Forum Post: A comprehensive economic recovery program

The United States of America is in a state of dire economic emergency. It comes by no accident. As the LIBOR rigging overseen by President Barack Obama’s Treasury Secretary Tim Geithner has shown, it was intentional. Over decades, a criminal conspiracy at the highest level has bankrupted our states and municipalities, and impoverished our citizens while leading many of them to their early deaths. As part of the LIBOR operation, Wall Street and the City of London banks were bailed out to the tune of trillions of dollars beginning October 2008, a bailout which only accelerated under Barack Obama’s presidency. This policy has gutted the real economy of the United States, and we have now come to the point where the system is dead: no bailout, of whatever magnitude, can save it.

Therefore, there is now only one policy that can save this nation, and that policy consists of three, interconnected and mutually dependent elements -- Glass Steagall, a National Credit System, and a high-technology employment program keystoned by NAWAPA -- three interdependent elements integrated as a unified policy, no part of which will function in isolation from the whole.

First, we restore Glass-Steagall, the Franklin Roosevelt legislation outlawing gambling as part of our commercial banking system. By reinstating Glass-Steagall in its pure 1933 form, we will stop the hyperinflationary bailouts and protect our commercial banks by separating them from the gambling casinos, thus wiping the trillions of dollars in outstanding speculative obligations from our books. These debts cannot be paid; these debts will never be paid. The US government has no responsibility for this debt. Glass-Steagall transfers these gambling debts off of the government’s books.

However, Glass-Steagall only stops the collapse, it does not create a recovery. Once we’ve eliminated these trillions in fictitious assets and subtracted that from our accounts, the residual real value remaining will be a very small percentage of what was previously nominally there. We will still be bankrupt. To alleviate this desperate state of bankruptcy, we return to National Banking. National Banking is inherent in our federal system, which Alexander Hamilton organized in the wake of the American Revolution, resolving the bankruptcy of the separate states by consolidating them under the centralized institution of the first National Bank. Without a revival of the Hamiltonian system, the nation will die. The Federal government must issue large masses of credit, to compensate for what the banking system no longer has the power to generate. By channelling immediate relief into cities and states, we can stop the bleeding, like Franklin Roosevelt did in the early days of 1933. However, mere relief will not be enough. As Hamilton understood, large-scale credits, issued by the federal government and earmarked for specific categories of productive employment, will be needed not only to restart the economic engine, but to restore a standard of real physical value to the nation’s economy -- as opposed to the fictitious values that Glass-Steagall will wipe out -- while establishing a multi-generational economic mission for the people of the Un ited States. Without a national credit program today, there is no way to save the US economy.

The credit generated by the National Bank must be connected to a high-technology job creation program, in order for the credit to take on any real value. This employment program will create a rapid expansion in the productivity of the nation and its people, without which the credit created would merely be inflationary. With tens of millions of Americans currently unemployed -- and with those who are employed totally lacking in productive skills or training -- a great national project must be initiated to force a change in paradigm, away from make-work jobs towards those of a high-technology productive character. The Kennedy-era project in its updated form, NAWAPA XXI, to bring water from Alaska to the western United States, will not only alleviate the drought conditions now plaguing most of our nation’s territory, but will immediately create upwards of 6 million jobs: 4 million in the construction of NAWAPA alone, and an additional two million in high-technology materiel production in the industrial belt stretching from Detroit to Pittsburgh, the Roosevelt-era “Arsenal of Democracy”.

These six millions jobs, though only a fraction of the employment necessary when considered in light of the unemployment levels now reaching to the tens of millions, will serve as the cornerstone, the focal point for training and developing an entire generation. The very act of bringing a national, top-down organization to the economy of the nation, with a future-oriented science-driven mission, will set off a process which will tend to be self-expanding. With NAWAPA, we will have turned the corner towards a paradigm of recovery, away from fifty years of self-cannibalization. The psychology of our people will begin to change. The desperation of the youth population, which drives them to drugs and horrific acts of violence will be supplanted by a sense of identity vectored, at least, towards a sense of anticipation of what the future will bring, and what they can bring to the future. This perspective inherently points to a culture of space exploration, in which man’s mission becomes the colonization of the Moon and Mars. These projects will bring us into collaboration with our natural would-be partners in Russia and China and the rest of Asia. Within this framework of cooperation, the United States will resume its rightful place in the leadership of mankind and the world.

This is a single, unified program -- without Glass-Steagall, National Banking, and NAWAPA taken as one, there is no recovery for the United States. No one element of this program can be taken in isolation from the rest. The functioning of each part is dependent on the function of the whole.

However, this program is impossible as long as Obama retains the presidency. Currently, Obama and his Treasury Secretary Timothy Geithner are running protection for the biggest criminal conspiracy ever witnessed in the history of this planet. Libor, and the drug money laundered for the financing of terrorism, are typical of the criminal system which Obama represents. As increasing numbers of leading voices on both sides of the Atlantic join the call for a new financial system, Obama and his faction within the City of London, have openly declared their intent to unleash a military attack on Syria, a policy which has been intended since the murderous operation in Libya. Such an action will set off the potential for a thermonuclear conflict between Russia and the United States, the leading nuclear powers on this planet.

Therefore, we are currently operating on a timeline of mere weeks. Obama must be removed before the Democratic Convention. Another candidate must stand in his place and adopt as their platform this three-fold program to save the United States.