9 August 2002. Thought for the Week: "The Appetite of Tyranny: And, as I have said, his limited but very sincere lunacy concentrates chiefly in a desire to destroy two ideas, the twin root ideas of rational society. "The first is the idea of record and promise: the second is the idea of reciprocity. It is plain that the promise, or extension of responsibility through time, is what chiefly distinguishes us, I will not say from savages, but from brutes and reptiles. This was noted by the shrewdness of the Old Testament, when it summed up the dark irresponsible enormity of Leviathan in the words 'Will he make a pact with thee?'
"The promise, like the wheel, is unknown in Nature: and is the first mark of man. Referring only to human civilisation it may be said with seriousness, that in the beginning was the Word. The vow is to the man what the song is to the bird, or the bark to the dog; his voice, whereby he is known... It is not easy to mention anything on which the enormous apparatus of human life can be said to depend. But if it depends on anything, it is on this frail cord, flung from the forgotten hills of yesterday... on that solitary string the barbarian is hacking heavily, with a sabre which is fortunately blunt..."
"The War on the Word", by G.K. Chesterton, 1915
NO KNOWLEDGE OF REALITY
by Jeremy Lee
Now they are mystified and bewildered, gazing with incredulous eyes through the egg on their faces, at the angry faces of their customers. They grab at any straws which can be interpreted to mean that things are changing. A recent small surge on Wall Street, after months of losses, was seized on with hysterical delight. But there is no change. Brief spikes marked the progressive disaster, both before and after the Depression broke in 1929. The current one is no different. There is still a long way to fall.
The stock market collapse is spilling
over into the "real economy" - particularly in America, as
ordinary citizens stare appalled at the now $8 trillion that
has been wiped off their savings and superannuation. Peter
Hartcher (Australian Financial Review, Weekend, 27-28/7/02)
made these comments:
"The total of investors' wealth destroyed by falling share values since the market peak of March 2000 so far stands at $US8 trillion ($14.8 trillion). "It is one of those numbers so staggeringly huge, even by American standards, that it is difficult to grasp. "It is 23 times the amount that the US spent to wage the Vietnam war, adjusted for today's dollars .... All gone in little more than two years.
Were those vast empires of paper wealth ever real? Yes and no ..... the second $4 trillion, the money lost in the last few months was different. That was flesh-tearing, bone-scraping agonizing pain - the money people were counting on, the money they had based their retirement plans on, the profits they'd had long enough to figure were truly theirs .... The only postwar Wall Street rout comparable to today's was the prelude to a decade of stagflation. We now appear to face a distinct possibility that today's Wall Street disaster could be the harbinger of a new episode of American deflation. "The last one, called the Great Depression, was cured by World War II. Anyone heard of a country called Iraq? ....."
SWIMMING AGAINST THE TIDE
An interesting story in the current mud-slide is that of Jeremy Grantham and his funds management firm Grantham Mayo Van Oterloo which, in two years, lost $US10 billion in investment fund custom. Why? Because his firm had decided " ....that it was one of the greatest stockmarket bubbles of all time - inflated with air and certain to pop, one of those great collective madnesses in the likeness of the Dutch tulip bubble, the South Sea bubble, or the Japanese stock bubble" (Australian Financial Review, 26/7/02)
So, against the gadarene rush, he advised his clients to sell. Impatient with his advice in the light of the seemingly unstoppable bubble, many of his customers left him. "They truly believed it was a new era - this time it was really different. "And why wouldn't they believe in the New Economy and the death of the business cycle? "After all, even the greatest of all the modern financial gurus, Alan Greenspan, chairman of the US Federal Reserve, was prepared to countenance the possibility in his public speeches ...."
Even Grantham's staff were beginning to doubt his acumen. So he enlisted his staff into a historical examination of 28 bubbles of the last century, in different markets in different countries. "We found that in every case, in every market, the market returns to where it was before the bubble began. It happened in commodity markets, it happened in currencies, it happened in stock- markets ...." (AFR article)
Shamefacedly, many of his clients are
now returning, much poorer but wiser. $US5 billion has flowed
back into the business. Where does Grantham believe the market
is heading? "...Wall Street will only have recovered fair
value when the S&P index reaches 650 points, he says - implying
that US stocks will fall another 23 percent .... Suggesting
that a great deal more pain lies ahead ...."
LAST TANGO IN LATIN AMERICA?Every economy will find the US collapse impacting its domestic stability. Alan Mitchell, Australian Financial Review (31/7/02) wrote: "The Brazilian currency, the BBC voice intones, has continued its slide to yet another new low ahead of new assistance talks with the International Monetary Fund in Washington. And so Latin America's largest economy finds itself facing what looks increasingly like an economic crisis ..."
Add another possible 23 percent fall on Wall Street, and it will be a case of "mopping up" in Brazil, along with quite a few others.
AUSTRALIA'S SHIPPING JOBS CRISIS
Bill Shorten, national secretary of the
Australian Workers' Union, wrote in the AFR (31/7/02):
Mr. Shorten's argument is absolutely right; and we should remember his point as Singapore Airlines now bids to set up domestic routes within Australia. They'll be Singaporean flight crews, won't they? But, surely, our courageous Transport Minister John Anderson will step forward to protect Australian jobs? Like he's protecting Telstra? And his brave team, under the spell of Senator Ron Boswell, will condemn the Liberals for selling out Australians? Won't they?
UNIONS PLAYING WITH SYMPTOMS
The Construction, Forestry, Mining and
Energy Union is launching a national campaign for a 36-hour
week. There has already been a 36-hour working week award
in Victoria. This is the Union answer to the massive replacement
of workers by technology and robotic production. Among other
claims will be:
And who's to pay for these added costs? Employers of course! And how will they recover such costs? By charging more for their goods and services? Thus the benefits earned by workers will be eroded, and they'll be no further ahead than before they began.
What would you do if you were an employer,
faced with these new obstacles? Firstly, you'd seek to cut
down as far as possible on employed labour, introducing labour-saving
technology instead. Secondly, you'd stop employing young women,
to avoid paying maternity leave for unproductive periods.
This is already happening. Thirdly, if the only way to survive
was by bringing in cheaper overseas labour, you'd do it, unpatriotic
though it is. Survival is a mean taskmaster.
Currently, money creation is expanding by about $100 million a day. If this was applied to cost reductions, by way of tax reductions, and a bonus scheme which increased individual earning power without charging employers for it, we'd get the breakthrough which now seems so elusive.
BATTLE IN THE WAR FOR 'MORAL STATUS'
by Betty Luks
Andrew asks his readers to guess, "How many refugees (doesn't he mean illegal immigrants?) are likely to be left in our detention centres? Two thousand? Five hundred? They refuse to go home! Not even close," he reports, "we now have just six boat people still waiting for their applications for refugee status to be accepted, and a mere 14 others needing only character checks to be free. The remaining 604 detainees have all been rejected as refugees - at least twice in 556 cases - but simply refuse to go home." Australian immigration officials believe they have gathered enough evidence to show that up to half the 1,300 boat people, who landed in the year to March 2001 and claimed to be Afghanis, are from Pakistan. It's a political agenda!
Neither does he believe those behind
the stunt were motivated by kindness to the two boys. "Kind
people don't take boys from their mother, and hide them for
three weeks without telling their parents they are safe."
The boys' father claimed he didn't know if his sons were dead
or not. By the time he found out, the activists were intent
on sending the boys to Britain - without their parents knowledge!
The propaganda tactics are to make us feel guilty if we should have 'wrong' thoughts and feelings about a multi-religious and multi-racial country. For those who might want to preserve their own socially cohesive and essentially homogenous nation - tut, tut, that is definitely a no! no!
NEW LAW RELIGIOUS DISCRIMINATION & VILIFICATION?
by Betty Luks
"The policy of the Australian Labour
Party on multiculturalism in South Australia is that:
For those who want to study the Discussion
Paper, ring your own member of State Parliament and ask him
to forward you a copy. The Labor Government "propose the legislation
to ensure that all South Australians are protected by law
from discrimination based on their religious belief or affiliation,
in employment, in education, in their access to goods and
services, and other areas... this discussion paper is published
in fulfilment of that promise."
As they are concerned that the law will
bring promote harmony between the religious groups, the paper
Although the Discussion Paper states
"comment should be in by 31st July, 2002", South Australian
readers should get a copy of the Discussion Paper from their
own local member of State Parliament and put in their comments
any way, both to their own member, who will be voting on the
legislation, and to the Attorney General's Department at the
The following letters on the matter appeared in the West Australian 2nd August 2002.
LETTERS TO EDITOR
I was elected to the senior vice-president's position, but I take no joy in this because the results cannot be allowed to stand. A new election run by the electoral commission is needed to ensure that democracy prevails. Contrary to Mr. Strahan's assertion, it is because Mr. Fischer was trying to make the party more representative of the ordinary members that he found himself in conflict with the out-of-touch and incompetent Pauline Hanson sycophants who made up half the executive. These people with whom Mr. Strahan is aligned have no regard for the truth or for the 'grassroots'. To them it is just a buzzword that is synonymous with their own self-interest and their inability to differentiate between a political party and the mindless adulation of a personality cult." - Graeme Campbell, Kalgoorlie.
Vicious attack on MLCs
NEW BOOK... 'FASCIST EUROPE RISING'Author Rodney Atkinson's latest book, "Fascist Europe Rising: the Repression and Resurgence of Democratic Nations", is a reading must for those interested and concerned with what is happening in Britain and Europe. There are many lessons for Australians to learn. As the constitution of the Danish people rightly asserts, "It is by law you build the land" and no other regime in world history has achieved so much imperial conquest by merely generating the law to build their land as has the so-called 'European Union' (EU).
Eastern Europe wants only to trade freely with the countries of Western Europe but the EU forcefully prevents that, offering to remove trade barriers only when those nations surrender their hard-won constitutional nationhood.
In the modern era of the universal franchise each parliament only represents (for its statutory term) the true sovereigns, the People. The end of sovereignty is the end of democracy. During the 1930s and 1940s, as today, there were few terms with which European Fascism was more happy than The New World Order reflecting as it does notions of power, global ambition, order (i.e. control) and contempt for democratic nationhood. Price: $46.00 posted from League Book Services.
"NO GATS TREATY SELL-OUT" POSTCARDWe are pleased to report on the initiative of one of our supporters: a "NO GATS TREATY SELLOUT" POSTCARD CAMPAIGN. He has produced a postcard to be sent to your political representative asking for 'an absolute guarantee that our Government-provided services will not be controlled in any way by foreign corporations.' The postcard spells out just what will happen under this treacherous Treaty. He asks readers to send stamps to cover the costs: Five x 45 cent stamps for 10 cards. Ten x 45 cent stamps for 20 cards. Twenty x 45 cent stamps for 50 cards. Thirty x 45 cent stamps for 100 cards. Mail to: Bernie Bourke, RSD Box 52, Bacchus Marsh Vic. 3340. Ph: 03 5369 4316 Fax: 03 5369 4297. Don't forget to include your name and address for return mail.
MEA TAPES RELAUNCHEDWe are pleased to announce MEA Tape Library has been relaunched. To celebrate, MEA Tapes make the following offer to On Target readers. Hear MEA founder, Mr. Tom Fielder, speak on why Australia is in such a parlous state... and what we can do about it! . The Failure of Intellect . Where have all the Social Crediters gone? . Solving the Debt Dilemma . Escape from the 'Wood' party Hear four Tom Fielder tapes for $20.00 posted: MEA Tapes, Box 248, East Caulfied, Vic., 3145.
QUEENSLANDERS - BOOK SERVICES ANNOUNCEMENTDue to personal matters affecting our service-provider in Queensland, the Queensland book service will be 'out of action' for a while. In which case, those Queenslanders who may have unfulfilled back-orders, or outstanding book orders, please contact Mrs. Maureen Burton, Heritage Bookmailing Services who will attend to all matters needing attention. Please contact her by phone, (08) 9574 6042, or write to PO Box 163, Chidlow, WA, 6556.
SYDNEY CONSERVATIVE SPEAKERS' CLUBDates for your diary: Wednesday, August 28th, 2002. An open night, with your turn to have a say; 5 minutes for each speaker. It is also the Annual General Meeting which will only concern members (who will receive an annual report during August). Wednesday, September 25th, 2002. Guest speaker will be Mr. Leon Grigor and his subject will be "The Establishment's Fake Nazi-KKK Brigade".
WEST AUSTRALIA'S 36th STATE SEMINAR & DINNERWest Australian supporters please note the following details in your diaries. Plan to be there! Seminar: "A Legacy of Terror! Terrorism-Globalisation-Servitude". Speakers: Introduction, Mr. Murray Pope, State Director, Australian League of Rights; Mr. Bill Daly, National Director, New Zealand League of Rights; Mr. Peter Davis, Mayor of Port Lincoln, South Australia. Saturday, August 10th, 2002; 1.45pm to 5.15pm. Venue is The Rose & Crown, 105 Swan Street, Guildford. Entry is $12.00 per person. Dinner: Saturday, August 10th, 2002, address as above. For bookings and further details: The Secretary, phone/fax (08) 9574 6042 or phone (08) 9574 6260.
SOUTH AUSTRALIA'S 34th STATE SEMINAR, DINNER, ACTION CONFERENCE
to be held Saturday/Sunday, August 17th-18th,
2002. The entry is $12.50 per person.
Dinner - To be seated by 6.45pm. The 34th "Frank Bawden Memorial Dinner" also to be held in the Parish Centre Christ Church, Saturday, August 17th, 2002. $24.00 per person for a 3-Course meal. Please bring your own hard drinks.
Sunday Action Conference: August 18th,
Divine Service 10.00am. Action Conference 10.30am. Wheaton
House, 190 South Terrace, Adelaide. Wheaton House is part
of Pulteney Grammar School - it is sandwiched between the
main school buildings (on the left) and the restaurant/motel
next door on the right.
BILL DALY'S MEETINGS IN VICTORIABill Daly, will be speaking at:
HORSHAM - Monday, August 19th, CWA HALL, 8.00pm
MELBOURNE - Tuesday, August 20th, HERITAGE BOOK SHOP, 8.00pm - Phone bookings only.
NUMURKAH - Wednesday, August 21st, 8.00pm - RING (03) 5856 1315
TRARALGON - REGIONAL DINNER, 6.30pm. RING (03) 5633 1969
"On Target" is published by the Australian League of Rights, Box 1052. G.P.O. Melbourne 3001.