June 10, 2010 (LPAC)– June-July is the breakdown point for the entire global financial system, unless immediate remedial action is taken to establish a global Glass-Steagall reorganization of the international financial system.

We need legislation now, LaRouche stated. We need a U.S. Glass-Steagall restoration now, and then we can proceed immediately to international cooperation, to establish a fixed exchange rate system. The U.S. cannot survive if the world goes down, and the world cannot survive if the U.S. goes down. So we must have Glass-Steagall and a fixed exchange rate now!

That means we need an immediate Action Program on three points:

1. The entire financial system is coming down, chiefly through the cumulative impact of the monumental derivatives bubble. Therefore, we must go against derivatives immediately, by passing Glass-Steagall. We need functioning commercial banks, and where needed the Federal government will step in to provide protection so that essential banking services are maintained.

2. We must get cooperation on the same policies from European and other nations, meaning we need an international fixed exchange rate system.

3. We must get Obama out of office now, or else none of these urgent actions are possible.

There is no time for dawdling or second-guessing on any of these necessary actions. People must understand that the threat is immediate, and that there is no time to ask: "But will this work? Isn't there something that might be better? Isn't there something that's a little easier for people to accept?" We have to make this work in the short term, LaRouche emphasized, because the whole system is coming down. The Titanic is sinking, and this is the only boat available. The breakdown crisis is upon us, and there is no room for fooling around. We need the LaRouche Action Program now.

The results of Tuesday's primaries — especially the Blanche Lincoln victory in Arkansas — show that, with some significant support on the scene from people with influence, the battle can be won.