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GLOBAL FINANCIAL MELTDOWN
#36
SO NOW IS THE TIME TO OUTLAW HEDGE FUNDS
http://www.larouchepac.com/news/2007/09/...funds.html


At his March 2007 international webcast, Lyndon LaRouche told a questioner from the prominent Washington think tank, the Brookings Institute, that the only solution on hedge funds by that time was to outlaw them. The following is an excerpt from that webcast.

Freeman: Lyn, the next question comes from a fellow of the Hamilton Project over at Brookings, and it's on the question of this new transparency legislation. He says, "Mr. LaRouche, as you know, there is transparency legislation that has been proposed in the Senate, that would subject hedge funds to the same rules and regulations as those of other financial and trading outlets. Although we're all aware that it will not solve all of our problems, it would certainly produce a very sizable sum of tax revenues, which is obviously critical in light of the current Federal deficit. I have, for a long time, been under the impression that you had advocated precisely these types of measures. Yet now, your representative has argued with me that while that's all fine and good, that it would not appreciably affect anything. I do understand that your position is that we need to move to reorganization of the financial system as a whole, but it would still seem to me that taking such action and producing some liquidity in the midst of the crisis that we face right now, would be beneficial to everyone. Could you please comment on this?"

LaRouche: You're out of time! Time has been exhausted for that. Of course I supported such measures in times past. But now it's too late! The train has left the station! This system is coming down now! The only thing that you can do which makes any sense is to outlaw this kind of practice. The only action that means anything. It should be outlawed immediately! Now, that would have catastrophic effects, too, because the entire financial system today depends upon that swindle. You have to look at my Triple Curve, the phase two Triple Curve [ Figure 1]. Look at where we are on that map. You're now in an out-of-control, hyperinflationary skyrocket. The only thing you can do is bring it down. When you bring it down, where do you land? How do you land? What's your parachute?

What you have to deal with now: Declare this stuff illegal. You don't have to tax them. You confiscate everything in sight! Best taxation we can get. Confiscate it! It's unheard of! Look what it's doing, look at the damage this stuff is doing to the world. It takes perfectly legitimate firms, which were established by responsible people, moves in on them, grabs them on leverage without actually paying for them, loots them of all the cash and assets it has to pay for what they got free, in net effect, and then moves onto the next place, leaving a stinking hulk behind. You want to find a way to tax these guys? You want to exterminate them! Shut the things down! These should never have been allowed to happen. There is no concept of real equity in a system that allows this to occur.

A guy sits out there with a bunch of borrowed money, borrowed from fictitious sources, he puts it up as a showing of his money; he says, "We're buying that stock! We're going to get control of this company!" He gets control of the company, he loots the treasury to cover the debt he had in buying the place up, skims the fragments off, and runs off to the next place. These are locusts, as described by M√ľntefering of the Social Democratic Party in Germany. They're locusts. A guy comes in, robs your house, and says, "Now you owe me for the repairs to this house!" What people get sucked into is the idea, "Well, we have to do it in a business-like way." Well, give them the business!
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GLOBAL FINANCIAL MELTDOWN - by moeenyaseen - 08-27-2006, 09:59 AM

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