Oct. 10, 2008 (LPAC)--If the U.S. Congress, President, and voters had listened to Lyndon LaRouche back in 1993, the world would not be suffering under the estimated quadrillions of derivatives obligations, that is wiping out the world financial system today.

In March 1993, LaRouche intervened into the ongoing debate on the world financial crisis, by proposing a small (0.1%) sales or transition tax on the turnover of "financial derivative" securities or financial instruments, one of the major engines of Federal Reserve Chairman Alan Greenspan's "innovative" creation of the current financial bubble. Such a tax would have rapidly dried up this gambling casino. While at that time EIR estimated the level of outstanding derivatives to be in the range of $7.6 trillion, it is now estimated to be in the range of quadrillions!

While LaRouche's 1993 proposals were widely discussed in various legislative bodies, including the U.S. Congress, at the time, they were eventually sabotaged.

LaRouche's drive against derivatives, however, also included another aspect: the pinpointing of speculator George Soros. LaRouche called for Congress "to investigate and take appropriate action against the activities of derivatives speculators such as George Soros, whose machinations on the financial markets have devastated the economies of former East bloc nations and Italy, and who has most recently targeted the German mark in an effort to destroy the European economy, which would play the key role in the economic recovery of Europe, the former East bloc, and the nations of the former Soviet Union."

Had Soros's filthy derivatives and other gambling activities been shut down, it's not only the U.S. economy that would be in better shape--but the Democratic Party as well.