November 14, 2007 (LPAC) -- To call the presently ongoing economic collapse a subprime crisis, or a housing crisis "is a fraud," Lyndon LaRouche said yesterday. "It's an overall systemic crisis."

"If you want to look for a cause, the Senate should look at the way it showed contempt for China," LaRouche said. That didn't cause the crisis, but it precipitated the crisis. It determined the timing of the crisis--that the Senate showed imperial contempt for China, LaRouche said.

The Chinese retaliated, as they had warned the Senate through LaRouche that they would do, he said. And that's what precipitated the timing of the outbreak of this general breakdown crisis.

This is what is behind the large-scale Chinese sell-off of dollar holdings now ongoing.