What was the effect and the significance of Erie vs. Thompkins case decision of 1938?

The significance is that since the Erie Decision, no cases are allowed to be cited that are prior to 1938. There can be no mixing of the old law with the new law. The lawyers, who are members of the American Bar Association, were and are currently under and controlled by the Lawyer's guild of Great Britain, created, formed, and implemented the new bankruptcy law. The American Bar Association is a franchise of the Lawyer's Guild of Great Britain.