Love for Life

“Six months into the greatest financial crash ever”

The meltdown of the global financial system is now six months along, and has escalated dramatically as of January: America's banking losses are now well over $100 billion, and projected to rise into the trillions; the American “recession” is now a reality, and the U.N. has declared the world is set to follow; oil broke the US$100 per barrel mark, and already there are options contracts on the NY Mercantile Exchange to buy oil for $200; inflation has now been officially recognised as out of control.

The Australian banks have been forced to raise their interest rates, as they desperately seek to refinance their overwhelming debts in a collapsing world money market; however, the rate rise will only compound their problems, as more Australian homeowners are forced into mortgage default, which threatens to collapse the property market, and leave the banks bankrupt.

For four decades LaRouche has warned of exactly this moment. In his July 25th 2007 webcast, he forecast the latest phase of the crash, just days before it began in the form of the so-called U.S. subprime mortgage crash, rapidly spreading worldwide.

On Friday, January 18th at 5am AEST LaRouche will address what we can expect in the coming period, including the prospects for a shift in the U.S. political situation, given the recent turn of events in the campaign of Democratic presidential nominee Hillary Clinton. Clinton has been pushing a version of LaRouche’s Homeowners and Bank Protection Act, in particular calling for a moratorium on mortgage foreclosures.

The LaRouche Political Action Committee (LPAC) has shaped, and will continue to shape, the policy push in this direction, building support for the HBPA at the grass roots level. The legislation has now been introduced, or drafted for introduction, into the state legislatures of 13 American states, and has been passed by 38 city councils in the USA, many of them major American cities like Philadelphia.

To view LaRouche’s webcast go to www.cecaust.com.au