Money

Lyndon LaRouche today continued to assail the Bush Administration’s multi-trillion-dollar bailout swindle, charging that the socalled Paulson Plan would hand trillions of dollars in U.S. taxpayers’ money to foreign financial interests, particularly British interests.

The nationalization of Fannie Mae and Freddie Mac shows that the U.S. is “more communist than China right now” but its brand of socialism is meant only for the rich, investor Jim Rogers, CEO of Rogers Holdings, told CNBC Europe.

Sen. Oskar Peterlini officially presented to the Italian Senate a "Motion for the Reorganization of the International Monetary System: the New Bretton Woods." The motion calls upon the Italian government to "act internationally to promote" a new system, "modeled on the New Bretton Woods as proposed by the American economist, Lyndon LaRouche."

Lawmakers in the U.S. House of Representatives have voiced concern to Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke about proposed steps to bailout U.S. financial institutions.

U.S. President George Bush has invited both presidential candidates and the Congressional leadership to the White House in hopes of securing a deal to help the nation's ailing financial sector. The president urged public support for the rescue plan in an unusual nationally broadcast speech to the nation late Wednesday.

In response to a question from EIR, who asked if Tremonti's New Bretton Woods proposal would be on the agenda, as Italy takes the chair of the G8 this year, Italian Foreign Minister Franco Frattini replied, "Tremonti intends to propose a new item for the G8 finance ministers which is to build a new Bretton Woods arrangement."

US Federal Reserve says it will auction up to $180 billion to markets in coordinated action with central banks in Canada, Britian, Japan, Switzerland, European Central Bank.

An economic analyst says by buying out investment giants, the USA had transformed into the USSRA (the United Socialist State Republic of America).

The US Federal Reserve Board said a bankruptcy involving AIG would cause significant problems in the world's already fragile financial markets.

A former adviser to Moscow and other post-Soviet governments says Wall Street woes are likely to be felt acutely in Russia. Anders Aslund warns that the fallout could combine with a beefier foreign policy to crush hopes for key reforms.

Dmitry Medvedev has promised Russian business there will be no shortage of bank finance. He said the government would minimize the negative impact of the global financial crisis and the military conflict in South Ossetia.

Lehman Brothers has filed for bankruptcy protection to become the third top American investment bank to depart the scene in six months.

The International Monetary Fund said on Wednesday it has reached an agreement in principle with Georgia on a 750 million-dollar financial package.

Head of country's Expediency Council in a meeting with head and members of Tehran Chamber of Commerce and Industries stressed Iran's need for wide scale privatization, "in real sense of the word."

The news is full of Fannie Mae this and Fannie Mae that. Who is Fannie and why should I care? Fannie Mae (stock symbol FNM) stands for Federal National Mortgage Association. She has a brother named Freddie, the Federal Home Loan Mortgage Corporation, Known as Freddie Mac.