Only Preemptive Bankruptcy Action Against London Can Save United States

"The United States must immediately call in all of the unpayable debt on the part of the big London and continental European banks, and put the onus of the bankruptcy on the heads of the very people who were planning this drive for fascism. ... If you just simply take the massive amount of European debt, that the Fed and Treasury are sitting on, all you have to do is make an immediate margin call on that debt, and they’re screwed, to put it in blunt language.

And under those circumstances, the only recourse for the United States is immediate Glass-Steagall bank separation; seize the assets of those banks that are incapable of paying those debts back, and create something like a Resolution Trust Corporation, which was the mechanism that was used in the case of the savings & loans blowout, in which a government agency seized the assets of the bankrupt institutions and sold them off over time, to recuperate some of the loss. And then, on top of that, you have to go with Glass-Steagall and a credit system, to begin a massive program of economic recovery.

We bankrupt the British oligarchy before they get to strike the first blow and bankrupt the United States. JP Morgan and the BIS saw their ability to control the situation slipping away. They had no choice but to come out explicitly to attack Glass-Steagall, and they had to make their public declaration of intent, to go for murderous Schachtian austerity and dictatorship without a Hitler figure on the scene in Europe. The JP Morgan and BIS documents were nothing less than a declaration of war against the United States."

http://larouchepac.com/node/27108