House Speaker Nancy Pelosi may have now played out her game of a fifth COVID relief act, which national media have taken to calling a “stimulus” act for no good reason. Pelosi long ago rejected the bill which could have been passed, with efforts promised by the President — the $1.5-1.6 trillion Problem Solvers Caucus bill. She has teased out negotiations with Treasury Secretary Steve Mnuchin on a bill in the neighborhood of $2 trillion which cannot be passed in the Senate until at least the Lame Duck Session in mid-November. In Europe, too, a so-called European Recovery Plan is being pushed off well into 2021.
We should be thinking bigger and higher. Those “relief” bills which the United States and Germany previously enacted by the trillions, have mainly helped the Federal Reserve and European Central Bank rescue failing corporate debt and the big banks that hold it, creating still more unpayable debt in the process. They have contributed nothing to productivity or productive employment.
And they lead in the direction of what Joe Biden was laughably trying to run away from in last night’s debate: the Democratic Party’s Green New Deal. Those City of London and Wall Street banks want it as their new financial bubble, for huge investment flows into primitive technologies that will not support the population. Now that Biden is the spokesman for a political party assaulting the U.S. Constitution, let’s not forget that for decades he was the “Senator from MBNA” (Bank of America after 2005) and conveyor of legislation Wall Street wanted.
President Franklin Roosevelt brought the economy back from the Great Depression not with “relief,” definitely not with any bailouts to Wall Street banks, but with great projects of electric power, navigation, irrigation, transportation which required entirely new technological breakthroughs to build. Breakthroughs in nuclear physics, radiation beam technologies, optics, computing sciences and other fields followed. And so, too, did big advances in agricultural science and technology, and parity prices to farmers.
The power of the City of London banks, the British financial empire backed by Wall Street, has constantly grown since the 1970s when they destroyed FDR’s productive Bretton Woods system and replaced it with financialization and speculation. The capacities of industry and manufacturing had declined drastically when President Donald Trump’s administration began working to bring them back; the task is bigger than what Roosevelt faced.
The economic “laws” of the great economist and statesman Lyndon LaRouche have to be put to work now. Drive the recovery “from the top” with the science frontiers: Ensure Trump’s Moon-Mars mission is a crash colonization program and link it up with other nations’. Nationalize the Federal Reserve to make it a Hamiltonian national bank providing the credit for new infrastructure and manufacturing technologies. Export these new capital goods to develop countries that need them, especially to increase food production and distribution to deal with famine has struck in Africa and other developing countries under COVID lockdowns. These make the best intentions of a second, FDR-like or “American System” Trump Administration.
