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Breakthrough in the United States: Senator Harkin Introduces Bill to Reinstate Glass-Steagall
Austrian Government: Arming the Syrian Opposition Is Illegal under International Law
Benghazi, Political Targetings, Blanket Confiscations: Impeachment Hangs over Obama
French Party Presents Draft Bill for Glass-Steagall-Type Bank Separation
Brecht aus dem Euro aus, um die Finanzoligarchie zu besiegen!
“Benghazigate”: Threat of Impeachment Hangs over Obama
Ex U.S. Defense Minister Robert Gates Opposes Intervention into Syria
Glass-Steagall LaRouche-Aktionskomitee demonstriert Stärke in Washington
Global Times: Schiller Institute Rep. Comments on “Chinese and American Dreams”
Week Of Action in Washington: Pass Glass-Steagall Bank Separation Law Now!
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The EU Rejects Glass-Steagall, Pushes "Banking Union"
Under pressure from industry and public opinion of all member states, the EU Commission was forced to come out with a draft plan for dealing with the "Too Big To Fail " issue, which is being presented as a proposal for banking separation. The plan was drafted by a commission set up months ago by EU Internal Market Commissioner Michel Barnier and led by Finnish central banker Erkki Liikanen.
A wolf has been put in charge of protecting the sheep, one could say. Indeed, Liikanen is a member of the board of the ECB, and thus belongs to the inner circle of the institution which is dedicated to saivng the very shadow banking system which a Glass-Steagall would immediately do away with.
According to leaks, the Liikanen report, which should be presented at the beginning of October, is a toothless compromise similar to the Vickers Commission report, which does not envision a real, complete separation between investment and commercial banks, but only a cap on how much investment banking activity may be carried out by commercial banks. This would never work. Only a strict, immediate and complete separation could offer a way out of the collapse.
Meanwhile, the EU Commission and the ECB continue to push their real agenda, which is the ultimate bailout of the speculative banks through the so-called "banking union". As we have reported, the scheme would include a universal Deposit Guarantee Fund, with money from healthy banks pouring in to prop up sick banks. This is exactly the opposite of a Glass-Steagall regulation.
Moreover, all EU banks would be put under ECB supervision. This includes the power of extending or withdrawing banking licenses, and direct access to all business and personnel data, including the right to fire employees. And all this is supposed to be in place by mid-2013.
These intentions are transparent. Thus, at his Sept. 12 appearance before the European Parliament, EU Commission President José Manuel Barroso was challenged by Austrian MEP Hans-Peter Martin, with the fact that he spoke a lot about banks, but "did not say one word about the TBTF issue".
"Many citizens of Europe are deeply convinced – I am among them – that if we do not solve this problem, if we do not downsize banks again, separate investment banks from commercial banks after the U.S. model, we will surely find out that the European Union is not at all Too Big To Fail."
Barroso, Martin wrote on his website, "reacted directly to my speech, but again he evaded the central issue and spoke only of intentions of general regulations. This just increases the crisis of confidence in the EU among citizens."
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Breakthrough in the United States:
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Benghazi, Political Targetings, Blanket Confiscations:
Impeachment Hangs over Obama
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Brecht aus dem Euro aus, um die Finanzoligarchie zu besiegen!
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“Benghazigate”: Threat of Impeachment Hangs over Obama
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Ex U.S. Defense Minister Robert Gates Opposes Intervention into Syria
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Glass-Steagall LaRouche-Aktionskomitee demonstriert Stärke in Washington
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An Urgent Appeal for Glass-Steagall from Helga Zepp-LaRouche
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Alternative für Deutschland:
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Südwestasien vor einem umfassenden Krieg?
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New Book Demonstrates "Why Austerity Kills", and Needlessly So
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