Breaking News Update! "LaRouche Demands: NO MORE BAILOUTS! Geithner's Plan to Bail Out London's European Banking System Will Destroy the United States. Also, follow our continuing coverage at LaRouchePAC.com . Lyndon LaRouche today demanded that the United States Congress act immediately, this week, to stop US Treasury Secretary Timothy Geithner from carrying out his proposed bailout of the entire bankrupt European banking system, by leveraging tens or hundreds of billions of US dollars provided by the Federal Reserve, into trillions in bailout funds in Europe. "This must be stopped," LaRouche stated. "The destruction of the United States is being proposed by Obama's Secretary Geithner. Honest depositors come first. No more bailouts; no more protection for speculative funds." With Europe's entire banking system spiralling out of control, the European Central Bank announced today that it will be offering euro-area banks emergency dollar loans, with funds provided by the US Federal Reserve through swap facilities. These unlimited swap facilities have been in place continuously since the 2008 crisis, and are now to be activated on a major scale. At the same time, Geithner announced that he will participate in the meeting of European finance ministers in Poland this Friday and Saturday, Sept. 16-17, where he will urge them to use "overwhelming force" to address the banking meltdown. EU officials additionally told Reuters that Geithner will press the Europeans to leverage ...
Comments