Forum Post: Defeating the Global Financial Oligarchy - Jacque Cheminade

Cheminade Focuses French Presidential Election on Defeating the Global Financial Oligarchy

French Presidential candidate Jacques Cheminade challenged France and the world to follow his lead, on Sunday, in the fight against the ruling system of the destructive and predatory global financial oligarchy, in a webcast he delivered from Paris. He said the global rule of this City of London and Wall Street financial oligarchy has resulted in a crisis of civilization in France and the rest of the world.

He stated that he is fighting for an alternative to the other Presidential candidates. The present President, Nicolas Sarkozy, and Socialist Party candidate François Hollande, are not challenging the system, and therefore have no solution to the worsening crisis. In the face of this crisis, he called for the establishment of a new resistance to this system of injustice.

Cheminade demolished the claims that the burgeoning debt had to be paid, and that a combination of inflationary money printing and austerity had to be imposed on the population to solve the problem. He said the financial system has "stolen our lives" by turning the financial system into a vast casino, and that this oligarchy wants to put the next president under its control.

He said that if the dominance of the global oligarchy continues, crises worse than that of 2007-2008 will ensue.

To knock out this financial oligarchy, he called for cutting the banks in half, the way the 1933 Glass-Steagall legislation did this under Franklin Roosevelt. He also called for a Pecora Commission-style investigation of the banks, as was carried out by FDR in 1933. This would eliminate the huge illegitimate debt, making it possible to defend deposit and credit banks, so that it would be possible to rebuild such elements as education, services, and infrastructure, all necessary to restore the nation.

But, he emphasized, this would not be enough. A system of public credit and national banking was necessary for the rebuilding of the nation to succeed. All the pretended solutions to the debt problem, without dealing with how money is created, will only make matters worse.

He demolished the mantra, "the debt must be paid," by pointing to post-World War II Europe and the Soviet Union. In both cases, there were no savings. Europe was rebuilt with credit, and he called for credit to be used to rebuild Europe again today.

Among the features of his campaign program are these:

• Rebuilding education as part of the new frontier in the fight for bringing culture back to the people, giving the population a better capacity to create, instead of the present system which creates administrative elites, while ignoring the rest of the population;

• Government-facilitated investment in cutting edge technologies, because this increases the productivity of society. He emphasized nuclear technology, emphasizing especially the necessity of maintaining the methods that led to the advances in scientific and educational processes that led to the development of nuclear power, so that more advances could be made, ultimately culminating in fusion power and beyond;

• A space program, which will also produce spin-offs for increasing the productivity of society;

• Overthrowing the various laws and regulations that made it impossible for the state to finance development, as well as the mechanisms that make it possible to speculate against state debt;

• Stabilizing prices in the agricultural sector; and

• The importance of NAWAPA and Tennessee Valley Authority type programs.

The video, which starts 9:50 minutes in, and runs for just under two hours, is archived on his Cheminade 2012 campaign website, at http://www.cheminade2012.fr/2012_meeting.

http://larouchepac.com/node/22366