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Published: Monday, Mar. 24, 2003
Today is:
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by Lyndon H. LaRouche, Jr.
The following speech was delivered March 21 by U.S. Presidential candidate Lyndon LaRouche, the keynote speaker at the European conference of the Schiller Institute, held over the March 21-23 weekend in Bad Schwalbach, Germany.
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There is a combination of farce and tragedy in progress in Washington, D.C. It's a kind of Shakespearean farce, in which the President is playing the role of King Lear, and the Vice President that of Lady Macbeth. But this is a very serious matter. Sometimes fools will do what others will not do, and sometimes, he who wishes to have a great crime committed, finds a fool to do it, because he won't shrink from it, because he doesn't know any better. Like this poor President, who sincerely does not know what he's doing. Has no idea what the reality is, in which he's operating.
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What we have to understand is that, in this tragedy, as in all Classical tragedies, in all true tragedies in history, the root of
disaster is not leaders of the people. It is not leading institutions. It is the people themselves, who bring disaster upon themselves, by selecting leaders, or by supporting leaders, who are the agents of that disaster. That's what the Greek tragedy teaches. That's what Shakespeare teaches. That's what Schiller teaches. That's truth.
Therefore, when we come to a time of crisis, the people must, first of all, examine themselves, and when studying the misleaders, they must look inside themselves, and find the error by which they become complicit in the evil work done by those leaders.
What is happening to us today, in the world, came as no surprise to me. I've been aware of this, more or less clearly, for more than 40 years. I saw the things that happened, in particular, at the end of the war. I was a soldier in the war. I saw the transformation of those with whom I served, in the immediate period following the war. I saw the Truman era, which was an era of evil, succeeding a heroic era, that of Franklin Roosevelt....more
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This week, we deal with Franklin Delano Roosevelt's first steps for dealing with re-regulating the U.S. financial system. Having dealt with the immediate bankruptcy crisis when he entered office in March of 1933, the President now had to root out some of the systemic evils which had been built into the banking system, and associated financial institutions, in order to assert the principle of the General Welfare in practice. It is ironic that these measures by FDR, which locked him into a bitter struggle with the highest level of the banking establishment, have been used to get populists today, to attack the President as having been against the common man. It was precisely these measures—which ultimately established the Glass-Steagall Act and the Securities and Exchange Commission—that were required to bring the speculative looters under control.
On March 29, Roosevelt sent to Congress his bill for the regulation of the sale of investment securities in interstate commerce. In his message to Congress, Roosevelt continued his attack on the corrupt financial practices of the private banking houses and securities brokerages, as well as the commercial banks, which dealt in securities. The message, which met with virulent attacks by the banking community, said:
"Of course, the Federal Government cannot and should not take any action which might be construed as approving or guaranteeing that newly issued securities are sound in the sense that their value will be maintained so that the properties which they represent will earn profit. There is, however, an obligation upon us to insist that every issue of new securities to be sold in interstate commerce shall be accompanied by full publicity and information, and that no essentially important element attending the issue shall be concealed from the buying public. This proposal adds to the ancient rule of caveat emptor, the further doctrine 'let the seller also beware.' It puts the burden of telling the whole truth on the seller. It should give impetus to honest dealing in securities and thereby bring back public confidence."
The bill introduced in accordance with this message, sparked an intense battle about the degree of government oversight that would be required. Ultimately, it gave the Federal Trade Commission power to supervise issues of new securities, required each new stock issue to be accompanied by a statement of relevant financial information, and made company directors civilly and criminally liable for misrepresentation.
The political climate was favorable to the introduction of this bill because, from January on, the Congress had been sponsoring hearings on corruption in the banking sector, in particular an investigation of the New York commercial banks. Roosevelt had approved the Senate Banking Committee's hiring, as its special counsel, of Ferdinand Pecora, a fiery New York former District Attorney who had a reputation for fearlessness.
In the opening hearings on the commercial bankers, Pecora had established that some of the most powerful bankers, such as Charles Mitchell of National City, and Albert Wiggin of Chase, had lied to their shareholders, had manipulated stocks for their own benefit, and had made and taken profits beyond anything reasonable, without so much as blushing. Pecora had refused to allow them to be vague or evasive, and with his questioning, often made them look ridiculous. Their utter venality also became very clear.
In early March, Pecora fired off a series of detailed and embarrassing questions about the operations of the House of Morgan and its relationship to other banks, corporations, and "clients," which its counsel, former Democratic Party 1924 Presidential candidate and former Ambassador to Great Britain John W. Davis, declared to be outrageous. But Morgan was forced ultimately to answer the questions, and then to submit to hearings in May and June.
Pecora and his staff spent most of the months of February, March, and April in New York, working from early morning until 6:00 at night in the offices of JP Morgan and Company, pouring over its records of financial dealings since World War I.
In this climate, the President was able to provide enough pressure on the Senate and the House of Representatives to pass this first step toward banking regulation. It was a "done deal" by the end of May.
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Can We Salvage This Presidency?
"President George W. Bush's threat to go war, issued last evening, challenges all thinking patriots of our republic to redouble our efforts to salvage both our Constitution, and a pathetically erring sitting President himself, from this folly."
LaRouche Interviewed on British Radio
The [following] interview was given by Lyndon LaRouche to [TALKSPORT RADIO-1053AM/1089AM],www.talksport.net. in the United Kingdom at 12:15 a.m., Wednesday, March 19 (11:15 p.m. U.K. time, Tuesday March 18). The host, James Whale, previously interviewed LaRouche during the 2000 Presidential campaign.
Stop Ashcroft's 'Himmler II' Bill— — While You Still Can
This statement was released on March 16 by the Presidential candidate's political committee, LaRouche in 2004, for circulation as a mass leaflet.
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Links to articles from Executive Intelligence Review*.
*Requires Adobe Reader®.
Feature:
Lincoln's Railroad And the Eurasian Land-Bridge Today
by Jeffrey Steinberg
This presentation was given to a West Coast cadre school of the LaRouche Youth Movement on Feb. 1. Steinberg's class was introduced by the LaRouche campaign's West Coast spokesman, Harley Schlanger, as 'an example of how you look at history, to understand what we have to do in our battles today.'
Economics:
Derivatives Battle of 2003 Is Triggered by Economic Collapse
by John Hoefle
In early 1993, Lyndon LaRouche began warning the world that the headlong rush into derivatives which was then in its early stage, would ultimately blow up in the bankers' faces. At the time, LaRouche issued a pamphlet for mass circulation, calling for a tax on derivatives transactions as a way to dry out this emerging bubble. The bankers, convinced of their own brilliance ... ignored LaRouche's warning...
New Twin Towers: Current Account, Budget Deficits
by Richard Freeman
The American current account deficit is a potential detonator for the U.S. and world financial system. Led by a surging trade deficit, the current account deficit leapt to $136.85 billion during the fourth quarter of 2002, the Commerce Department reported on March 14.
Kabul's Blunt Message: Aid, or Heroin Economy
by Ramtanu Maitra
On March 14, after presenting the country's $2.25 billion annual budget, Afghanistan's Finance Minister, Ashraf Ghani Ahmadzai, told Afghan legislators that unless the international community pledges and delivers more financial contributions forthwith, Afghanistan will slip back into its role as the world's premier heroin producer.
Sharon's Financial War On Israeli Population
by Dean Andromidas
A few hours before the first bombs fell on Iraq on March 19, U.S. National Security Advisor Condoleezza Rice telephoned Israeli Prime Minister Ariel Sharon to inform him that the Bush Administration had approved an aid package of $1 billion in financial aid and $9 billion in loan guarantees. The move is seen as a payoff to ensure that Sharon, who faces an economic collapse and desperately needs U.S. assistance, doesn't independently launch attacks on Arab countries while the United States is attacking Iraq.
Mahathir-Lula Meeting Worries Wall Street
by Cynthia R. Rush
When Malaysian Prime Minister Dr. Mahathir bin Mohamad made a state visit to Brazil on March 16-19, London and Wall Street took notice—as well they should have. In a world changing at lightning speed, any possibility that debt-burdened Brazil might consider dumping the International Monetary Fund's (IMF) austerity policies, as Mahathir successfully did in 1997-98, unnerves the international financial oligarchy.
China Plans 'New World' Program To the Moon
by Marsha Freeman and William Jones
China's National Aerospace Administration director Luan Enjie, in an interview with the People's Daily on March 3, outlined his nation's comprehensive plans for exploring the Moon. Two days before, he had stated that after the Shenzhou missions, in which China is expected to launch its first astronaut into Earth orbit this Fall, China will focus on studying the Moon.
International:
Lyndon LaRouche's Summary Report on the Strategic Situation Today
During the week of March 10-16, Democratic Presidential pre-candidate Lyndon LaRouche issued this series of three statements, through his political committee, LaRouche in 2004
The Truth About U.S. Imperialism, March 13, 2003
How Liberalism Created Fascism, March 14, 2003
Lyndon's FDR vs. Joe's Hitler, March 14, 2003
Iraq Treatment Set for Ibero-America by Rumsfeld
by Gretchen Small
U.S. Secretary of Defense Rumsfeld's crowd, through the mouth of U.S. Southern Command chief Gen. James Hill, is pumping the line that al-Qaeda-linked Islamic terrorists are running around in the so-called 'ungoverned areas' of Ibero- America, and that this constitutes the greatest threat to hemispheric security.
Top Military Historian: Iraq War Is Like 1938-39
by Mark Burdman
In recent weeks, one of the most trenchant critics of the Iraq war in Great Britain has been Prof. Corelli Barnett, Fellow at Churchill College, Cambridge University. He has made known his strong views about this insane imperial adventure through the letters pages of leading American newspapers and other channels.
German President Looks To Eurasian Development
by Rainer Apel
When German Chancellor Gerhard Schro¨der reaffirmed Germany's opposition to war against Iraq, in an address to the national parliament on March 14, he also said that disarming Iraq by non-military means implied 'that sanctions can finally be lifted,' so that Iraq can be rebuilt.Although he did not elaborate, some government circles are thinking about reconstruction and development as being crucial for a lasting peace.
'Peru: Under Toledo, Sendero Will Take Power'
by Luis Va´squez Medina
The above headline was carried on the cover of EIR's Spanish-language edition, Resumen Ejecutivo, in April 2000, precisely three years ago, and was intended as both a forecast and a warning. Today, we repeat that headline, tragically, as news.
Letter From Rachel Corrie
'The IDF Is Becoming A Terminator Army'
Focussed on Iraq, the world has been ignoring the mounting toll of, now, 2,200 Palestinians killed by Israeli forces since September 2000, including 429 young children and 114 women. The Israeli Defense Forces' impassive killing on March 16 of a 23-year-old American woman, Rachel Corrie.
National:
Nazi Jurist Taught Leo Strauss, Neo-Con Mentor
by Barbara Boyd
In the March 21 EIR, Lyndon LaRouche and Jeffrey Steinberg documented how the neo-conservative apparatus controlling President George Bush, defines the world through the philosophy of Leo Strauss. Strauss (1899-1973) was a German emigre ´ political science professor whose ideas gained cult-like influence in U.S. and German political circles...
Can Bush, Rumsfeld Be Tried for War Crimes?
by Edward Spannaus
What the United States did, on the evening of March 19, in launching an imperial, 'preventive' war on Iraq, is unquestionably in violation of the Charter of the United Nations and other agreements by which the United States of America, as a signatory, is bound. Indeed, UN Secretary General Kofi Annan repeatedly stated in the days leading up to the U.S. attack, that a unilateral attack by the United States on Iraq would be a violation of the UN Charter.
LaRouche Youth Movement Takes On DLC War Party
by EIR Staff
As President Bush fled from the failing American economy into 'imperial' war, Lyndon LaRouche's Presidential campaign, led by his growing youth movement, escalated its challenge to the Democratic Party to throw out its own war faction, the Democratic Leadership Council (DLC) represented by the Democratic Leadership Council (DLC) represented by
High Court Stays Texas Execution as Ashcroft Pushes Death Penalty
by Bonnie James
In a dramatic 11th-hour move, the U.S. Supreme Court stayed the March 12 execution of a Texas death row inmate who has a strong claim of innocence in the murder that led to his conviction 23 years ago.
Interview: Dr. Najeeb Al-Nauimi
'Is Guantanamo a Land Where No Law Applies?'
Dr. Najeeb bin Mohammed Al-Nauimi is the former Justice Minister of Qatar; now Chairman of the Committee for the Defense of the Detainees at Guantanamo, he personally represents 93 of those being held in the U.S. military prison in Guantanamo Bay, Cuba. He was interviewed in EIR's May 31, 2002 issue. On May 15, Dr. Al-Nauimi was a guest on 'The LaRouche Show,' where he was interviewed by Michele Steinberg, Edward Spannaus, and members of a LaRouche Youth Movement panel.
Richard Perle's 'Sheikhdown' Draws Fire
By Our Special Correspondent
The Richard Perle Saudi extortion scheme which EIR reported on March 21 ('Cheney and Perle To Go Down Like Ollie North?'), is rapidly turning into a major international scandal, which could sink the neo-conservative icon, and implicate Vice President Dick Cheney and his family in serious charges of conflict of interest and imperial nepotism.
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