The same people who denied the existence of a systemic crisis in 2007 are now telling anyone who will listen that the financial markets are doing just fine, no danger of a meltdown. Sure, there were major losses on the stock markets in 2018, they say, but each had its own specific cause, unrelated to the others. For example, the Dow Jones lost about 10%, but that was due to Donald Trump’s so-called “trade war” with China; London was down by 12.4%, but only as a result of Brexit uncertainties, while Frankfurt’s 18.3% drop had to do with problems in the auto industry and at Deutsche Bank, and Milan lost 16.5% because of the “populist” government in Rome. For the biggest drop of all — Athens with 24.7% — there was no obvious cause, so it was attributed it to a “contagion” efffect.
After visiting Puerto Rico which had been devastated by the hurricanes, President Trump suggested that the island’s debt should be “wiped out”. Immediately, Wall Street went into a panic mode and the mainstream media spouted that a.) he can’t do it; b.) he doesn’t know what he’s talking about; and c.) Cabinet members are “walking back” his comments. But they all missed the most obvious point — which is that there is no way that Puerto Rico can pay back the debt! Trump is right, it must be written-off.
All the recent so-called natural disasters in the United States could have been avoided for a cost far below what is/was needed to rebuild. But the “Wall Street system” prohibits investments in infrastructure. That issue was addressed by the LaRouche Political Action Committee in an Aug. 31 statement, excerpted below.
As momentum builds behind Lyndon LaRouche’s call for President Trump to drop the nomination of Steven Mnuchin, a George Soros collaborator, as Treasury Secretary, Wall Street networks in Congress are intent on pushing his confirmation through as quickly as possible. Senate Finance Committee chairman, Orrin Hatch, a Republican from Utah with deep ties to Wall Street, abruptly announced on Sunday, Jan. 29, that he would end debate in the Committee to allow a vote, as early as the evening of Jan. 30.