December 9, 2008 (LPAC)–“It’s all gone ‘poof’,” one Goldman Sachs banker told today’s Wall Street Journal. Bankers who once wrecked companies and looted pension funds are now finding themselves reduced to irrelevance. Once Masters of the Universe, they are now lucky to have a job. “Investment banking has become a phantom realm,” the Wall Street Urinal said “where everyone is busy but no one is doing anything,” where “status is conferred by a quality meeting, not a completed transaction.” The “basic reality” of their profession, the paper said, is an “excess of bankers.” If you feel tears swelling in your eyes at the plight of these poor souls, who are now faced with selling their yachts and their country homes, and cutting back in other ways, perhaps the knowledge that Wall Street played a major role in destroying the productive power of the U.S. economy, laying waste to countless American businesses and families, will help. This is a classic case of “they did it to themselves.” And, of course, to the rest of us.
Then there’s the spectacle of hyena versus hyena, which we see breaking out as the members of the pack turn on each other in self-preservation. Take the case of Carl Icahn, the notorious corporate raider, and Leon Black, head of private equity giant Apollo Management. Former allies (both got rich from the Drexel Burnham Lambert junk-bond machine, Black as a Drexel banker and Icahn as his client), they are now fighting over money. Apollo needs to reduce its debt by getting its holders to cash it in at as little as 36-cents on the dollar, while Icahn, who owns a bunch of it, calls that fraud and has filed suit.
Hyena versus hyena. Maybe they should have a quality meeting.
It has been a year since economist Lyndon LaRouche announced that world financial system is in the midst of a breakdown crisis. He offered a set of solutions, which were probably capable of repairing the economy and rebuilding the necessary infrastructure.
Although action was taken in many of the localities throughout the USA, the democratic party in CONgress blocked anything that even smelled like a solution.
Here is LaRouche’s latest thoughts on where we are, as well as where we are going. It isn’t rosy at all… he says we only have a few more weeks left before the system, as he puts quite bluntly, dies.
My question is, will they end up putting the USD onto a newly revitalized gold-certificate ratio? I don’t think they will have much of a choice, unless they want to see all-out chaos in the streets…
Here is an interesting documentary about the battle between the slave-masters in the U.K. and the united States of America. It shows how the U.K. has repeatedly worked to destroy the U.S. At one point, U.K. puppets were even openly talking about burning all of the coastal US cities.
My friends, we are past the point of no-return, from which we could salvage the current monetary system. The present system is experiencing systemic world-wide hyper-inflation, which will only be stopped when a new monetary system is introduced.
Lyndon LaRouche believes that there is no more future for this monetary system. He says that we are at a cross-roads, where we can choose between two paths.
On the one hand, we could choose to use warfare and welfare to prolong the life-span of the current system. Such an approach would drag our world into another dark-age.
On the other hand, we could choose a new system, in which we have a stable monetary system, which rewards productivity and stability; a system which increases food production instead of fighting over the few scraps that are available.
Like Weimar Germany, the productive capacity of our real economy has been destroyed. However, we have done this to ourselves, through our adherence to the belief in globalization.
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