John Hoefle on Financial Derivatives 1993 part 1

Before we had the disgusting acquiescence of Congressional traitors like Barney Frank and Chris Dodd to the gambling lunatics of Wall St. and London, Rep. Gonzalez (TX) brought EIR editor John Hoefle in to testify on the danger of financial derivatives, back in 1993 when you had Orange County California, Auburn Maine and other institutional investors loosing huge amounts of money. LaRouche, from jail, responded with a programatic approach of a minor tax 0.01% on financial transactions that would have dried up the problem before it ballooned into the quadrillions monster squatting on the world today. In 1998, the global financial system was on the verge of total meltdown due to the collapse of Long Term Capital Management, due to the default of the Russian Government on GKO bonds which LTCM had bet on. LaRouche has always been right. Will you support him, or die for gambling debts? part 1 of 2

Category:

News & Politics

Tags:

• derivatives
• crisis
• financial
• system
• crashing
• John
• Hoefle
• Lyndon
• LaRouche
• economics

[optionsupdate]

@ 0.32 currency warfare? ! what is that

[OaklandLYM]

@optionsupdate Financial institutions manipulating the value of countries currencies, most used for punishing countries and stealing their assets.

[GwenAYF]

@OaklandYM. Of course. That is the purpose, "deadly." When one is an observer of the psycho-socio-economic system in historical context as I have been for many decades, the picture is clear. Sadly, the anti-thought/ anti-intellectual choices given and accepted works against productive change in the system. After observation I've become a rank skeptic-pessimist, wondering when evolution will abort this experiment gone awry..

[OaklandLYM]

@GwenAYF Get your congressperson to support reinstating Glass-Steagall and cosponsor Rep. Marcy Kaptur's H.R. 1489, “The Return to Prudent Banking Act”. Being pessimistic at this time is just as bad as the insanity of the speculators. All crisis' represents an opportunity as Shelley reminds us in his "Defense Of Poetry".

[GwenAYF]

The entire economic-financial paradigm is nothing more than a combination of the Wizard of Oz and Alice in Wonderland . Accepting the fantasy is the only reality. The rest is a horror tale.

[OaklandLYM]

@GwenAYF It's a rather deadly fantasy, if you consider how many people are dying because of the bankruptcy of the states, and the massive cut backs in fire/police/hospitals/social services, all while unlimited bailouts of the international speculators continues unabated.

[OaklandLYM]

@ncbookz Sure is! Too bad nearly everyone ignored his warnings. We're sure paying the price, so to speak.

[ncbookz]

good upload!

[OaklandLYM]

@optionsupdate No clue. You would have to dig up the transcript of the Congressional committee testimony to find out.

[optionsupdate]

who is the women in the foreground at the start on the left.