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International mobilization to restore Glass-Steagall
Spanish University Professors Appeal to U.S. Congress to Pass Glass-Steagall
2 May 2013
(EIRNS)—Two Spanish university profesors, so far, have signed the following letter to the Congress of the United States urging the passage of the Glass-Steagall law. Others have been invited to sign as well. Honorable Congressmen: The economic and financial crisis that Spain is suffering in the Europe of the euro, is reaching intolerable limits for our population. Unemployment has hit 27% of the labor force (more than 6 million people) and two million families now have all of their members unemployed. Youth unemployment has reached 57%, according to the latest official figures, and an entire generation, the best educated in the history of the country, is losing hope in the democratic system and in their own future. And the austerity policies imposed by the European Commission, the European Central Bank, and the International Monetary Fund have only progressively worsened the situation. We have learned that in the United States Congress draft legislation has been presented, HR 129, by Marcy Kaptur and Walter Jones, the ``Return to Prudent Banking Act of 2013,’’ which is similar to President Franklin D. Roosevelt’s Glass-Steagall law, to separate commercial and productive banking, from speculative investment banking which has generated this whole crisis. We are sure that if this Act is passed in the United States, its example would spread to the countries of Europe and Spain, in particular. That would allow the removal of the cancer of speculation from the public domain, and the issuance of new credit to produce and to reactivate the economy. Therefore, with all respect we urge you to consider and approve this new law. On behalf of all Spaniards and the European population, we deeply appreciate it. [DNS] |