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July 5, 2008 (LPAC)--City of London mouthpiece Ambrose Evans-Pritchard of the Daily Telegraph writes a freaked-out article denouncing the European Central Bank's intention of raising interest rates by 0.25% to 4.25% today. He uses all his powers of sophistry in a desperate bid to convince the ECB and the Fed to cut rates--to save the world's bankrupt financial system.

Pritchard writes that the ECB "is now hell-bent on a course of action that will have a knock down effect across the world and risk a dangerous implosion of the credit system." He says that ECB Governor Jean Claude Trichet's policy "directly contradicts [Federal Reserve Chairman] Ben Bernanke", who he says is "one of the greatest economists of our age"!! He implies that Bernanke would like to cut rates further, but the ECB is "pressuring the Fed into a tighter monetary policy." Perhaps fretting about LaRouche's recent call for doubling U.S. interest rates, to keep depositors from fleeing the banking system, Pritchard writes that the Fed in fact "needs to cut rates further--probably to one percent. It cannot do so because the ECB will pull the plug on the dollar. This is madness. " Evans-Pritchard said forget about inflation, we have to save the "collapsing credit and equity markets."

At this point, it is clear that he has been having sleepless nights, perhaps made worse by reading Lyndon LaRouche's LaRouche PAC website, because he then summons all his powers of sophistry to launch an attack on the Germans and their determination to have the ECB run like the Bundesbank, and not the Bank of Italy. Attacking the Bundesbank's Axel Weber, he writes that Weber "has a maniacal urge to press the point, like Shylock cutting his 'pound of flesh.'" Weber should "read Nathan Der Weise by his great countryman Gotthold Ephraim Lessing, set in the Third Crusade"!!!

So, it is clear, that this is nothing less than Evans-Pritchard broadcasting an SOS (Save Our Securities) to keep interest rates low enough to bail out his masters in the City of London. (Of course, it won't work.)

BACKGROUND:

 July 1, 2008 - LaRouche Proposes Emergency Stop-Gap Measures To Prevent Financial Chaos