January 09, 2008

French commentator Jacques Attali Admits Financial Crash


Attali Admits Financial Crash:
`Whole World Going Over the Precipice'

PARIS, Jan. 3, 2008 (EIRNS)—In the most dire words, French commentator Jacques Attali, a longtime lackey for the financial oligarchy, and former advisor to French President Francois Mitterand, calls the world financial system, "bankrupt." Writing in his column in the weekly l'Express today, he says, "It is the whole world which seems to be going over the precipice. As if a collision of trains going at full speed was being prepared. As if, in a vortex emptying the bottom of a bathtub...." there is no stability in sight for the global economy.

"That the murder of an opposition leader of a country of the South would so gravely shake the Asian financial markets, and with them those of the entire world, reveals the extreme fragility of the planet," writes Jacques Attali, referring to the murder of former Pakistani Prime Minister Benazir Bhutto.

Attali says that "Beyond the sub-primes, many other debts are circulating and no one knows how the banks will be able to honor them: those of hedge funds, of monoline insurers, of LBO funds, and of holders of credit cards, which form a pyramid amounting to much more than the bank's own funds, which would have been closed a long time ago, had the central banks not agreed to refinance them all without restraint."

The European Union is in such bad straits, "with an Italy going financially adrift, to such an extent that the very existence of the euro could be put into question by speculators attacking the Rome Treasury."

He even adds to this already poisonous mix, the crises of the Middle East, and the growth of world poverty. But, like other appendages of the Anglo-Dutch oligarchical system, Attali will not admit that it is gone forever, and must be replaced with the kind of financial reorganization represented by Lyndon LaRouche's New Bretton Woods monetary system, and emergency action in the United States embodied in the Homeowners and Bank Protection Act. Instead he only lists the symptoms, as if he were examining a live patient, not a corpse.

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