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PRESS RELEASE


Wall Street To Wipe Out America’s Labor Force If Not Stopped

Oct. 5, 2015 (EIRNS)—Led by Goldman Sachs, every Wall Street spokesman is now laying it down as a near-certainty, that the Federal Reserve is through planning rate increases and by early next year will be introducing a new money-printing bailout, "Quantitative Easing 4."

The license for this criminal conspiracy was given by the Oct. 2 release of the Labor Department’s September "employment report," which revealed such devastation of productivity and productive activity in the U.S. economy, that Wall Street was certain, within an hour of its release, that a Fed QE4 was theirs.

But that devastation is precisely the result of collusion between the Fed and Wall Street since 2008 in "the financial crime of the Century"—including QE1, 2, and 3. Another long period of such "easing" as Wall Street plans for, will wipe out the labor force and Americans’ livelihoods entirely.

Therefore it must be prevented, by shutting down Wall Street’s operations, beginning immediately by restoring the Glass-Steagall Act.

An example of the lunacy of Wall Street’s current mood was given in a Bloomberg News article Oct. 5 which noted that "deflation has already returned to both Europe and Japan," and then quoted the head of Goldman Sachs Asia-Pacific Asset Management:

"‘The next stage for both the Bank of Japan and ECB [European Central Bank] is more easing. They’re going to keep putting fuel on the fire, but at some point the fire’s big and there’s nothing left to burn—What do we do? So your immediate response to that would be a huge sell-off in risk assets.’"

In other words, a crash. Virtually every other bank "research department" and investment broker was putting out the same plan: "The Fed is now a slave to the markets," as Deutsche Bank expressed it, and will "ease." Goldman’s chief economist Jan Hatzius repeated, "We would advise the Fed to lean toward easing early next year."

That September "employment" report had shown 580,000 more Americans dropping out of the labor force in that one month! There are 150 million work-eligible Americans now in the labor force—the same number as seven years ago—but 95 million, just as eligible, are now out of it. That’s just 60% of the total potential workforce actually in it; when until 2000 and Bush-Obama, for decades 80% of work-eligible Americans had joined and stayed in the labor force. And for those 95 million out of the workforce, the Census’ official poverty rate is 23%. Productive employment numbers have continued to decline outright over Obama’s seven years, while the Fed has QE’d up a completely speculative asset-based economy for Wall Street. Raw productivity hasn’t risen for five years in the U.S. economy; the more important total-factor productivity, reflecting technological progress, has not risen for 15 years and is now falling.

Another "QE" bailout? Working people in the United States will not survive it.