Make Sure There Is a New Year: Dump Obama and Wall Street!
Join us at 8 PM eastern tonight for an Emergency Webcast event featuring Jeff Steinberg & Matthew Ogden
In the crash process already underway of the entire, dead Trans-Atlantic Financial System, there are now cases by the hour, of insolvencies and withdrawal-runs, while on Jan. 1, a raft of "official" measures take effect, which will add nuclear fuel to the fire. Lyndon LaRouche said of this process last week,
"What you’re getting is an accelerated rate of crisis. The rate of acceleration—the self-acceleration of the process—is such that, within one week, the whole thing could be wiped out. We’re in that kind of situation."
We are at a point of do-or-die challenge this Christmas: either we force action to re-instate Glass-Steagall and the related emergency measures, or else, it’s mass hell and damnation.
Monday's Wall Street Journal presented a review of the latest updates on the financial disintegration, by recounting the names of the hedge funds which have gone under, and also covering the situation of several more prominent firms, which are nominally in business, only by imposing "deferred payment" to client speculators, who want to cash out. For example, a unit of the infamous Carlyle Group LP, Claren Road Asset Management, is expected to have, as of Jan. 1, a sum of $1.25 billion under their management, way down from $8.5 billion they had just 15 months ago, before their client-investors began demanding mass-withdrawals over 2015. However, since the Claren Road operation has imposed a "delayed-repayment" policy for six months, the imputed year-end $1.25 billion does not even cover the outstanding demands deferred over the third and fourth quarters of 2015. The same situation applies to many other Wall Street houses of speculation, whether big names or small fry.
The bums are bankrupt! Some of the withdrawals and sell-offs taking place, besides being a stampede for the exits, are due to attempts to meet contracts and reserve requirements, but that very fact marks that the system is gone. Then comes Jan. 1, with many new detonation points.
In the European Union, new rules for bail-in go into effect on Jan. 1, after the bail-in policy has already been implemented in Cyprus, Italy, Portugal, Spain and elsewhere, with killer consequences. The official name of the EU measure, is Article 55, titled, Bank Recovery and Resolution Directive (BRRD).
In Eurasia, on Jan. 1, the Ukraine free trade accord with the European Union goes into effect. At the same time, the Dec. 21 talks among Russia, Ukraine, and the EU on how to proceed, fell apart. "Ukraine is going down," LaRouche noted. They cannot get anywhere.
In the Americas, as of Jan. 1, Puerto Rico, with no action taken by Washington, D.C., is on track for default.
Overall, on Jan. 1, the third installment of the Basel Accords is to take effect. What the 2016 Basel III rules do, is order banks to sell masses of deadly bail-in bonds; in other words, banks must issue "rat poison" to savers and investors. This stuff goes under the rubrics of "long-term," or "loss absorbing," or most elegantly, "Basel III-compliant" bonds.
Add in the Obama/London war drive, and the consequences of allowing this insanity to continue another day are deadly. LaRouche is sounding the call for "a mobilization of the willing"—those willing to see the problem, and those willing to act.
Join us at 8 PM eastern Wednesday night for an emergency webcast event featuring Jeff Steinberg & Matthew Ogden, followed by a live Fireside Chat discussion with Lyndon LaRouche at 9 PM. These back to back presentations are part of an emergency mobilization Mr. LaRouche launched Tuesday evening to marshal the sane and patriotic forces in the United States and Europe to handle the blow out of the transatlantic financial system on the eve of the New Year.