Since the Glass-Steagall Act began to be torn down 50 years ago, Wall Street’s banks and funds — with their most dangerous operations always in London! — have been a succubus on the economy, which can’t grow without financial crashes, and since the 2008 crash can’t grow at all. The Glass-Steagall breakup must start now, to prevent the threatening new bank crash.
Then, credit must be issued from a national credit institution…. credit soon in the trillions, for 20-25-year periods at low interest rates.
The purpose is high-technology investments in new, more productive infrastructure to replace the crumbling sinews of the U.S. economy, raise productivity and create productive employment again. It cannot and will not be done by private investment. President Trump must learn this, and the Wall Streeters around him like the Treasury Secretary, have to go.
A great expansion of the United States space exploration program will drive this revival, as the President had stated in a television message to the American people in March.
What Must Be Done Before Another Bank Crash Hits From LaRouche PAC, July 25, 2017
A Note To Readers
The quote above is from a LaRouche PAC statement of July 25, 2017, and represents what must be addressed if any specific problem is to be approached from the standpoint of solving it. The full statement is here: https://larouchepac.com/20170725/what-must-be-done-another-bank-crash-hits
And that goes double for California’s water management system. Recall the early 1930s and the attempt by the state to build the Central Valley Project. The governor, the legislature and the population approved the funds for the project, but there were no buyers for the $170 million revenue bonds. The nation was in the depths of the Great Depression. The state then asked the Roosevelt administration to take over the project, and in 1935 President Roosevelt transferred $20 million to begin the project. In 1937, the authorizing legislation, the Rivers and Harbors Act, placed the project under the Bureau of Reclamation and provided further funding. Actual construction of the dams, reservoirs and aqueducts began in 1937, and for the next 30 years the Congress passed thirteen separate bills authorizing further funding and construction.
Today, the existing system of Wall Street speculation and the ideology of anti-government thinking both have to be put in the trash. The minimal requirement for just repairing the nation’s infrastructure as the American Society of Civil Engineers’ report this year stresses, requires $4.6 trillion. No state, and definitely no so-called Private Public Partnership, can even make a dent in that, much less provide the trillions more required for the required new infrastructure platform of an expanded space program and an aggressive program for developing fusion power.
As for the California water management system, even a couple more dams and reservoirs like the proposed Sites Reservoir and the Temperance Flat dam have a price tag of an estimated $3-4 billion each, and can take as long as ten years to build. That will not do. Only setting the nation on a mission, like President Kennedy did with the Apollo Project, with funding at $2-3 trillion per year for a massive infrastructure building program for water, high-speed rail, fusion, space exploration and thousands of other projects should even be considered. Of course, instituting a Hamiltonian credit system to fund it is the only way that can be done.
China’s Belt and Road Initiative, now building projects all over the world, is already a $2 trillion investment in the most massive building program in human history with more than 70 nations now participating. China’s financial system, as I have reported on here over the past few weeks, is, ironically, a copy of that American System of Alexander Hamilton we used to have.
If China can do it, so can we.
In this week’s report
The Oroville Dam report this week is This week’s update on Oroville Dam is a smorgasbord of videos, announcements, action, what is next, an ominous warning, and more.
Wildfires this year have already burned more than triple last year’s acreage for this time of year.
The Delta tunnels, or as Jerry likes to call it the Calfix, moved forward a little this past week with the announcement by the California Department of Water Resources that another permit milestone had been achieve.
Other Political Developments On the Topic of Water covered this week include a bill passed by the state assembly that will fast-track infrastructure projects, a GOP push to shift state water policy away from conservation, and an update on The State Water Resources Control Board plan to return the San Joaquin River to 40 percent of its “unimpaired flow.”
Then there is a report on the ongoing and future damage from the drought in the subsidence of the land.
Finally, we conclude this week’s report with an example of the insanity that demonstrates why our nation is so dysfunctional, but also why the a good part of the population acts like they are all on drugs– they are.