Washington (EIR) With virtually every passing week, new reports of financial disaster surface, with previously obscure financial instruments becoming front-page news, new multi-billion-dollar losses at leading financial institutions&emdash;including those that were said to be sheltered from such events&emdash;and more calls for emergency actions to stave off a spreading crisis we were assured was under control.
We have moved with impressive swiftness from what have been reported as individual crises&emdash;subprime mortgages, subprime-backed securities, CDOs, SIVs, monoline bond insurers, etc., to the latest, auction-rate securities&emdash;as if the financial system were a series of dominoes in a row, each problem triggering the next one. The regulators have treated the problems in the same way, trying to prevent particular dominoes from falling as a way of stopping the chain reaction. Obviously, this has not worked, and can not work, because it does not address the real problem, which is that the global financial system itself has collapsed. One could say that the dominoes are themselves disintegrating even as they topple in chain reaction, but even that understates the case.
This article will not cover the ins and outs of the financial disaster now unfolding, because, frankly, the details are not that important. EIR is not "CSI Finance," and the process by which the carcass of the dead financial system decomposes is far less important than the fight over what type of system will replace it.
Few, if any, among the financial elites seem to understand that their precious financial system, which provided them with huge sums of money and elevated them to great power, was based upon a simple fraud, namely treating a growing garbage-pile of unpayable debt as if it were a great mountain of wealth. Now, even as their delusion lifts like a fog, revealing the garbage, they are in denial. It is cyclical, they maintain, the fundamentals are sound, and all we have to do is hang on until things return to normal. One can almost imagine the dinosaurs saying the same thing, as they went extinct.
Far from being in control, the financiers are reacting to events beyond their comprehension. They are acting on impulse, and their impulse is to try to save themselves no matter what the cost to the people of the United States, and the world. One can see this in the proliferation of bailout schemes being proposed on Wall Street and in Washington, all based on the premise that this is a temporary crisis, that the fundamentals are sound, that their delusions are real, and that the reality of the collapse is the illusion. That, is a serviceable definition of insanity.
Cartels, and Fascism
What is left unsaid in all these bailout schemes is that they have the common aim of saving the speculators by passing the losses on to the public. Ultimately, it is the public which would pick up the tab, be it in the form of increased government debt and taxes, cuts in services, or the Rohatyn/Bloomberg plans to loot the public through the privatization of infrastructure.
As we have indicated in numerous locations, what is being proposed is a form of Mussolini-style corporatism, in which government becomes the agent for rule by financier-run corporate cartels. Since corporatism has a bad name, this variant of fascism has been re-branded as "globalism," a new and improved way of managing the world. Within the new packaging, however, lies the ancient evil of imperialism.
Lyndon LaRouche has observed that the cultural and political changes that burst forth in 1968 lay at the heart of the Baby-Boomer generation's susceptibility to imperial manipulation. In addition to the cultural and political attacks upon the population in that period, an assault on the structure of the U.S. economy was also launched by the imperial gamemasters. The name of the project was the "World Company," and it was introduced by senior Lehman Brothers banker and top Establishment figure George Wildman Ball at the Bilderberg Group meeting at Mont Tremblant, Canada, in April 1968.
The aim of this world company project, as explained by Ball, was to eliminate "the archaic political structure of the nation state" in favor of a more "modern" corporate structure. "The world company has a great potential for good as an instrument for efficiently utilizing resources," Ball said, revealing the Malthusian nature of the project. Ball made explicit that what he was outlining was a return to the imperial form, by citing "the overlapping sovereignties of the governments of Europe and the House of Rothschild," thus putting the financiers on the same level as governments. Ball also called for further political integration in Europe, as a precondition for expanding the power of the world company apparatus in Europe, a process he assisted by working with Jean Monnet and Robert Marjolin in laying the framework for what became the European Union.
After his Bilderberger speech, Ball and his co-imperialists gave a series of presentations designed to advance the project. One event, a 1974 seminar at the American Assembly, a Columbia University-affiliated operation housed at the old Harriman estate outside New York City, was turned into a book, Global Companies: The Political Economy of World Business. Edited by Ball, it consists of transcripts of speeches attacking the very concept of national sovereignty, and asserting the need for corporations to run the world.
In one of these speeches, a top IBM official, Jacques Maisonrouge, used language similar to the claims made by globalists today. "Pandemic inflation, skyrocketing oil prices, scarcities of raw materials, disequilibrium in international payments, poor harvests, rising unemployment, high interest rates, growing fear of a global depression-these are only some of the problems bedeviling the human race," he said. "The seminal problem appears to be the lopsided distribution of the world's resources, both material and human. What is needed are mechanisms whereby those resources can be identified, managed, and more equitably distributed. One such mechanism&emdash;the international company&emdash;already exists. It is my contention that no better tool has yet been devised for realizing these goals than the international company."
Presaging the claims made by Felix Rohatyn, Michael Bloomberg, and the Rockefeller Foundation's Judith Rodin today, Maisonrouge claimed that, "it is all too clear that purely political solutions do not work in the long run" as governments "place national interests, or their views of them, ahead of long-term international cooperation."
Felix the Fascist
While Ball was pushing this concept, his Lehman Brothers firm was working closely with the Synarchist investment bank Lazard Frères to implement it. Together, these two firms were at the forefront of the assembling of the conglomerates, the predecessors to today's supranational giants. Cartelization, under the euphemism of mergers and acquisitions (M&A), has been the life's work of Felix Rohatyn, the long-time Lazard banker who, after a stint with Rothschild, joined Lehman in 2006. Rohatyn headed the New York Stock Exchange's Crisis Committee in the early 1970s, helping to restructure Wall Street to pave the way for this cartelization, and then became the most prominent of the M&A bankers. His sleazy role in orchestrating the machinations of one of his clients, ITT, involving deeds ranging from illegal stock parking, to the installation of the fascist Pinochet government in Chile, earned him the insulting sobriquet "Felix the Fixer," a name which, while true, was far too kind. Lazard, as U.S. and French intelligence reports have shown, was a controller of the Synarchy, the French variant of fascism, and Rohatyn was their man in the United States.
Over the years, Rohatyn has played a major role in building the globalist cartels that increasingly dominate the world economy. Now we have Rohatyn, a major power behind the scenes in the Democratic Party, moving to complete the world company project by using the current financial crisis to defeat the nation-state. The intention is to use the financial crisis and the political paralysis in Washington to "prove" that the "archaic" nation-state is unable to deal with the complex problems facing the modern world, and that it is therefore necessary to move "beyond politics" into a more efficient, corporatist structure. This is what lies behind the "public-private partnership" privatization schemes and the plans to install a technocrat like New York Mayor Michael Bloomberg in the White House. Politics has failed, and it is now time for change, they say, offering as the model the very British imperial system against which we fought the American Revolution.
Should we allow this project to come to fruition, the world will rapidly descend into even greater austerity and chaos, as the financier imperialists consolidate their grip over the planet. Their intention is to restore the predatory system represented by the British East India Company and the Venetian Levant Company, using the modern technology of Big Brother. This means consolidating their control over raw materials, using their control over the restructured financial markets to rig prices on the necessities of life (and making what Enron did to California look like a walk in the park), and dramatically reducing global population. Much of this has already been completed, but we still have the opportunity to stop it, restore national sovereignty, and put these evils back in their Pandora's Box. Forget the financial system, which is already dead. What is on the line is civilization itself.
© 2008 EIR
PROMETHEUS, Internet Bulletin - News, Politics, Art and Science. Nr. 129, March 2008