LAROUCHEPAC:
From LaRouche, Glass-Steagall, Empire
Sleepers, Awake!
The Situation Is Not Yet Quite Hopeless!
by Lyndon H. LaRouche, Jr.
October 1, 2010
My Friday September 24 webcast laid out the fact that the U.S.A. economy was at the verge of a breakdown-crisis. Time has virtually run out.
Yesterday, Thursday, I reported that the U.S. Congress, in a crucial vote, had failed to match my warning and had thus lost its battle to save the United States; it is now a likely, although a not yet fully certain prospect, that the moral failure of the Congress, although allowed only by a scant majority in the U.S. Congress, has condemned our nation to an almost inevitable, early arrival in Hell.
The fact is, that the situation under the British puppet known as President Barack Obama and under Federal Reserve Chairman Bernanke, has turned into a full-throated, hyper-inflationary debacle at the beginning of this week, as that fact was reported by such as Britain's Ambrose Evans-Pritchard, and other relevant British voices. Their warnings were correct. This is precisely what I had forewarned as the likely September limit of a plunge of the U.S. economy. As usual, once again, I have made no mistakes in my forecasting.
It is now probable, although not yet inevitable, that the United States (and also all Trans-Atlantic civilization) is about to be destroyed in a breakdown-crisis comparable to that of Europe's Fourteenth Century. You can now thank both President Barack Obama and any political authority who supports the continuation of his visibly lunatic reign, for that.
Yesterday, Federal Reserve Chairman Ben Bernanke delivered a speech before the the Annual Meeting of the Rhode Island Public Expenditure Council in Providence, Rhode Island. In the speech, he warned about the current state of the government finances. His conclusion, the situation is dire and "unsustainable".
It is remarkable that mainstream media has given this speech no coverage. I repeat, the central banker of the United States says in his own words:
Let me return to the issue of longer-term fiscal sustainability. As I have discussed, projections by the CBO and others show future budget deficits and debts rising indefinitely, and at increasing rates. To be sure, projections are to some degree only hypothetical exercises. Almost by definition, unsustainable trajectories of deficits and debts will never actually transpire, because creditors would never be willing to lend to a country in which the fiscal debt relative to the national income is rising without limit. Herbert Stein, a wise economist, once said, "If something cannot go on forever, it will stop."9 One way or the other, fiscal adjustments sufficient to stabilize the federal budget will certainly occur at some point. The only real question is whether these adjustments will take place through a careful and deliberative process that weighs priorities and gives people plenty of time to adjust to changes in government programs or tax policies, or whether the needed fiscal adjustments will be a rapid and painful response to a looming or actual fiscal crisis.
This is as close as you are ever going to see a central banker admit that his country's financial situation is so dire that it could breakup at any time.
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