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Schiller Institute in Denmark testifies in Parliament

Thursday, November 22, 2018, Schiller Institute in Denmark chairman Tom Gillesberg, accompanied by a 4-person delegation, gave testimony before the Business Committee of the Danish parliament, Folketing. We requested the 15-minute testimony in the hope that the recent series of serious bank scandals to hit the country, would increase the openness to our proposals for what needs to be done to prevent a new financial crash.

In fact, the committee members were in shock after hearing the whistleblower in the Danske Bank (Danish Bank) money laundering case speak at a hearing on Monday.

Tom Gillesberg reminded the committee of our 2007 election campaign forecast before the last crisis, and the deregulation that caused it, our proposals for Glass Steagall and other measures afterwards which have not been heeded, and warned of the coming crisis. Tom then presented The Schiller Institute’s comprehensive solution consisting of 1. Join the New Silk Road; 2. Create a New Bretton Woods credit system, and; 3. Implement LaRouche’s Four Laws.

There were two committee members present, one from Venstre, a liberal party, and one Social Democrat. They both had supportive comments about our role in the Danish political process, and asked good questions.

While we were waiting to give our testimony, the foreign minister came by and received a copy of our testimony, as did the business minister, who had spoken to the committee just before us.

In fact, the committee had sent our testimony request letter to the Business Minister Rasmus Jarløv, and asked for his comment to The Schiller Institute’s proposal for Glass-Steagall bank separation. The minister first explained what Glass-Steagall was. Then he stated that the EU had discussed bank separation after the last crisis, and that in 2014, the commission had introduced a proposal to separate certain trading activities from normal activity, but that this proposal was withdrawn. This was discussed in Denmark, but because he said that trading activity was not the cause of the crisis in Denmark, it was not adopted. Denmark responded by increasing requirements for bank capital solidity, and instituted procedures for the resolution of troubled SIFI banks.

As supplementary material, The Schiller Institute submitted an article in Danish about Glass-Steagall, and the section “Without LaRouche’s Four Laws, financial crash means chaos,” from the new Silk Road report, which is now available on the parliament’s homepage. The business minister has also been asked to comment on this material.

Next Thursday, The Schiller Institute in Denmark is holding a seminar entitled, “The World After the U.S. Mid-term Elections: Glass-Steagall bank separation and a New Bretton Woods credit system can make the New Silk Road become the World Land-Bridge,” with a live-video presentation by Helga Zepp-LaRouche, a presentation by Hussein Askary, and a pre-recorded presentation by Paul Gallagher.

Delegation.

Schiller Institute delegation to Parliament.

Schiller Institute’s Full Testimony Before Danish Parliament’s Business Committee

I am Tom Gillesberg, Chairman of the Schiller Institute in Denmark. Thank you for allowing us to come.

The Danish public has had a sudden awakening to the true state of the Danish financial world. For many years, Danske Bank (Danish Bank) has been deeply involved in money laundering, and both the bank’s management and the Danish Financial Supervisory Authority failed completely, after they became aware of the problem many years ago. It has also been revealed, that other major SIFI banks (Systematically Important Financial Institutions) in Denmark have colluded in tax evasion, and have failed in their fight against fraud and money laundering. Finally, many of the Danish banks, as well as their international colleagues, have contributed to the looting of the Danish and foreign treasury funds through fraudulent dividend tax rebates (also known as Cum-ex). All of this shows, that it is not a matter of individual problems, or individual bad apples, but is a systemic problem in which the entire banking and financial world is impregnated with uncontrolled greed, putting its own financial gain above the law, and the general welfare. The policy of deregulation, and allowing the financial world to control itself, has failed. This was actually already evident in connection with the meltdown of the international financial system in 2007-2008.

I, and other activists from the Schiller Institute, warned about this already in 2007, when I ran for parliament with the slogan: “After the financial crash – Maglev across the Kattegat” (here or a footnote: the body of water separating the island of Zealand, where Copenhagen is located, and Aarhus, Denmark’s second largest city on the Jutland peninsula). But our warnings were ignored. Then, after the crash in 2008 – where only a Danish government guarantee covering all financial institutions prevented a meltdown in the Danish banking world – when we suggested how to clean up the financial world through the implementation of Glass-Steagall bank separation, which would separate the wheat from the chaff in the process – separate normal banking activity, important to the society, from the casino economy – there was again an institutional refusal to listen, in Denmark, and the rest of the Western world. They would not put an end to the unhealthy behavior in the financial world that had created the collapse in 2008. If entire financial sector had not been deregulated, and Glass-Steagall banking separation abolished in the U.S. in 1999, we would have avoided the financial crisis.

But then, the focus was to save the banks, and all other players in the financial world, with bank packages and quantitative easing, at the expense of the real economy and the living standards of ordinary people. Therefore, today, we are facing a coming financial crisis, which is potentially far worse than the one we experienced in 2008. The Danish measures of letting banks and mortgage companies increase their capital solidity (with customers’ money), will not prevent a new crisis. Without a separation of the activities in the financial supermarkets, as in 2007-2008, we still have no fire doors that can prevent fire in a part of the financial world from spreading to the entire financial house.

The imminent financial collapse

There are many ticking bombs under the international financial system. In the wake of the U.S. Federal Reserve Bank’s rate hikes, there are more and more warnings about a coming meltdown of the $3.5 trillion sized U.S. corporate debt market, where more and more unsecured loans are being repackaged and resold in many different disguises – similar to the bad U.S. mortgage loans in 2007-2008. This has been accompanied by a fall in the stock markets, and a sharp fall in economic growth in the U.S. and Europe. The Bank for International Settlements warned of this dangerous development in its annual report in July, and the Bank of England did something similar in October. Then, the IMF’s explicit warning of falling corporate bond markets came in the IMF blog on November 12th.

A collapse of the mortgage debt market will have greater consequences than the collapse of the U.S. subprime loan bubble in 2008. Once the crisis is triggered, it will hit the banks around the world, and behind the polished surface, they have become even bigger, and even more bankrupt than they were in 2008. Like the upbeat to the 2007-2008 crisis, there has also been a collapse and capital flight from the so-called “emerging markets,” and the gigantic, unregulated market for financial derivatives can implode at any time.

The Solution

There is no Band-aid solution that can fix this, but the Schiller Institute and the international LaRouche movement have proposed a coherent solution for how we can surgically remove the speculative cancer tumor, and create credit for productive investments, both internationally, and here Denmark.

1. We must join the New Silk Road

While most of the economy in the western world has been lagging for the last 10 years, and most people have experienced a falling standard of living, China has continued to experience strong economic growth, and has been able to lift more and more people out of poverty. The 2008 crisis was used to launch massive infrastructure projects, so China now has more kilometers of high-speed trains than the rest of the world combined. New towns, water projects, power stations and other infrastructure have been built, which make it possible to take care of a growing population, with an increasing standard of living.

In 2013, China’s President Xi Jinping launched this development policy on and international level with the Belt & Road Initiative, also known as The New Silk Road, which, today, is 12 times larger than the U.S. Marshall Plan after World War II, and over 60 countries are now participating. Denmark ought to be a prominent part of this development agenda, especially in Africa and South-West Asia.

2. A New Bretton Woods Credit System

On November 30, the G20 summit will occur in Argentina, and the Schiller Institute has suggested that the summits between President Trump, Xi Jinping and Putin be used to establish a new Bretton Woods credit system, in cooperation with India’s Prime Minister Modi. A new version of the old fixed-exchange system, established after World War II, but now, to create long-term credit for the development of all nations. This is the only thing that can prevent the ongoing disintegration of the current City of London and Wall Street-based financial system from leading to chaos and possible war.

3. LaRouche’s Four Laws

In Denmark, we can now prepare measures that can protect our economy against the upcoming financial tsunami. The Schiller Institute has proposed Lyndon LaRouche’s Four Laws, a conceptual script to turn our economy away from financial speculation, and back to physical economy, and scientific and technological progress:

1. The enactment of Glass-Steagall bank separation of the Danish financial sector, where we clear out, and reorganize the banking system and divide normal banking activity from financial speculation. The financial supermarkets must be separated into normal banks, investment banks, mortgage business and insurance, each on its own. Banks and other financial institutions must be divided and reduced in size, so they no longer constitute a systemic risk, and the government deposit guarantee will only apply to normal banks;

2. We must create government credit for productive investment in the economy;

3. We must channel part of this credits into major infrastructure projects, and other things, that can increase productivity, and energy-flux-density in the economy, and create the next, higher economic platform for Denmark, such as a Kattegat bridge and a national maglev network, and fixed connections between Helsingør (Demark) and Helsingborg (Sweden), and under the Fehmarn Belt (to Germany).

4. We must invest heavily in research and  development of the areas that create future technologies, such as nuclear power, fusion energy, space research, etc. The biggest mistake we can make, is to believe that we can leave these questions to the financial world. It has proven that it has neither the moral compass, nor the necessary solutions, to ensure our future. Therefore, the state must now assume its responsibility, and establish the necessary laws and regulations that can safeguard the general welfare, and the future of Denmark, and the Danish people. In light of the recent bank scandals, there is a broad public backing for doing just that.

Thank you.

 


Schiller Institute Concert in Denmark: Musical Dialogue of Cultures

They came from around the world. They came bearing gifts. Not gifts you could touch with your hands. But gifts that touched your soul. Gifts of beautiful music, and beautiful dance.

And the people came to hear them. And they kept coming, and they kept coming till none of the 120 seats were left. And after there was no more room for extra chairs, they stood in the aisles, and they stood in the lobby, and they sat behind the curtains. They were Danes, and they were diplomats, and other people, from many nations, maybe 200 in total.

The dialogue of cultures between the sponsors of the concert, itself, led to the great success — the Schiller Institute, the Russian-Danish Dialogue organization, the Russian House in Copenhagen, and the China Culture Center of the Chinese Embassy (about to open, which also provided intermission food). And the concert was held in the Russian Center for Science and Culture of the Russian Embassy.

Firstly, the people were told by Schiller Institute chairman Tom that we have a unique moment in world history, where the potential is there for the U.S. to join the new paradigm of economic development sweeping the world. Secondly, they were told by the spokeswoman for the Russian-Danish Dialogue, that a dialogue of culture can lead to peace in the world. They were also the interchanging hosts for the evening.

Then the procession of gift-givers began.

From Russia came children playing Russian folk songs on balalaikas, and a baritone who has sung on 200 stages, performed Mozart and Gounod, together with his pianist. From China came a very musical young science student who played many flutes, and sang a Chinese love song, a duet, with Feride. From Indonesia came a traditional dancer, who filled the room with her grace. From Ghana came two young men who sang and played a religious song, and a song about when we work together, we are stronger than when we stand alone.

And from Denmark and Sweden came three outstanding female opera singers, whose tones, and dramatic intensity moved the audience profoundly. Their offerings were songs and arias from Schubert, Verdi, Dvorák and Sibelius. An international bright star of a soprano who recently retired from the Royal Danish Opera; a fantastic mezzosoprano with roots in Hungary and Turkey, who is also a member of the Middle East Peace Orchestra; and a soprano, Leena, we have heard for many years blossoming into a truly magnificent artist. The first two were accompanied by an extremely talented young Danish woman pianist, and the later by our Benjamin.

He, and his mother Anika, poignantly played Beethoven’s Romance for violin and piano, continuing the legacy bequeathed by their ancestor from Hungary.

For the finale, the musicians sang Verdi’s song of freedom, “Va, pensiero,” with the addition of four members of the Schiller Institute’s future chorus. See the program at: www.schillerinstitut.dk/si/?p=17637

And the people were uplifted, with each presentation by itself, and with the succession of one piece of music, or dance, after the other, one country after another, traditional music in dialogue with Classical music, weaving a tapestry of sound, sight and delight.

And the people were asked to be in contact with us, and to consider joining the Schiller Institute’s chorus, some of whom wrote that they would.

A musical testament to the paradox of the unity and diversity mankind, expressed by human creativity, and a powerful statement of the dialogue of cultures was declaimed.

Presented by:

The Schiller Institute in Denmark
Russian-Danish Dialogue
The Russian House
The China Culture Center

Participating artists/Medvirkende:

Anika Telmányi Lylloff, violinist
Benjamin Telmányi Lylloff, pianist, Danmark
Christine Raft, pianist, Danmark (not shown in the video. She accompanied Idil Alpsoy and Gitta-Maria Sjöberg.)
Feride Istogu Gillesberg, sopran, albansk bosat i Danmark
Fred Kwaku, pianist, Ghana
Gitta-Maria Sjöberg, sopran, Sverige/Danmark. Sweden/Denmark (not shown in the video. She sang Rusalka’s Song to the Moon by Dvořák accompanied by Christine Raft )
Idil Alpsoy, sopran, Sverig/Danmark, Sweden, Denmark (not shown in the video. She sang songs from Sibelius’ Op.37 and 88, accompanied by Christine Raft.)
Isaac Kwaku, sanger, Ghana
Kai Gao, sanger, fløjtenist, Kina
Leena Malkki, sopran, Sverige
Sarah Noor Komarudin, danser, Indonesien
Valerij Likhachev, baryton, Rusland

Svetit Mesjac, russisk børneorkester/ Russian childrens orchestra
Schiller Instituttets kor/chorus

Hosts/Værter:

Jelena Nielsen, Russisk-Dansk Dialog
Tom Gillesberg, formand, Schiller Instituttet, Danmark

Contact us:
Denmark: +45 53 57 00 51, 35 43 00 33, si@schillerinstitut.dk, www.schillerinstitut.dk, www.schillerinstitut.dk