Crash Is On.... It's Too Late To Escape,
Says French Financial Newsletter
Aug. 1, 2007 (EIRNS)The Lyndon LaRouche Political Action Committee (LPAC) issued the following release today.
The crash is on and it's too late to escape, comments a French financial newsletter, echoing the evaluation of physical economist Lyndon LaRouchethough without a shred of an idea about the global solution LaRouche has proposed.
"This time, the alert on the credit markets is of unprecedented magnitude," the newsletter La Chronique Agora editorializes. "Understated for a long time ... the current phenomenon marks the end of an epoch, the end of the illusion of inexhaustible world liquidity."
"Another illusion is beginning to die : the illusion that the financial authorities have perfect control over the mass of money and credit they have been creating massively for years..."
The situation is compared to a giant with clay feet (the American economy), balancing on a huge balloon, the real estate bubble. On top of the giant sits the credit and derivatives sector requiring constant injections of new money from the Federal Reserve. "And, way on top of this perilous construction, are the world financial markets beginning to get vertigo."
"Observing this monstrous spectacle, the investors/spectators for the time being are staying under the circus tents. They seem, however, to be half rising out of their seats, ready to leave the room... perhaps calmly and with discipline... but perhaps rushing to the nearest exits, throwing their seats over and stamping over their neighbors as they rush out..."
In another article titled "Stock Market Crash: Can You Still Escape," author Francoise Garteiser responds to those claiming things will cool down and everything will be fine again:
"I don't think so. This time, the crisis is too deep and concern has taken hold."
The newsletter is put out by a group of economic analysts, including Kurt Richebacher, the former adviser to Dresdener Bank who was trained by the pro-American System economic circles in pre-Hitler Germany.