First of all, when considering the bipartisan McCain-Cantwell amendment to the Dodd financial reform bill we must recognize that the highly speculative derivatives in world markets are now in the hundreds of trillions of dollars and can never be paid. These derivatives must be extracted to end the criminal injustice in world finance and to allow for a science-driven infrastructure led recovery.
Contrary to what is being said in the news media, there is no recovery of the physical economy and there will not be a recovery until we stop the bailouts that are turning international private gambling debt into taxpayer public debt. Derivatives started as a tool for insuring against financial risk and have become the largest and most destructive financial bubble in world history.
Attempts to pay these derivatives by hyper-inflating currencies and cutting budgets are now causing worldwide economic breakdown conditions that have the potential to cause a global war.
World populations are not stupid and at a certain point there will be violent and aggressive reactions against the injustice caused by the massive derivatives securities market consuming most of the financial credit worldwide. Agriculture, industry and the building and maintenance of infrastructure cannot be funded as long as derivatives continue to destroy productive credit.
The recent financial crisis in Europe is one indication of a world financial system that does not functions to support human populations. The McCain-Cantwell amendment to the Dodd financial reform bill is our nation’s first attempt to address this life and death issue. What this amendment represents is a return to the Glass Steagall separation of commercial banking from international finance.
Stated directly, the Dodd financial reform bill is full of crap designed to perpetuate some of the nonsense that got us into this mess to begin with but the McCain-Cantwell amendment directly address the core problem of self-destructive derivatives gambling. If Glass Steagall is reasserted then commercial banks will be required to stop their derivatives gambling and return to providing credit for legitimate business transactions.
Alaskans must tell our congressional delegation to stop hyper-inflating our currency, support the McCain-Cantwell amendment, and use the historical example of Glass Steagall legislation to extract the derivatives and create a new productive discount window at our reorganized Federal Reserve.
By recognizing derivatives as destructive gambling debts that are directly causing a world depression and possibly world war, the United States must lead international treaty agreements based on creating credit for a science-driven infrastructure led recovery.
The United States must lead Russia, China, India and many other nations in a global Glass Steagall based on building great projects. By identifying great infrastructure projects so large that only a new financial system could fund them we can create a new strategic alliance that uses fixed exchange rates, and excludes payments on derivatives obligations.
Alaskans must act together with other U.S. citizens to protect our nation and the world community from the destructiveness of derivatives gambling by supporting the bipartisan McCain-Cantwell amendment.
Our failure to support the bipartisan McCain-Cantwell amendment and support a science-driven infrastructure led world recovery based on new treaty agreements will lead to consequences we are not prepared to tell our surviving grandchildren.
