Larouche Online Almanac

Published: Tuesday, June 8, 2004

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Volume 3, Issue Number 23
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"On the Campaign Trail Against Racism"

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LaRouche: Bankrupt Speculators With $25 Per Barrel Oil

by Richard Freeman and John Hoefle

In a declaration of war against the speculators who had pushed the price of crude oil above $42 a barrel, and are launching it towards $50-60, Democratic Presidential candidate Lyndon LaRouche called on May 28 for the price of oil to be set at a target price of $25-26 per barrel, by nation-to-nation contracts, in order to bankrupt and take away the power of the speculators, and restore order to the oil market.

try....

LaRouche has emphasized that the high oil price is not a product of a shortage of oil production, of OPEC cutting oil supplies, or other cover stories, but arises In a declaration of war against the speculators who had pushed the price of crude oil above $42 a barrel, and are launching it towards $50-60, Democratic Presidential candidate Lyndon LaRouche called on May 28from speculation by the big oil companies, investment banks, hedge funds, and other financial players, who are using the extra "take" to try to hold the financial system together.

However, some in the circle of Vice President Dick Cheney favor a currently ongoing destabilization of the entire Southwest Asia and contiguous region: from the disaster in Iraq; to the recent terrorist assault in Al-Khobar, Saudi Arabia, against a complex housing foreign oil workers, which killed two dozen people; to the violence in Pakistan; which would create chaos in the region. This plan, sanctioned by certain financial players who think the financial system can't be held together, would trigger a conflagration in Southwest Asia, and send the oil price to unprecedented heights.

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A Personal Reflection:

I REMEMBER RONALD REAGAN
by Lyndon H. LaRouche, Jr.

June 6, 2004

This morning's press brought me stunning news: the death of U.S. President Ronald Reagan. Although we actually met on but one occasion, at Concord, New Hampshire, for a candidates' night, in January 1980, that meeting between us changed world history in ironical ways which are reverberating still today.

Economic reports

U.S. Economic News

World Economic News

World and Nation-state

United States

Ibero-America

Europe

Russia and the CIS

Southwest Asia

Asia


this week in history

Mid-June 1933:
FDR's 'Hundred Days'

In mid-June 1933, President Franklin Roosevelt completed the first session of Congress under his Presidency, having accomplished the so-called "100 Days" legislative program that pulled the nation back from the edge of the abyss. The measures that were taken in that period of national emergency actually embody many of the reversals in policy and axiomatic thinking which FDR had to accomplish in order to save the nation—reversals that are equally urgent today. Hence, a review of these measures may provide precisely the kind of economic review which is necessary to awaken, and educate, our citizens for dealing with the economic emergency ahead.

How did FDR get us out of the Depression, you might ask? While it certainly took much longer than 100 days, the decisive first steps in the area of financial, economic, and social policy were all taken in that period.

Re-Establishing National Sovereignty

When FDR took office in March 1933, he inherited a financial and political system which had been dominated from the time of his (distant) cousin, President Theodore Roosevelt (1901-1908), by British economics. The axioms were those of British free enterprise, and the enforcer of the free-market system, which had sacrificed the lives of millions of Americans by putting banking interests first, was the banking system, which was dominated by the Morgan-Mellon-du Pont interests.

The primus inter pares among the bankers was J.P. Morgan, a leading financial ally of the British banking system. The Morgan interests' control of credit gave them life-or-death control over the physical economy, and they were determined to use it to prevent implementation of policies they didn't like, and to otherwise loot the economy and the population. Farms had been shut down en masse, while speculative schemes had flourished. Political favorites had gotten credit, whereas many productive enterprises received none.

More importantly, these banking consortia worked in such a way as to deprive the United States of its sovereignty, through the enforcement of the British gold system. The creation of credit was limited by the amount of gold held by the banks. Therefore, if the major banking interests decided to sell off their gold to buyers overseas, this resulted in a contraction of credit in the U.S. If the gold supply were controlled from overseas, as it effectively was through the close-knit British-American banking establishment, then, the U.S. actually lacked sovereign control over its own currency and credit.

President Franklin Roosevelt moved immediately to remedy this situation when he took office. At the same time that he declared the famous bank holiday, he suspended all transactions in gold, and gave authority over any such matters to the Secretary of the Treasury. This is the basis on which the Federal government got the authority to regulate the price of gold, rather than let that money-linked commodity be controlled by private interests.

On April 5, FDR went further, issuing an Executive Order against hoarding of gold. Historian Arthur Schlesinger correctly described the significance of these moves as follows:

"It meant that American monetary policy was no longer to be the quasi-automatic function of an international gold standard; that it was to become instead the instrument of conscious national purpose."

After removing gold as a weapon that could be used by institutions hostile to the purposes of the Federal government, either foreign or domestic, FDR had still to create the basis for a national credit system that would serve the interests of the nation. This was accomplished through his various pieces of banking legislation, and the banking regulation measures which aimed at preventing the banks from being used to loot the general population, and productive enterprises.

The first point that had to be recognized was clear: the banking system was bankrupt. By calling the bank holiday on March 5, Roosevelt dramatized this reality by ordering them all closed.

But then, he had to put the system back together again, which he did through the provisions of the Emergency Banking Act. This Act, which was rushed through Congress in time to reopen the banks (most of them) on March 13, had various provisions for sorting the banks into three classifications: those that were sound, those that needed a capital infusion, and those which a conservator would liquidate. It also permitted utilizing Federal government instruments, like the Reconstruction Finance Corporation and the Federal Reserve System, to ensure liquidity be provided for those banks which were basically sound, but needed it.

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On June 3, the senior Democratic members of six committees of the House of Representatives sent an open letter to President George Bush, demanding his cooperation in getting information to hold a public House investigation of the Abu Ghraib torture scandal. They said: If the House Republican leadership continues to block such hearings, the Democrats were determined to carry out an investigation themselves.................more

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Feature:

LaRouche: Bankrupt Speculators With $25 Per Barrel Oil
by Richard Freeman and John Hoefle

In a declaration of war against the speculators who had pushed the price of crude oil above $42 a barrel, and are launching it towards $50-60, 2004 Presidential candidate Lyndon LaRouche called on May 28 for the price of oil to be set at a target price of $25-26 per barrel, by nation-to-nation contracts, in order to bankrupt and take away the power of the speculators, and restore order to the oil market.

LaRouche in Abu Dhabi:
The Middle East as A Strategic Crossroad
by Lyndon H. LaRouche, Jr.
May 26, 2002

The world has come to a crossroads in modern history. If the world were to continue along the pathway currently chosen by my government and some others, civilization will be plunged, for as long as a generation or more, into a global dark age comparable to that which struck Europe about seven-hundred-fifty years ago. We must not pretend that danger does not exist; but, also, we must commit ourselves to the hopeful alternative which wise governments will prefer. Therefore, I shall speak frankly, but also optimistically, of a second crossroads: the Middle East.

LaRouche: Bring Oil Inflation Under Control
This memorandum was originally issued by Lyndon H. LaRouche, Jr. on Sept. 19, 2000, embodying the same proposed policy-change LaRouche is proposing in the current oil hyperinflation crisis.
"The following statement constitutes a preliminary statement of policy: 'On the Subject of Emergency Action by Governments to Bring the Present Petroleum-Price Inflation Under Control.'"


Economics:

Saudi Paper: Land-Bridge Associated with LaRouche
The Saudi weekly magazine Al-Jazira, published by Saudi Al- Jazira Publishing House, which produces Al-Jazira daily, one of that nation's leading publications, published a beautiful and lengthy report by Dr. Atef Mutamid Abdulhamid, professor of Geography at the University of Cairo, on the history and revival of the Silk Road. The article was published in the May 25-June 1 issue, and titled, 'Life Returns to the Old Artery: The New Silk Road, a Cultural and Economic Bond.'

Brazil-China Relations A Cooperative 'Paradigm'
by Gretchen Small
'The time has come to consolidate the union between [Brazil and China]. This alliance will serve as a paradigm for cooperation between nations.Two giants without divergences are free to think of the future and grow in diverse areas,' Brazilian President Lula da Silva stated in closing the seminar on 'Brazil-China: Trade and Investments. Perspectives for the 21st Century,' held in Beijing on May 25, in which more than 700 Brazilian and Chinese businessmen participated.


International:

Italian Senators Demand Lift 9/11 Secrecy
by Paolo Raimondi
On May 19, Italian Senator Oskar Peterlini and 16 other Senators signed a Parliamentary Inquiry (Interrogazione Parlamentare) addressed to Prime Minister Silvio Berlusconi, demanding that he inform the Parliament and the Italian nation on the content of the Bush-Cheney memorandum containing the 'evidence' on who committed the 9/11 terrorist operation and why, which was used to convince nations such as Italy to participate in the war in Iraq.

In Bremer's Iraq, Democracy Is Hatched In A Coup
by Muriel Mirak-Weissbach
If, as President George W. Bush has always maintained, the introduction of democracy in post-Saddam Iraq is the harbinger of sweeping democratic reforms throughout the region, then, the message sent out to leaders of neighboring countries is loud and clear: Beware! You may be the next to go!

Transcaucasus: Keeping 'the Gun On the Wall'
by Roman Bessonov
...The playwright Anton Chekhov taught that if a gun is hanging on the wall in the first act of a play, by the last act it will have been fired.
'Southwest Asia is to be recognized as bounded by four principal states, whose appropriate cooperation is indispensable for creating a zone of stability among the nations and peoples of the region as a whole...."
—Lyndon LaRouche

How London, Wall Street Backed Japan's War Against China and Sun Yat Sen
by Mike Billington
During the same period that Mussolini and his Fascists were brought to power in Italy—the first of a series of synarchist regimes which took power across much of Europe in the 1920s and 30s—the British imperial architects of this process were also at work in Asia. The bankers controlling the Versailles Conference of 1919, rather than establishing peace after World War I, imposed a regime of financial looting across Europe and Asia, which rapidly created conditions conducive to the emergence of Bonapartist tyrannies backed by those same bankers, and thus set in motion the horrors of 20th Century fascism and the conflicts which became World War II.


National:

Administration Coming Unstuck, Cheney's in Worst Shape of All
by EIR Staff
It's going to be a long, hot Summer for the band of neo-cons that control the Bush Administration—above all, the Vice President, drowning in scandals which, to a great extent, trace their origins to expose´s published, and documentation provided, by this news service and other publications connected to Lyndon LaRouche.

Justice Dept. Convicts Padilla in the Press
By Edward Spannaus
Since he was whisked out of the Federal court system into a military prison two years ago, Jose´ Padilla—a U.S. citizen arrested on U.S. soil—has languished without any prospect of due process, much less a trial. Until recently, he was held incommunicado, with no access to his lawyer, and he still has no access to the courts.

War Crime Prosecutions: What White House Fears
by Edward Spannaus
When White House Counsel Alberto Gonzales warned President Bush in a Jan. 25, 2002 memo, that the President and other members of his Administration might be liable to prosecution for war crimes as a consequence of U.S. treatment of detainees in Afghanistan, he had good reason to do so.

Beware of 'Credible Intelligence'
By Ray McGovern
McGovern was a CIA analyst for 27 years under Administrations from John F. Kennedy to George H. W. Bush. He is a member of the Steering Group of Veteran Intelligence Professionals for Sanity. This article was initially posted on TomPaine.com.

Kerry Is a Loser Unless Dems Open Convention
by Nancy Spannaus

Speaking to the Newark Star Ledger on June 3, Democratic Presidential pre-candidate Lyndon LaRouche pressed the theme which he has been striking in radio ads and appearances over the last days: either the Democratic Party opens up the Boston Convention for discussion of the real policy issues facing the nation, or Senator John Kerry will lead the party headlong into defeat.

'With Our Constitution, We As A Nation Have a Special Mission'
Presidential candidate Lyndon LaRouche spoke to supporters in Teaneck, New Jersey on May 22, 2004. After his opening remarks, LaRouche and his constituents continued their dialogue for another hour and a half.
"So, we'll warm things up a bit. The issues that face the United States today, are three: First of all, we have a terrible financial-monetary crisis. The monetary-financial system is in the process of collapsing. It's only a matter of how soon. It could collapse tomorrow; it could collapse next month, could collapse sometime in the Summertime. But, it is inevitably on the road to a collapse far worse than 1929-1933...."

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Lyndon H. LaRouche, Jr.

speaks to the Martin Luther King Day Prayer Breakfast in Talladega County, Alabama on Jan. 19, 2004

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Lyndon H. LaRouche, Jr.
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