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BÜCHER


Das Geheimnis
der Wirtschaft -
Lösung der
globalen Systemkrise:
Trennbankensystem
und produktive Kreditschöpfung


Schiller-Institut:
Die Weltlandbrücke
wird Realität

Jetzt mit Leseprobe:
Vorwort: Das Ende
der "freien"
Marktwirtschaft -
Wir brauchen
Gesetze zur Rettung
des Gemeinwohls!


Lyndon LaRouche: Die kommenden 50 Jahre

Das Prinzip von Entwicklung: Dynamik, nicht Statistik

Von der Ehrlichkeit gegenüber der Natur

Max Planck zum 150. Geburtstag

Überlegungen zur Klimahypothese:
Von der Physik der Atmosphäre aus gesehen, gibt es kein Klima. In der Atmosphäre spielt nur das Wetter eine Rolle.

+++ 7. August 2012 +++

Former IMF Economist: the Euro Will Set off a Powder Keg of Derivatives

During testimony to a Senate Subcommittee hearing on Aug. 1, a former chief economist of the IMF, Simon Johnson, insisted repeatedly that the euro will not last in its current form, and no one knows how this will affect the derivatives "powder keg" tied to the single currency. Therefore, he told the shocked Senators, one should not believe U.S. Treasury Secretary Tim Geithner or any other official who says that the effect on U.S. banks will be limited.

Johnson told the Foreign Relations Subcommittee on European Affairs that ECB governor Mario Draghi et al. were kidding themselves, because the ECB cannot possibly issue enough credit to bail everyone out, and the more credit it does issue, the more it undermines the credibility of that debt. The euro is moving into its most dangerous phase now, where "dissolution risk" is dominating, and, Johnson warned. How can anyone sign a contract, if they do not know if the euro will exist in a year? We are "sitting on a powder keg of opaque, over-the-counter derivatives transactions" linked to the EURIBOR, running in the hundreds of trillions of euros. He added that no one is able to tell what U.S. bank exposure is to these derivatives, or what the effect will be of Greece leaving the euro -- which Johnson put as 90% probable before the end of the year.

The chairwoman of the hearing, Sen. Jeanne Shaheen, clearly stunned, asked how Geithner could "consistently assure" us that U.S. bank exposure to Europe is "limited." Johnson reiterated what he had said at three different points in the hearing: the complexity of derivatives is such that not even the institutions who hold them know what their actual exposure is, so neither Geithner nor any other officials can be fully aware of the situation. He repeatedly cited the case of JPMorgan as exemplary. In JPMorgan's own "living will" -- which they published before their more than $6 billion loss -- they estimated that a $30 billion loss would bankrupt them. The bankruptcy of JPMorgan would be a systemic event, while the stress tests done by federal regulators did not even model the events that today we are all taking as our basic premise, he said.

While Johnson has supported Glass-Steagall on other occasions, he failed this time to seize the opportunity to recommend banking separation at this hearing, even when asked outright what to do about European and other "too big to fail" banks.



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+++ 24. Mai 2013 +++

Iranian Nuclear Weapons Would Not Be a Threat, a RAND Corporation Study Finds

While the United States Senate just voted up – unanimously – a resolution to support Israel, including with military means, in the event of an Israeli attack on Iran's nuclear program, and that, after... [weiter]

+++ 24. Mai 2013 +++

Manifesto: To End the Agony, Spain Must Leave the Euro

One year ago, when the LaRouche Movement in Spain was founded, it was virtually the sole voice on the political landscape organizing for the country to leave the Eurozone. That's no longer the case, a... [weiter]

+++ 24. Mai 2013 +++

Durchbruch in den USA: Senator Harkin stellt Glass-Steagall-Antrag

Am 16.5. 2013, auf den Tag genau 80 Jahre, nachdem das ursprüngliche Glass-Steagall-Gesetz im Kongreß eingebracht worden war, legte der demokratische Senator Tom Harkin aus Iowa im US-Senat den Antrag... [weiter]

+++ 24. Mai 2013 +++

Neues Gesetz zur „Bankentrennung“ in Deutschland läßt Spekulanten aufatmen

Am 17.5. stimmte der deutsche Bundestag mehrheitlich für ein Gesetz zur Bankenumstrukturierung, das von der Bundesregierung als „das erste Bankentrennungsgesetz in Europa“ propagiert wird. Faktisch hä... [weiter]

+++ 24. Mai 2013 +++

Pope Francis Calls for Financial Reform

Two months after his election, Pope Francis has spoken out forcefully against the dictatorship of the financial markets, which is reducing humanity to misery. Speaking in front of the ambassadors of K... [weiter]

+++ 24. Mai 2013 +++

Bundestag Passes Phoney "Bank Separation" Law

On May 17, the German Bundestag passed a bank restructuring bill touted by the government as the "first bank separation law passed in Europe." In fact, the law is a far cry from what the government cl... [weiter]

+++ 17. Mai 2013 +++

Breakthrough in the United States:
Senator Harkin Introduces Bill to Reinstate Glass-Steagall

May 16, 2013, on the 80th anniversary of the introduction of the original Glass-Steagall Act alldopted under President Franklin Roosevelt in 1933, Democratic Senator Tom Harkin of Iowa introduced Sena... [weiter]

+++ 17. Mai 2013 +++

Austrian Government: Arming the Syrian Opposition Is Illegal under International Law

The Austrian government has issued an official position paper, now circulating among EU member states, in opposition to the British-French proposal for lifting the arms embargo in Syria. Dated May 13,... [weiter]

+++ 17. Mai 2013 +++

Benghazi, Political Targetings, Blanket Confiscations:
Impeachment Hangs over Obama

Salon.com ran a banner headline on May 14, asking "Which Obama scandal will inevitably lead to impeachment?" "The IRS, the AP or Benghazi?" Indeed, the White House was still being rocked by the hearin... [weiter]

+++ 17. Mai 2013 +++

French Party Presents Draft Bill for Glass-Steagall-Type Bank Separation

Not only the French government, but all other political forces in France, from the far left to the far right, have given up the fight against the financial casino and for an actual separation of the b... [weiter]

+++ 14. Mai 2013 +++

Brecht aus dem Euro aus, um die Finanzoligarchie zu besiegen!

Das große deutsche Magazin Focus berichtete in seiner Ausgabe vom 13.5., was wir schon schon mehr als einen Monat zuvor aufgedeckt hatten: daß die EU das „Zypern-Modell“, d.h. die Enteignung von Bankg... [weiter]

+++ 14. Mai 2013 +++

“Benghazigate”: Threat of Impeachment Hangs over Obama

A potentially historic hearing took place on May 8 before the House Oversight and Government Reform Committee on the terrorist attacks in Benghazi, Libya on September 11, 2012. Despite the explosive r... [weiter]

+++ 14. Mai 2013 +++

Ex U.S. Defense Minister Robert Gates Opposes Intervention into Syria

When Israeli air strikes against Syria on May 3 and 5 brought the Middle East and the world as a whole to the very edge of war, leading circles in Russia and the United States and China intervened at ... [weiter]

+++ 14. Mai 2013 +++

Glass-Steagall LaRouche-Aktionskomitee demonstriert Stärke in Washington

Ab dem 6.5. veranstaltete das LaRouche-Aktionskomitee eine intensive Aktionswoche in Washington, in der es auf sämtliche Ebenen der Regierung einwirkte, um den Druck auf den US-Kongreß, das Glass-Stea... [weiter]

+++ 14. Mai 2013 +++

Global Times: Schiller Institute Rep. Comments on “Chinese and American Dreams”

Since taking office, Chinese President Xi Jinping, who is also the head of the Communist Party, has sounded the theme of the "China Dream" of economic, social, and political progress, to reduce the va... [weiter]

+++ 10. Mai 2013 +++

Week Of Action in Washington:
Pass Glass-Steagall Bank Separation Law Now!

The LaRouche Political Action Committee held a week of action in the United States from May 6-10 to rally support for immediate legislation to restore a strict separation of banks, in compliance with ... [weiter]

+++ 10. Mai 2013 +++

An Urgent Appeal for Glass-Steagall from Helga Zepp-LaRouche

Helga Zepp-LaRouche, founder of the international Schiller Institute, issued an urgent appeal from Germany for the citizens of the United States and the U.S. Congress to immediately act to reinstat... [weiter]

+++ 10. Mai 2013 +++

New Greek Party Calls for Return to Drachma and Bank Separation

The new party, which wants Greece to leave the Eurozone, is called the Greek Democratic Five-Star Movement, abbreviated as the Drachma Five, the five standing for the basic positions of the party: 1)... [weiter]

+++ 10. Mai 2013 +++

Syria Crisis: Russia and United States Agree on a Major Diplomatic Move

Following a visit of U.S. Secretary of State John Kerry to Moscow, May 7, and his discussions with his counterpart Sergei Lavrov and with President Putin, it was announced that Russia and the United S... [weiter]

+++ 10. Mai 2013 +++

Syrian General Idriss, Handpicked by the West, Admits He Controls Nothing

The Free Syrian Army (FSA), it turns out, is little more than a brand name, with little substance, if any, in the Syrian opposition. The person picked by the West to head the military opposition to th... [weiter]

+++ 7. Mai 2013 +++

Alternative für Deutschland:
Eurokritik als Deckmantel für National-Monetarismus

Die neue Partei „Alternative für Deutschland“ (AfD), die im Februar als vermeintliche „Anti-Euro-Partei“ gegründet wurde, erregt ungewöhnlich viel Aufmerksamkeit in den etablierten Medien. Viele Bürge... [weiter]

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