- A rising series of political earthquakes is now shaking
the world.
-
- Now, the financial collapse of the air-passenger-transport
industry, hitting the Pension Benefit Guaranty Corporation from United
Airlines today, and perhaps Delta and American Airlines next, intersects
the efforts of GM/GMAC to dump the auto-workers' pensions, and the threatened
collapse of GM, Ford, and others, threatening to set off a global hedge-funds
panic. At the same time, the planet as a whole has already been seized
during past days, by a panic-ridden hedge-fund crisis which is orders of
magnitude worse than that of August-October 1998.
-
- Now, what will happen, very soon, will stagger your imagination.
-
- The world as you thought you knew it, the day before
yesterday, is no longer the same world today.
-
- Things you had thought would work, no longer work.
-
- That is already the way you must see how the world is
changing. Now, already, you witness the converging impact of, on the one
side, pensions hit by spreading bankruptcies of major airlines, with, on
the other side, the onrushing threats from the financial collapse in the
auto industry. These, and related developments, create a specter of already
global, epidemic bankruptcy with which existing U.S. government practices
are essentially incompetent to deal. This situation requires the immediate
institution of new governmental mechanisms for managing what must be fairly
described as a condition of strategic bankruptcies, bankruptcies with which
presently existing mechanisms of government are essentially incompetent
to deal.
-
- In the financial world, it is as if someone had suddenly
turned on the light in the kitchen, and floods of hedge-fund cockroaches
are swarming in all directions. The existing world financial system can
do nothing to stop this panic! It can only rage, scream, and smash things,
all of which would only make everything worse than the moment before.
-
- The world needs the calming voice which says, "It's
only money!" It would be a very good thing if that voice were to be
the voice of the U.S. Senate.
- _____
-
- The above excerpts are from the statement which appears
in full in the upcoming May 27, 2005 issue of Executive Intelligence Review.
-
- http://www.larouchepub.com/eirtoc/2005/eirtoc_3221.html
- http://www.larouchepub.com
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