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LaRouche's Proposal for Glass-Steagall `Looks Prophetic'—Time To Get the Full Story

Nov. 22, 2010 (EIRNS)—An article in the weekly economic supplement to Italy's leading national newspaper, Corriere della Sera, published Nov. 22, leads with a reference to American economist Lyndon LaRouche's years-long campaign to restore the FDR Glass-Steagall principle to banking internationally.

The lead of the article, written by Brussels correspondent Ivo Caizzi, reads as follows:

"In Brussels, the debate is starting again, on the need to implement anti-crisis measures to hit and drastically downsize financial speculation, so far pushed mainly by center-left parties in the Europarliament and by the European Trade Union Confederation (CES).

"The solution is being discussed again, of separating the commercial part of banks from the speculative part, like Paul Volcker, one among Obama's advisors, suggested. Lyndon LaRouche's insight looks prophetic: since the beginning of the crisis, the US economic Guru called for bailing out with public money only credit activities to industry and to the families, letting troubled speculative activities fail."

To get the full story on the LaRouche Plan to restore Glass-Steagall and a real American System credit system, to replace the current bankrupt British imperial system, readers are advised to go to www.larouchepub.com, and his political action committee site, www.larouchepac.com.

The campaign of LaRouche, and his political action committee LaRouchePAC, has, in fact, had a major impact in the United States and internationally, since he made it a high-profile issue in late September 2008, making explicit what was implicit in his Homeowners and Bank Protection Act of 2007. A petition has been circulated in political circles internationally, and legislation to impose Glass-Steagall standards has been introduced into both Houses of the Italian Parliament. Four pieces of legislation to restore the original Glass-Steagall bill have been put before the House and Senate in the United States, only to have been sabotaged by President Obama.

But, as the economic-financial breakdown crisis accelerates, the Glass-Steagall solution put forward by LaRouche will inevitably come to the fore again—as the Corriere coverage indicates.