February 15, 2009 (LPAC)--Lyndon LaRouche today reiterated his call for President Barack Obama to immediately declare a national and international financial emergency, and announce a bankruptcy reorganization of the entire Federal Reserve banking system. In his Feb. 11 international webcast, LaRouche had explained that nothing short of a top-down bankruptcy reorganization of the entire, hopelessly-bankrupt financial system, could stop the plunge into a global dark age, worse than the 14th century collapse of Europe.

LaRouche today added that ``the people who are responsible for this catastrophe are now the main opponents of my proposal for a top-down bankruptcy reorganization.'' LaRouche called on them to ``learn their lesson and come along, or just shut up.''

``We are in a breakdown crisis,'' LaRouche continued. ``My focus is on the urgent measures that must be adopted immediately, to save nations and economies from total ruin. The present post-Bretton Woods system is hopelessly bankrupt and cannot be saved. But that is not a problem. You can always create a new financial system, following a bankruptcy reorganization of the old, dead system. The simple fact is: Many bankers are going to have to eat the losses, especially those financiers who built up the approximately $1.4 quadrillion dollar derivatives bubble.

``There are people who are trying to save the derivatives swindlers, at the expense of current and future generations of American taxpayers,'' LaRouche charged. ``In my view, these people are thieves, who gambled criminally with other peoples' money. They lost, and nobody in their right mind can justify bailing them out, on the backs of working American families. But isn't that exactly what Hank Paulson proposed? Isn't that what Nancy Pelosi, Chris Dodd and Barney Frank are still proposing?

``I am very concerned that enemies of the United States, including some people who are trying to mis-advise President Obama, are blocking the urgently needed bankruptcy reorganization, that I first spelled out in my July 25, 2007 international webcast, and then issued in legislative form in the Homeowners and Banks Protection Act (HBPA).

``There is no alternative to the HBPA, if the United States and the world are to avoid a plunge into a dark age collapse,'' LaRouche concluded.

http://www.larouchepac.com/news/2009/02/16/lpactv-weekly-update-02-16-09.html