The paradigm shift of the last four decades, a period in which the world economy increasingly abandoned manufacturing and gave itself over to untrammelled speculation, now draws to an end. The world financial system is about to implode. Hanging over a gross production worldwide of a mere $40 trillion and the accumulated physical capital, is a gigantic bubble umpteen times that size—$2,000 trillion worth of financial turnover. The impending bankruptcy of General Motors and potentially, of the entire U.S. automobile industry, is but one of many factors that could well lead to the collapse of the U.S. dollar, and thereby, that of the entire financial system.
To prevent the world's people from suffering the untold harm that the breakdown of the system would unleash, we the undersigned demand that an emergency conference be convened, to agree upon a new financial architecture along the lines of the Bretton Woods System launched at Franklin D. Roosevelt's initiative in 1944. We stress that Lyndon LaRouche is the economist who has best grasped the causes of the systemic crisis, and who has, moreover, put forward a package of measures that would adequately deal with it: a New Bretton Woods agreement.
We, the undersigned, further stress that the Italian Chamber of Deputies has taken up LaRouche's proposal, and on April 6th 2005, voted up a Resolution calling for "an international conference at Heads of State level, in order to lay the basis for a new and just world monetary and financial system."
The following measures must be implemented if we are to alter the mistaken course that we have followed since President Nixon did away with fixed exchange-rates in 1971, a course that has led to the present upsurge of a grotesque and predatory form of capitalism, thanks to unchecked "globalization," after the fall of the U.S.S.R. The new Bretton Woods Conference shall decide as follows.
- There shall immediately be re-established fixed exchange rates.
- A treaty shall be enacted between Governments, forbidding speculation in derivative products.
- The debt shall either be cancelled, or reorganized.
- Fresh credit lines shall be opened by the State, to create full employment by investing in critical infrastructure and technological innovation.
- The building of the Eurasian Land-Bridge, as the keystone for rebuilding the world economy, is the vision that will bring about not only a new "Wirtschaftswunder," (economic miracle) but peace in the 21st Century.
- A new Peace of Westphalia will ensure that for no less than the coming half-century, raw materials shall be extracted and processed for the benefit of every nation on this planet.
We the undersigned believe that so-called "globalization," this predatory form of capitalism, has shown itself beyond all doubt to be bankrupt on every front, whether economic, financial, or moral. It is Man who must stand at the center of the economy, and accordingly, the economy must serve the common weal. The purpose of a new world economic order is to guarantee the inalienable rights of Man.
Helga Zepp-LaRouche, Chairwoman of the Schiller Institute, Chairman of Buergerrechtsbewegung Solidaritaet
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