- The Enterprise
- The Recorder
The fiscal crisis in Washington, D.C., came to a head this week, and while the two parties play the blame game as to whose fault it is, nobody should think there’s any combination of tax hikes and budget cuts that will solve the problem the two sides claim to be trying to solve. President Obama’s real policy is to continue to bail out the big banks and impose austerity for the rest of us. That will put us in a “death spiral,” just as the same policies have done in Greece.
Three steps must be taken instead: the 1930s era Glass-Steagall law, which separates legitimate commercial banks from parasitical investment banking; a system of national banking, exactly as Alexander Hamilton designed, to restore sovereign control over credit; and building of great projects, starting with the North American Water and Power Alliance, in order to invest in the future. Without taking these three steps, as Lyndon LaRouche has been campaigning for, we have no future.
As for Glass-Steagall, a bill, HR129 — the Return to Prudent Banking Act — has been introduced in the House of Representatives by Reps. Marcy Kaptur (D-Ohio, 9th) and Walter Jones (R-N.C., 3rd). Our representative, House Minority Whip Steny Hoyer (D-Md., 5th), has not signed onto this bill, but a resolution has been introduced in the Maryland House of Delegates, House Concurrent Resolution No. 3, with a dozen co-sponsors from across the state, calling on Congress to pass HR129. The passage of HCR3 will send a powerful message to our congressional delegation to fight for the future of Marylanders and all Americans, rather than being slaves to the demands of accounting.
Carl Osgood, Lusby