Send your bread to Leesburg.
Friday, October 12th, 2007A milestone has passed. Larouche predicted that the dollar would be worth ZERO yesterday. It is not. The latest in a long line of predictions on apocalyptic happenings — wandering into a Depression Greater than the Great Depression, and into a new Dark Ages which rivals the second Dark Ages interval of… um…
Anyways, bread will be arriving at Cult Headquarters, apparently. Feel free to send your own loaf of breads their way. Just go ahead and send it to the EIR address, relatively easily found online I assume.
I’m told by my fellow Talking Heads fan, who also happens to be a member of the cult, that this is no big deal, because look at Bush and Greenspan.
In other news, Larouche’s Bankruptcy plan is, same as it ever was, essentially to bankrupt the banks for, you know, his control… and so…
Anyone reading this who doesn’t right off recognize the enormity of that is either a brainwashed LaRouche cult follower, or someone ignorant of banking. You, see, banks, like all other companies, have assets and liabilitities. In healthy companies, your assets exceed your liabilities, and you have positive net worth. If your liabilities comes to exceed your assets, you are technically insolvent, and need to correct that condition before it leads to collapse. If it starts leading to collapse, such companies can petition for bankruptcy, and if granted a Chapter 11, most of the liabilities are marked down to cents on the dollar, to where the assets again exceed liabilities. Hopefully, also, there is a business plan to prevent the problems from recurring. But the main service that bankruptcy does, for individuals as well as companies, is wipe out all, or a major portion, of your liabilities, typically in the form of debts.
So, if banks are put into bankruptcy, presumably a large portion of their liabilities will be cancelled, paid off on cents to the dollar. If that sounds OK to you, it will cease doing so the moment you realize that a bank’s liabilities are its checking accounts, savings accounts, CDs and money market accounts–basically, all the money that depositors have deposited in the banks. So, by putting the banks into forced bankruptcy, LaRouche is arbitrarily wiping out at one stroke trillions in the value of people’s checking and savings accounts. WHAT A GENIUS! WHAT A MARVELOUS SOLUTION! Boy, will this really sock it to the speculators and wipe out the overhang of “gambling debts” that LaRouche rambled on at length about this afternoon while dodging a number of very good questions the Hapless Debbie the Dunce was stupid enough to pass on to him.
And get this: if Congress fails to enact this bill, from first unveiling it in committee to passage in both houses and the president signing it into law, in about 2 hours from first hint to the public of what it proposes, it will be even more needed, as every depositor in the country will withdraw, or try to withdraw, their deposits and savings from the banks before the bill passes, in hopes of rescuing their entire savings, such that by the time the bill passes, every bank will in fact be totally bankrupt, destroyed by a universal bank run that will bankrupt every bank in the country simultaneously. Lyn, you have outdone yourself. You have had your eyes set on a crash for decades, and by golly, if your bill ever gets introduced in Congress, you’ll have your crash.Â
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[…]Â Certainly, future generations would bless his name as the father of a bill that would (1) bankrupt all the banks, (2) destroy all depositors’ savings (as larouchetruth points out), (3) destroy the equity all homeowners have in their homes, and (4) destroy the entire financial system of the country, and then the world.Â
But there really isn’t much point in analyzing a Larouche written bill.
go the LaRouchepac website, start the webcast, and if you don’t have the time, or the stomach, to listen to the whole thing, jump to minute 26 and listen for about five minutes on the banking bill, then jump to around minute 38, where Debbie starts the questions, and listen to his answers to the first four questions.
Some other time.