problems in housing have only just begun. Inventory is still building, prices are falling and defaults are steadily rising; all the necessary components for a full-blown catastrophe.
>
>AHM warned investors on Tuesday that it had stopped buying loans from a variety of originators. 2 other mortgage lenders announced they were going out of business just hours later. The lending climate has gotten worse by the day. Up to now, the banks have had no trouble bundling mortgages off to Wall Street through collateralized debt obligations (CDOs). Now everything has changed. The banks are buried under MORE THAN $300 BILLION worth of loans that no one wants. The mortgage CDO is going the way of the Dodo. Unfortunately, it has attached itself to many of the investment banks on its way to extinction.
>
>And it?s not just the banks that are in for a drubbing. The insurance companies and pension funds are loaded with trillions of dollars in ?toxic waste? CDOs. That shoe hasn?t even dropped yet. By the end of 2008, the economy will be on life-support and Wall Street will look like the Baghdad morgue. American biggest financials will be splayed out on a marble slab peering blankly into the ether.
>
>Think I?m kidding?
>
>Already the big investment banks are taking on water. Merrill Lynch has fallen 22% since the start of the year. Citigroup is down 16% and Lehman Bros Holdings has dropped 22%. According to Bloomberg News: ?The highest level of defaults in 10 years on subprime mortgages and a $33 billion pileup of unsold bonds and loans for funding acquisitions are driving investors away from debt of the New York-based securities firms. Concerns about credit quality may get worse because banks promised to provide $300 billion in debt for leveraged buyouts announced this year??Bear Stearns Cos., Lehman Brothers Holdings Inc., Merrill Lynch & Co. and Goldman Sachs Group Inc., are as good as junk.?
>
>That?s right---?junk?.
>
>We?ve never seen an economic tsunami like this before. The dollar is falling, employment and manufacturing are weakening, new car sales are off for the seventh straight month, consumer spending is down to a paltry 1.3%, and oil is hitting new highs every day as it marches inexorably towards a $100 per barrel.
>
>So, where?s the silver lining?
>
>Apart from the 2 million-plus foreclosures, and the 80 or so mortgage lenders who have filed for bankruptcy; a growing number of investment firms are feeling the pinch from the turmoil in real estate. Bear Stearns; Basis Capital Funds Management, Absolute Capital, IKB Deutsche Industrial Bank AG, Commerzbank AG, Sowood Capital Management, C-Bass, UBS-AG, Caliber Global Investment and Nomura Holdings Inc.?are all either going under or have taken a major hit from the troubles in subprime. The list will only grow as the weeks go by. (Check out these graphs to understand what?s really going on in the housing market. http://www.recharts.com/reports/CSHB031207/CSHB031207.html?ref=patrick.net
>
>The problems in real estate are not limited to residential housing either. The credit crunch is now affecting deals in commercial real estate, too. Low-cost, low-documentation, ?covenant lite? loans are a thing of the past. Banks are finally stiffening their lending requirements even though the horse has already left the barn. Commercial mortgage-backed securities are now nearly as tainted as their evil-twin, residential mortgage-backed securities (RMBS). There?s no market for these turkeys. The banks are returning to traditional lending standards and simply don?t want to take the risk anymore.
>
>Bataan Death March?
>
>Leveraged Buy Outs (LBOs) have been a dependable source of market liquidity. But, not any more. In the last quarter, there was $57 billion in LBOs. In the first month of this quarter that amount dropped to less than $2 billion. That?s quite a tumble. The Wall Street Journal?s Dennis Berman summed it up like this: ?the Street is scrambling to finance some $220 billion of leveraged buy out deals? (but) the ?mood has gone from Nantucket holiday to Bataan Death March?.
>
>Berman nailed it. The investment banks took great pleasure in their profligate lending; raking in the lavish fees for joining mega-corporations together in conjugal bliss. Then someone took the punch bowl. Now the banking giants are scratching their heads-- wondering how they can unload $220B of toxic-debt onto wary investors. It won?t be easy.
>
>?The banks and brokers are in the bull?s eye,? said Kevin Murphy. ?There?s article after article not only on subprime, but also banks sitting on leveraged buy out loans.? (WSJ) Credit protection on bank debt is soaring just as investor confidence is on the wane. In fact, the VIX index (The ?fear gauge?) which measures market volatility--- has surged 60% in the last week alone. The increased volatility means that more and more investors will probably ditch the stock market altogether and head for the safety of US Treasuries.
>
>But, that just presents a different set of problems. After all, what good are US Treasuries if the dollar continues to plummet? No one will put up with 5% or 6% return on their investment if the dollar keeps sliding 10% to 15% per year. It would be wiser to one?s move money into foreign investments where the currency is stable.
>
>And, that is (presumably) why Treasury Secretary Paulson is in China today---to sweet talk our Communist bankers into buying more USTs to prop up the flaccid greenback. (Note: The Chinese are currently holding $103 billion in toxic US-CDOs---and are not at all happy about their decline in value.) If the Chinese don?t purchase more US debt, then panicky US investors will start moving their dollars into gold, foreign currencies and German state bonds as a hedge against inflation. This will further accelerate the flight of foreign capital from American markets and trigger a massive blow-off in the stock and bond markets. In fact, this process is already underway. (although it has been largely concealed in the business media) In truth, the big money has been fleeing the US for the last 3 years. What passes as ?trading? on Wall Street today is just the endless expansion of credit via newer and more opaque debt-instruments. It?s all a sham. America ?s hard assets are being sold off to at an unprecedented pace.
>
>Credit Crunch: Whose ox gets gored?
>
>When money gets tight; anyone who is ?over-extended? is apt to get hurt. That means that the maxed-out hedge fund industry will continue to get clobbered. At current debt-to-investment ratios, the stock market only has to fall about 10% for the average hedge fund to take a 50% scalping. That?s more than enough to put most funds underwater for good. The carnage in Hedgistan will likely persist into the foreseeable future.
>
>That might not bother the robber-baron fund-managers who?ve already extracted their 2% ?pound of flesh? on the front end. But it?s a rotten deal for the working stiff who could lose his entire retirement in a matter of hours. He didn?t realize that his investment portfolio was a crap-shoot. He probably thought there were laws to protect him from Wall Street scam-artists and flim-flam men.
>
>It?ll be even worse for the banks than the hedge funds. In fact, the banks are more exposed than anytime in history. Consider this: the banks are presently holding a half trillion dollars in debt (LBOs and CDOs) FOR WHICH THERE IS NO MARKET. Most of this debt will be dramatically downgraded since the CDOs have no true ?mark to market? value. It?s clear now that the rating agencies were in bed with the investment banks. In fact, Joshua Rosner admitted as much in a recent New York Times editorial:
>
>?The original models used to rate collateralized debt obligations were created in close cooperation with the investment banks that designed the securities??.(The agencies) ?actively advise issuers of these securities on how to achieve their desired ratings? (Joshua Rosner ?Stopping the Subprime Crisis? NY Times)
>
>Pretty cozy deal, eh? Just tell the agency the rating you want and they tell you how to get it.
>
>Now we know why $1.7 trillion in CDOs are headed for the landfill.
>
>The downgrading of CDOs has just begun and Wall Street is already in a frenzy over what the effects will be. Once the ratings fall, the banks will be required to increase their reserves to cover the additional risk. For example, ?As a recent issue of Grant?s explains, global commercial banks are only required to set aside 56 cents ($0.56) for every $100 worth of triple-A rated securities they hold. That?s roughly 178 to 1 ratio. Drop that down to double-B minus, and the requirement skyrockets to $52 per $100 worth of securities held---a margin increase of more than 9,000%?.
>
>?56 cents ($0.56) for every $100 worth of triple-A rated securities??!? Are you kidding me?
>
>As Mugambo Guru says, "That is 1/18th of the 10% stock margin equity required in 1929"!! (Mugambo Guru; kitco.com)
>
>The high-risk game the banks have been playing---of ?securitizing? the loans of applicants with shaky credit---is falling apart fast. There?s no market for chopped up loans from over-extended homeowners with bad credit. The banks don?t have the reserves to cover the loans they have on the books and the CDOs have no fixed market value. End of story. The music has stopped and the banks can?t find a chair.
>
>The public doesn?t know anything about this looming disaster yet. How will people react when they drive up to their local bank and see plywood sheeting covering the windows?
>
>This will happen. There will be bank failures.
>
>The derivatives market is another area of concern. The notional value of these relatively untested instruments has risen to $286 trillion in 2006---up from a meager $63 trillion in 2000. No one has any idea of how these new ?swaps and options? will hold up in a slumping market or under the stress of increased volatility. Could they bring down the whole market?
>
>That depends on whether they?re backed-up by sufficient collateral to meet their obligations. But that seems unlikely. We?ve seen over and over again that nothing in this new deregulated market is ?as it seems?. It?s all stardust mixed with snake oil. What the Wall Street hucksters call the ?new financial architecture of investment? is really nothing more than one overleveraged debt-bomb stacked atop another. Ironically, many of these same swindles were used in the run-up to the Great Depression. Now they?ve resurfaced to do even more damage. When the crooks and con-men write the laws (deregulation) and run the system; the results are usually the same. The little guy always gets screwed. That much is certain.
>
>At present, the stock market is running on fumes. Another 4 to 6 months of wild gyrations and it?ll be over. The NASDAQ plunged 75% after the dot.com bust. How low will it go this time?
>
>Keep an eye on the yen. The ongoing troubles in subprime and hedge funds are pushing the yen upwards which will unwind trillions of dollars of low interest, short term loans which are fueling the rise in stock prices. If the yen strengthens, traders will be forced to sell their positions and the market will tank. It?s just that simple. The Dow Jones will be a Dead Duck.
>
>So far, Japan ?s monetary manipulations have been a real boon for Wall Street--enriching the investment bankers, the big-time traders and the hedge fund managers. They?re the one?s who can take advantage of the interest rate spread and then maximize their leverage in the stock market. It works like a charm in an up-market, but things can unravel quickly when the market retreats or starts to zigzag erratically. The recent rumblings suggest that the volatility will continue which will push the yen upwards and cut off the flow of cheap credit to the stock market. When that happens, the end is nigh.
>
>The American People: ?We?re not a dumb as you think?
>
>It?s always refreshing to find out that the majority of Americans seem to have a grasp of what is really going on behind the fake headlines. For example, The Wall Street Journal/NBC conducted a poll this week which shows that two-thirds of Americans believe that ?the economy is either in a recession now or will be in the next year.? That matches up pretty well with the 71% of Americans who now feel the Iraq War ?was a mistake?. Americans are clearly downbeat in their outlook on the economy and haven?t been taken in by the daily infusions of happy talk about ?low inflation? and ?sustained growth? from toothy TV pundits. In fact, the mood of the country regarding the economy is downright gloomy. ?Only 19% of Americans say things in the nation are headed in the right direction, while 67% say the country is off on the wrong track?. Iraq , of course, is the number one reason for the pessimism, but the dissatisfaction runs much deeper than just that.
>
>?Only 16% expressed substantial confidence in the financial industry???18% in the energy or pharmaceutical industries???17% in large corporations and 11% in health-insurance companies?. Only 18% of the people have confidence in the corporate media and only 16% in the federal government.
>
>These are encouraging numbers. They show that the vast majority of people have lost confidence in the system and its institutions. They also illustrate the limits of propaganda. People are not as easily indoctrinated as many believe. Eventually the ?bewildered herd? catches on and sees through the lies and deception.
>
>The American people know intuitively that something is fundamentally wrong with the economy. They just don?t know the details or the extent of the damage. Decades of neoliberal policies have inflated the currency, broadened the wealth gap, and destroyed manufacturing. Workers can no longer buy the things they produce because wages have stagnated through a stealth campaign of inflation which originated at the Federal Reserve. When wages shrink, prices eventually fall from overcapacity and the economy slips into a deflationary cycle. This downward spiral ultimately ends in depression. So far, that's been avoided because of the Fed?s massive expansion of cheap credit. But that won?t last.
>
>Economic policy is not ?accidental?. The Fed?s policies were designed to create a crisis, and that crisis was intended to coincide with the activation of a nation-wide police-state. It is foolish to think that Greenspan or his fellows did not grasp the implications of the system they put in place. These are very smart men and very shrewd economists. They knew exactly what they were doing. They all understand the effects of low interest rates and expanded money supply. And, they?re also all familiar with Ludwig von Mises, who said:
>
>"There is no means of avoiding the final collapse of a boom brought about by credit expansion.?
>
>A crash is unavoidable because the policies were designed to create a crash. It?s that simple.
>
>The Federal Reserve is a central player in a carefully considered plan to shift the nation?s wealth from one class to another. And they have succeeded. Nearly 4 million American jobs have been sent overseas, the country has increased the national debt by $3 trillion dollars, and foreign investors own $4.5 trillion in US dollar-backed assets. While the Fed has been carrying out its economic strategy; the Bush administration has deployed the military around the world to conduct a global resource war. These are two wheels on the same axel. The goal is to maintain control of the global economic system by seizing the remaining energy resources in Eurasia and the Middle East and by integrating potential rivals into the American-led economic model under the direction of the Central Bank. All of the leading candidates?Democrat and Republican---belong to secretive organizations which ascribe to the same basic principles of global rule (new world order) and permanent US hegemony. There?s no quantifiable difference between any of them.
>
>The impending economic crisis is part of a much broader scheme to remake the political system from the ground-up so it better meets the needs of ruling elite. After the crash, public assets will be sold at firesale prices to the highest bidder. Public lands will be auctioned off. Basic services will be privatized. Democracy will be shelved.
>
>The unsupervised expansion of credit through interest rate manipulation is the fast-track to tyranny. Thomas Jefferson fully understood this. He said:
>
>?If the American people ever allow private banks to control the issue of our currency, first by inflation, then by deflation, the banks and the corporations that will grow up will deprive the people of all property until their children wake up homeless on the continent their fathers conquered.?
>
>We are now in the first phase of Greenspan?s Depression. The stock market is headed for the doldrums and the economy will quickly follow. Many more mortgage lenders, hedge funds and investment banks will be carried out feet first.
>
>As the disaster unfolds, we should try to focus on where the troubles began and keep in mind Jefferson ?s injunction:
>
>?The issuing of power should be taken from the banks and restored to the people to whom it properly belongs.?
>
>Rep. Ron Paul is the only presidential candidate who supports abolishing the Federal Reserve.
>
>
>
>
>>
>>
>>Today's Topics:
>>
>> 1. What exactly is Larouch'es main monetary policy?
>> (Rodney Shakespeare)
>> 2. Larouche -- interest-free loans for public capital
>> (Rodney Shakespeare)
>> 3. Re: What exactly is Larouch'es main monetary policy? The BIG
>> ONE (Rodney Shakespeare)
>>
>>
>>----------------------------------------------------------------------
>>
>>Message: 1
>>Date: Wed, 8 Aug 2007 19:40:57 +0100
>>From: "Rodney Shakespeare" <rodney.shakespeare1 at btinternet.com>
>>Subject: [GJM] What exactly is Larouch'es main monetary policy?
>>To: <myaseen at mail.globalvision2000.com>, "Discussion Forum for Global
>> Justice" <discussion at globaljusticemovement.net>
>>Message-ID: <004201c7d9eb$a8ea2e50$0301a8c0 at your447023ae6b>
>>Content-Type: text/plain; charset="iso-8859-1"
>>
>>Moeen,
>>Thanks for putting up the LaRouche material which I shall read.
>>
>>Over the years I have I have read many papers -- and two books -- from Larouche. His newspaper is always very interesting..
>>
>>But it is never clear to me exactly what is his main policy. Forecasting the coming fiancial disaster is one thing -- and he does it with great verve -- but what is it that monetary thing he would do if he had power?
>>
>>Are interest-free (central bank-issued repayable and cancellable) loans involved?
>>
>>Is debt-free ('printed money') issuance involved?
>>
>>Experts, please advise!!
>>
>>Rodney Shakespeare.
>>
>>
>>
>>
>>
>>
>>
>>
>>----- Original Message -----
>>From: "Yaseen" <myaseen at mail.globalvision2000.com>
>>To: <discussion at globaljusticemovement.net>
>>Sent: Monday, August 06, 2007 11:28 PM
>>Subject: [GJM] US CAPITALISM'S DEATH THROES?
>>
>>
>>> THEIR GLOBAL FINANCIAL SYSTEM IS FINISHED: TIME FOR LAROUCHE's
>>> PHYSICAL ECONOMIC RECOVERY
>>>
>>> http://larouchepac.com/packages/2007/08/05/their-global-financial-system-finished-time-larouches-physic.html
>>>
>>> see http://www.gv2000.com/forums/showthread.php?tid=132&pid=1321#pid1321
>>>
>>>
>>>
>>>
>>> ________________________________________________________________
>>> Sent via the WebMail system at mail.globalvision2000.com
>>>
>>>
>>>
>>>
>>>
>>> _______________________________________________
>>> Discussion mailing list
>>> Discussion at globaljusticemovement.net
>>> http://globaljusticemovement.net/mailman/listinfo/discussion_globaljusticemovement.net
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>>
>>Message: 2
>>Date: Wed, 8 Aug 2007 19:54:26 +0100
>>From: "Rodney Shakespeare" <rodney.shakespeare1 at btinternet.com>
>>Subject: [GJM] Larouche -- interest-free loans for public capital
>>To: "Discussion Forum for Global Justice"
>> <discussion at globaljusticemovement.net>
>>Message-ID: <006901c7d9ed$8b4b1a60$0301a8c0 at your447023ae6b>
>>Content-Type: text/plain; charset="iso-8859-1"
>>
>>Dear All,
>>I see that LaRouche is supporting Dennis Kucinich. There is "a new House of Representatives bill filed by Ohio Congressmen Dennis Kucinich (D) and Steve LaTourette (R), called, "The Rebuilding of America's Infrastructure Act of 2007." On Sept. 5, a House hearing is set to review the condition of the U.S. inventory of 590,000 bridges; other infrastructure hearings are in the works for when Congress reconvenes."
>>For years Kucinich has worked at legisltiton to get interest-free loans for public capital and it is well known that Larouche would build big ingfrastructure project.
>>
>>The underlying questions I want to ask in respect of LaRouche are:
>>a) Does he have interest-free loans for the private sector? If so, who for, and why?
>>
>>b) Does he have any form of debt-free issuance? Who for and why?
>>
>>I have tried -- and failed -- to get American binary economists to do a link-up with Kucinich.
>>
>>Rodney Shakespeare.
>> ----- Original Message -----
>> From: Rodney Shakespeare
>> To: myaseen at mail.globalvision2000.com ; Discussion Forum for Global Justice
>> Sent: Wednesday, August 08, 2007 7:40 PM
>> Subject: [GJM] What exactly is Larouch'es main monetary policy?
>>
>>
>> Moeen,
>> Thanks for putting up the LaRouche material which I shall read.
>>
>> Over the years I have I have read many papers -- and two books -- from Larouche. His newspaper is always very interesting..
>>
>> But it is never clear to me exactly what is his main policy. Forecasting the coming fiancial disaster is one thing -- and he does it with great verve -- but what is it that monetary thing he would do if he had power?
>>
>> Are interest-free (central bank-issued repayable and cancellable) loans involved?
>>
>> Is debt-free ('printed money') issuance involved?
>>
>> Experts, please advise!!
>>
>> Rodney Shakespeare.
>>
>>
>>
>>
>>
>>
>>
>>
>> ----- Original Message -----
>> From: "Yaseen" <myaseen at mail.globalvision2000.com>
>> To: <discussion at globaljusticemovement.net>
>> Sent: Monday, August 06, 2007 11:28 PM
>> Subject: [GJM] US CAPITALISM'S DEATH THROES?
>>
>>
>> > THEIR GLOBAL FINANCIAL SYSTEM IS FINISHED: TIME FOR LAROUCHE's
>> > PHYSICAL ECONOMIC RECOVERY
>> >
>> > http://larouchepac.com/packages/2007/08/05/their-global-financial-system-finished-time-larouches-physic.html
>> >
>> > see http://www.gv2000.com/forums/showthread.php?tid=132&pid=1321#pid1321
>> >
>> >
>> >
>> >
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>>Message: 3
>>Date: Wed, 8 Aug 2007 21:27:08 +0100
>>From: "Rodney Shakespeare" <rodney.shakespeare1 at btinternet.com>
>>Subject: Re: [GJM] What exactly is Larouch'es main monetary policy?
>> The BIG ONE
>>To: <myaseen at mail.globalvision2000.com>, "Discussion Forum for Global
>> Justice" <discussion at globaljusticemovement.net>
>>Message-ID: <00a601c7d9fa$7e729b80$0301a8c0 at your447023ae6b>
>>Content-Type: text/plain; charset="iso-8859-1"
>>
>>Hi Moeen,
>>
>>Thanks for your response.
>>
>>1.My view (perhaps wrong) is that Larouche would make colossal (and successful) use of central- bank-issued interest-free loans for public capital works such as bridges, watrer supplies , hopsitals etc. He is very imagiinative and bold.
>>
>>Her would probably also use such loans in the private sector BUT NOT so as to spread ownership -- rather the opposite, the effect would be a massive concentration of ownership.
>>
>>He would also use debt-free issuance and I think I have seen (I could be wrong) indications that he might then use financial controls to control inflation i.e. he would be forced into a form of command economy.
>>
>>All in all, there's lots of good stuff in LaRouche but I am probably not the only one who worries about the resulting concentration of power. Indeed, I believe that LaRouche tends to make many people feel uneasy because of that undoubted touch of authoritariansim and probably policies which would bring it right out into the open and give it real force.
>>
>>2. Parliamentarans are unlikely to be interested (and, in any case, they would be warned off by advisers) and the Bromsgrove group is (as far as I know) still opposed to interest-free loans and so out of touch with what is acceptable in the real world.
>>
>>3. The big contact who already has real power (and soon could be the second most powerful man in American politics although no American politician can usually beat the lobbyists, blackmailers and bribers) is Dennis Kucinich . DK has a big established base in Americna politics and is not viewed (by Americans) as an outsider. (whereas LaRouche is). DK not only supports interest-free loans for all forms of public capital infrastruture but also for small farms. Thus DK is quite capable of seeing that interest-free loans could be used for ALL forms of producitve capacity -- in the private sector as well as the public.
>>
>>As I keep saying I have tried -- and failed -- to get the American binary economists to make a deal with Kucinich but they refuse to move an inch away from their usual positions and co-operate with the thousands of Americans that Kucinich leads.
>>There is alos a huge background of the use of interest-free loans for public capital in
>>a) Canada (where there is growing support for Kucinich -- town council etc are passing motions in support of the idea)
>>b) New Zealand
>>and both these countries have a substantial history of using the loans int he past.
>>
>>At this moment, the New Zealand Democrats are turinng much more openly to interest-free loans and, of course, things are stirring in Islam. Most of my energies are being taken up with Islamic contact etc but the really BIG ONE -- I am trying to tell everybody but nobody seems to be listening -- is to link-up with Kucinich and Sovereignty in an international movement for the use of central bank-issued interest-free loans for the development and spreading of various forms of productive (and the associated consuming) capacity. The movement must start with public capital (e.g. to repair America's bridges or an country's bridges, roads etc)
>>
>>Are you aware that Kucinich has been made Chairman of the Democratic party Committee which is in overall charge of ALL the committees concerned with USA domestic legislation? Very soon, the Democrats can be expected to have a clear a congressional majority AND a Democratic President so the political situation for monetary reform will be as good as it is every likely to be (but, as I say, the big obstacle is those blackmailing, sinister lobbyists who have huge forces behind them).
>>
>>I can see an immediate linkage capable of taking place between reform forces in Indonesia, Bangladesh, New Zealand, Canada and the USA if successful contact is made with Kucinich who only has to turn his support for small farmers into support for small business and his supptrt for p[ublic capital into support for more public capital -- I refer to enviromental capital projects. (Al Gore has nothing substantial to propose on theis front) Goodness me, what an opportunity if people in the UK would make a proepr effort to link up with Kucinich!!
>>
>>The one who ought to be visting the UK (but he is immensely busy) is Kucinich. Or rather, we should be visting him. A year ago I spent much time and energy trying to persuade the American binbary economists to spend two days with Kucinich -- YES, TWO DAYS -- at the American Monetary Instittute conference in Chicago which we knew DK was attending. It's always a small affair -- forty people at most -- and all you need is a cup of coffee and a doughnut and you can talk to anybody, speak in the workshop session etc etc. In those circumstances you cannot fail to get at least one good opportunity to get the message acrosss to somebody who (and this is rare in politics) really does understand the monetary reform issue. But those American binary economists refused! They refused!!
>>
>>So I am once agan telling everybody that the BIG ONE is to get involved with Kucinich and colleagues to develop something half or more of which which they already want to do. It's as simple as that.
>>
>>And the prize, of course, could be leadership of a huge international movement in circumstances (Moeen, we all agree) could soon be of a coming financial crash.
>>
>>Rodney Shakespeare.
>>
>>
>>
>>
>>
>>
>>
>>
>>
>>----- Original Message -----
>>From: "Yaseen" <myaseen at mail.globalvision2000.com>
>>To: <myaseen at mail.globalvision2000.com>; "Discussion Forum for Global Justice" <discussion at globaljusticemovement.net>; "Rodney Shakespeare" <rodney.shakespeare1 at btinternet.com>
>>Sent: Wednesday, August 08, 2007 8:39 PM
>>Subject: Re: What exactly is Larouch'es main monetary policy?
>>
>>
>>> Hi Rodney,
>>>
>>> Your points are valid. His diagnosis and prescription is unique in terms of depth, passion and comprehensiveness. It spans his two main websites at http//larouchepac.com and
>>> http//larouchepub.com. The bottom is that he believes that there is an urgent need for a new financial architecture devised with the economic powers to replace the Bretton Woods framework. Is vehemently opposed to what he refers to the AngloDutch financial oligarchy which he argues continues the Venetian-Norman axis of medieval times. He stresses that Bush is being manipulated by the Cheney-Schultz-Felix Rohatyn cabal.
>>> Is against the decoupling of the dollar from the gold standard from th early 70s.
>>> However, his views on fiat money, interest free loans for productive capacity and public control of the money supply need clarification. It is time that he was invited by the monetary reform movement to the UK e.g. perhaps the Bromsgrove group or Parliamentarians for that matter. It is time for real time engagement with him.
>>>
>>> Moeen
>>>
>>>
>>>
>>>
>>> ---------- Original Message ----------------------------------
>>> From: "Rodney Shakespeare" <rodney.shakespeare1 at btinternet.com>
>>> Date: Wed, 8 Aug 2007 19:40:57 +0100
>>>
>>>>Moeen,
>>>>Thanks for putting up the LaRouche material which I shall read.
>>>>
>>>>Over the years I have I have read many papers -- and two books -- from Larouche. His newspaper is always very interesting..
>>>>
>>>>But it is never clear to me exactly what is his main policy. Forecasting the coming fiancial disaster is one thing -- and he does it with great verve -- but what is it that monetary thing he would do if he had power?
>>>>
>>>>Are interest-free (central bank-issued repayable and cancellable) loans involved?
>>>>
>>>>Is debt-free ('printed money') issuance involved?
>>>>
>>>>Experts, please advise!!
>>>>
>>>>Rodney Shakespeare.
>>>>
>>>>
>>>>
>>>>
>>>>
>>>>
>>>>
>>>>
>>>>----- Original Message -----
>>>>From: "Yaseen" <myaseen at mail.globalvision2000.com>
>>>>To: <discussion at globaljusticemovement.net>
>>>>Sent: Monday, August 06, 2007 11:28 PM
>>>>Subject: [GJM] US CAPITALISM'S DEATH THROES?
>>>>
>>>>
>>>>> THEIR GLOBAL FINANCIAL SYSTEM IS FINISHED: TIME FOR LAROUCHE's
>>>>> PHYSICAL ECONOMIC RECOVERY
>>>>>
>>>>> http://larouchepac.com/packages/2007/08/05/their-global-financial-system-finished-time-larouches-physic.html
>>>>>
>>>>> see http://www.gv2000.com/forums/showthread.php?tid=132&pid=1321#pid1321
>>>>>
>>>>>
>>>>>
>>>>>
>>>>> ________________________________________________________________
>>>>> Sent via the WebMail system at mail.globalvision2000.com
>>>>>
>>>>>
>>>>>
>>>>>
>>>>>
>>>>> _______________________________________________
>>>>> Discussion mailing list
>>>>> Discussion at globaljusticemovement.net
>>>>> http://globaljusticemovement.net/mailman/listinfo/discussion_globaljusticemovement.net
>>>>
>>>
>>>
>>>
>>>
>>>
>>> ________________________________________________________________
>>> Sent via the WebMail system at mail.globalvision2000.com
>>>
>>>
>>>
>>>
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