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Former U.S. Presidential Candidate Supports Creation of the Bank of the South

July 2, 2007 (EIRNS)—The following press release was issued and widely circulated yesterday in Quito, Ecuador by Patricio Pillajo, News Director for Radio 530 AM, who interviewed Lyndon LaRouche on June 29, 2007. The full transcript is available on the LaRouche PAC website.

Former United States presidential candidate Lyndon LaRouche expressed his support for the creation of a regional credit institution such as a Bank of the South, and the implementation of a regional monetary system. In statements issued for the first time on an Ecuadoran radio station (530 AM) in Quito, the U.S. statesman said that these measures could serve as the vehicle for the reestablishment of sovereign nation-states in Latin America.

A regional financial institution would allow for the emission of long-term credit for the creation of large-scale infrastructure projects in countries throughout the region. In parallel with this, fixed exchange rates have to be considered as well. "Rebuilding countries like Ecuador requires that kind of arrangement," he said.

According to LaRouche, who was interviewed in Quito on Friday, June 29, it is only with the implementation of great development of infrastructure that political projects such as that which Evo Morales in Bolivia hopes to carry out could be stabilized. The rebuilding of Peru, too, depends on large-scale transportation, water management, and energy projects—all matters for international cooperation in the development of infrastructure that can only be carried out by the individual governments of sovereign nations.

These nations need a common financial institution, and the Bank of the South could serve as the South American component of a new world financial system, replacing the dead order which the World Bank and IMF represent. For the U.S. statesman, the issue is not only to think about protecting ourselves from a possible global financial crisis, which would call into question models such as dollarization, but to look at the generalized collapse of world policy. The United States itself should restore the model promoted by Franklin D. Roosevelt, establishing just relations between sovereign states and reorganizing the international financial system. The world has to be led by sovereign governments, not by supernational institutions, he stated.

Lyndon LaRouche was a contender for the Democratic Party presidential nomination between 1980 and 2004. He was the presidential candidate of the U.S. Labor Party in 1976.

Patricio Pillajo Borja
News Director
Radio 530 AM
Quito 092719502