December 13, 2007 (LPAC)--Today, less than 24 hours after the Fed, the European and other central banks announced their plan to pour tens of billions of dollars into the bankrupt system, the system crashed further, led by the banking system itself. As Lyndon LaRouche put it, "the crash has occurred. This is not the first crash, nor will it be the last, but it represents a new level of the crash of the system. They are out of options. None of these desperate efforts are going to work. Nothing will work except what I have proposed. It is the nature of the situation. People just don't want to admit it. If you want someone to hate, blame Felix Rohatyn. He can bear the blame. The situation is comparable to Germany in 1923. It is time to wake up before it's too late."

What follows is a summary of today's worldwide collapse:

In France the CAC 40 Index dropped 2.65 percent. Societe Generale, France's second biggest bank by market value dropped 4.2 percent. BNP, the country's largest bank, declined 3.3 percent;

In Japan, shares fell the most in four months with the Nikkei falling 395.74 points or 2.48 percent. Mitsubishi UFJ, the nations's second biggest bank by assets fell 7.9 percent;

In Germany, the DAX declined by 1.83 percent;

In the UK, the FTSE fell 2.98 percent. HSBC fell 1.4 percent after ABN Amro Holding reiterated its "sell" recommendation; HBOS, Bitain's biggest mortgage lender, fell 6.7 percent after saying it would take a $367.7 million hit, and the Royal Bank of Scotland fell 4.5 percent;

In Ibero America, the stock market in Brazil fell 2.9 percent and in Chile 2.6 percent, the biggest drop in 8 years;

In Switzerland, UBS fell 2.6 percent.

In the United States, the banking sector was also hardest hit: Morgan Stanley, Bear Stearns Cos. and Merrill Lynch & Co. led declines in financial shares after Lehman Brothers said some precautions against mortgage losses were ineffective;

Lehman Brothes Holdings Inc. itself said quarterly earnings fell 12 percent, hurt by write downs in bond trading;

Countrywide Financial Corp. said mortgage loan funding fell 40 percent to $23 billion in November, sending its shares tumbling;

On Wed. Bank of America and Wachovia Corp. warned of further write-downs for the fourth quarter;

Capital One Financial Corp, the credit card company, fell after saying debts would exceed forecasts;

Washington Mutual, the biggest U.S. savings and loan fell after it was cut to "sell" from "neutral" at Bank of America.