WHEN WILL THE RECESSION END?

The political and financial soothsayers are busy assuring people that they must continue to practice more "restraint", to get the economy on to a "sound basis", and be ready for the "upturn" in the economies of the world, presumably starting with the United States. Judging by the frenzied activity of the Wall Street stock exchange, there are still plenty of optimists convinced that prosperity could be just "around the corner". Presumably some American investors feel that having received a rebuff from the American electors at their Congressional Elections, President Reagan and his advisers will start to ease the credit restrictions primarily responsible for business bankruptcies and the highest unemployment since the end of the Second World War. Latest figures from the U.S.A. show that unemployment figures are still rising.

According to some of the economic witch doctors the damaging effect of United States economic policy will lessen as the influence of President Reagan's new Secretary of State, Mr. George Schultz, grows. One professor of economics, Dr. John Murphy, of the Catholic University of America, claims that Schultz is sound on economic policy while Henry Kissinger and George Haig understood nothing of economic issues. But how much does Mr. Schultz understand? His policy, according to Professor Murphy, is to continue "bearing down" on inflation and interest rates. The recession will bring inflation back to a "sustainable" 3 percent early next year, and then interest rates "would crash into long-term single digit figures". And after that? The recovery starts!

We have not the slightest doubt that it is possible to bring the American inflation rate down still further, the price being greater bankruptcies and more unemployment. But any easing of credit policy will automatically, under present debt financial policies, then produce a new increase in inflation.

Every industrialised nation, including Japan, is being severely damaged, economically, politically and socially, by the same type of financial policies. Increased rates of credit creation to try to overcome unemployment must result in a further upsurge of production in a world where all nations are fighting to increase their exports, most using subsidies of one kind or another, and also resisting imports.
In the absence of any basic change of financial policies, we have no hesitation in predicting that so far from any recovery being around any corners, the present worldwide depression is going to worsen.

The strategy of the international bankers is to condition the industrialised nations to accept that there can be no way out of the situation except by a drastic "re-organisation" of the international financial system, starting with the strengthening of the International Monetary Fund as an international "bankers' bank", this part of the implementation of the New International Economic Order.

There has been considerable speculation amongst the uninformed about the big international banks collapsing because of the international debt structure. But there is no evidence of concern amongst the bankers who, for example, have hardly blinked about the possibility of nations like Mexico and Brazil defaulting on their huge debts, and have now signed a new debt agreement with Communist Poland, rescheduling most of the 1982 debt. The new agreement is even more lenient than the last; including a new provision that the banks would recycle about half of Poland's interest payments in the form of new trade credits. These will help the Polish Communist Government ease the economic pressure on the unfortunate Polish people by importing more consumer goods.

As the international banks are in the happy situation of being able to create financial credit with a stroke of a pen, they are not parting with anything. Once this basic aspect of credit money creation is grasped, it is easy to see how the size of financial debt is not all that worrying to the international bankers. The main thing is to sustain and strengthen their monopoly of debt creation. The Big Idea is to use debt to remake the world, ultimately producing the World State. This means a lot of human suffering. Regretfully this is going to increase, until sufficient people see through what is being done and demand reversal. This is why we repeat; we are entering the greatest crisis in the history of Civilisation.

WELCOMING THE 'MULTICULTURAL SOCIETY'

"Moree; It's not a Black problem - it's a white problem" (Melbourne) November 8th.

Readers will not be surprised to learn that The Age (Melbourne) is commonly referred to in Victoria as "the Spencer Street Soviet". The Age offices are located in Melbourne's Spencer Street, and this Melbourne daily is considered, in Australia's newspaper industry, and the advertising industry, to be the most leftwing metropolitan daily in Australia. We have no doubt that the print media, in particular, will take a generally "anti-white" line.

It is pointless indulging in recriminations and counter-recriminations; which are endless and serve no fruitful purpose. The only way to overcome race friction is to remove the cause, and this is the very last action which is desired by the subversives, in high and low places. Again, in Melbourne last week, an Australian bus driver was attacked by knife-wielding Vietnamese. Perhaps Mr. Al Grassby will again be remonstrating with the Federal Attorney General to reappoint him as Commissioner of Community Relations as these events, above, are sure proof positive he would say, his services are more necessary than ever. That is how the Grassbys of this world would think.
However, we don't think Mr. Fraser and his colleagues will bend, as they have had more than enough of Mr. Al Grassby, and know that he is an electoral liability.

In The Australian (November 6th) was published a letter under the heading - "Thanks, Al"; which heaped praise on Mr. Grassby for his "great contribution" to Australia. Wouldn't you know; the letter writer was an academic from a N.S.W. university.

BRIEF COMMENTS

In abstaining from the vote in the United Nations General Assembly on a resolution to reopen "negotiations" on the Falkland Islands, Mr. Richard Woolcott, Australia's Ambassador, referred to the "moral force" of the World body in preventing another military blow up: the time was not yet appropriate for such negotiations. That allows us a nice five bob each way. Britain stood up against brazen aggression from a pack of militaristic go-getters, and should be more strongly supported by a close Commonwealth member. It is not at all surprising that Britons are losing faith in the "special" relationship with Uncle Sam, now that the White House Connection is bending over backwards to appease the Latins of South America. Britain narrowly escaped from a dangerous trap in the South Atlantic dust up with Argentina, at a heavy cost. On the credit side, the benefits are considerable and not yet calculable. Typically, The Age (Melbourne) in its Editorial (November 8th) chastises Britain, who should be "a little less obsessed with pride and prejudice and a little more imaginative and flexible." How about "Patriotism and passion were allowed to overwhelm all the demands of reason…." So, when a thug breaks into our yard, we lie down and grovel, and on no account must do anything wildly provocative, such as defending ourselves.

Well, Mr. Bob Hawke is at it again. The highflying Hawke sees his chances of occupying the Big Seat receding into the distance as the possibility of a 1982 Federal election fades away. If Mr. Fraser's sciatica didn't put an early election out of the question, then surely the South Australian Labor electoral victory last week did. Still, Malcolm Fraser is a most stubborn (some call his "pigheaded") man, and we would not be amazed to see him, even, plod on to the abyss. How does this affect Hawke? Mr. Hawke knows well that the longer the next Federal election is delayed, the greater will be the probability of a Labor victory, with Mr. Bill Hayden then firmly in the saddle. What Mr. Hawke could secretly be hoping for would be for Mr. Fraser to call on his early election, scrape home for Bill Hayden to receive an unfair share of the blame for defeat, and then for himself (Hawke) to be appointed the "new" Labor leader to lead the Party to victory against the detested Capitalism and Fraserism. We think Mr. Hawke has left his run too late and that he has missed the bus.

The "legal eagles" are everywhere. "Daly on Sunday" (Sunday Press, Melbourne, November 7th) reports that the present Federal Parliament numbers between 30 to 40 lawyers in its ranks; 20% to 25%. We agree with Mr. Fred Daly, who comments: "But when Parliament becomes top heavy with one section of the community over represented, democracy as we would like to know it, in my book, suffers considerably."

Some British employers are finding that school leavers who have grown up with pocket calculators cannot do mental arithmetic. A new examination on basic arithmetic has been designed by the Associated Examining Board: it has a strict "no calculators" rule.

Israel, after Lebanon, has now an external debt of $22.5 Billion (Aust.) The Israeli inflation rate is $150% (yes, one hundred and fifty per cent!) Israeli exports are expected to fall, and her tourism to fall away. Israel wants (and will almost certainly get), $3 Billion, in annual economic and military aid from the United States.

From Hansard
Senate: States (Works and Housing) Assistance Bill; Oct. 13th. Senator Peter Walsh (A.L.P.- W.A.):
".... It is correct that some publicly financed housing is not recorded as public housing and certainly is not public welfare housing. For example, the Deputy Prime Minister (Mr. Anthony) has a 45-year government loan on his second house in Canberra at a rate of interest of 4.75%. He gave that to himself in 1964. That is not recorded as public housing. 84% of the original capital still has to be repaid. This raises the question as to whether it is fair for a loan at 4.75% interest to be provided to the Deputy Prime Minister for his second house in Canberra. Given the recent declaration of the Prime Minister that fairness to all Australians was to be the paramount principle guiding this Government in the future, I wonder how long it will take the Prime Minister to take some action to remove that anomaly.
"It was revealed last week that in 1972 Sir Alan Westerman gave himself a 3% loan from the Australian Industry Development Corporation on a house that he already owned. Sir Alan had a close association, as a senior bureaucrat over several decades, with senior National Party Ministers. The ethics of the National Country Party apparently rubbed off onto Sir Alan. In granting himself that 3% loan from the A.I.D.C., of which he was Chairman in 1972, he followed the moral lead provided by Mr. Anthony, with whom he had associations as a senior bureaucrat in the first place and a senior Minister in the second place. As has been reported, Sir Alan repaid that loan in 1977 or thereabouts. It has been reported also that the Minister for Primary Industry, Mr. Nixon, some months ago repaid a similar loan, which he granted, to himself in 1970. As a passing observation it could be said that of those three people only Mr. Anthony has yet to repay the loan. He must be the only man in history with a thicker hide than Mr. Nixon. It was also revealed yesterday that employees of the Reserve Bank of Australia, who do not have the sorts of incomes, which most people would regard as making them welfare cases, receive loans from the Reserve Bank at an interest rate of 6%. What we need is less publicly financed housing of this type for the more fortunate groups in society - indeed, I would say that we really need none at all - and more directed to the needy ..."

Food
The following letter, under this title, was published in the "Wimmera Mail-Times", October 25th. The Wimmera (Vic.) is a vast food growing area in the northwest of that State. The correspondent is a "Keith Oldfield", of Nhill, Vic.:
"People who until now have believed what has been pounded into them 'that the world population has outrun its ability to feed itself', must be suffering a rude shock after hearing Mr. Malcolm Fraser state that there was ample food for the world's needs when he spoke to the nation. "Also, the weekend Australian carried an article quoting Mr. Richard Alston of the Australian Council of Overseas Aid. Speaking on the eve of World Food Day, the council chairman, Mr. Richard Alston, said there was enough food in the world to feed growing populations, but many people in the developing world were starving because they were denied access.
"For many years there has been a conscious orchestrated effort to convince Western peoples that they should feel guilty about the fact that there are hungry people in the world. They have been told 'these people cannot get enough because you have too much'. "These views have been held by churches the U.N. governments and many more. "However, everyone did not sallow the line. Voices have been crying in the wilderness for years trying to point out what Mr. Fraser and Mr. Alston have just said.
"It must be obvious to all that having established that there really is enough food and assuming that there is sufficient shipping to deliver it, then the reason for a third of the world being hungry must surely be lack of purchasing power. "Why then should this be so when money is so readily available for people to kill each other. There never has been a war called off for lack of money. "A recent example, if one is needed, is the Falklands situation. Before the Argentinean invasion Britain was obviously in serious financial trouble, 'broke' in other words. However, we all know that money must have flowed like water to put on the resulting splendid effort. "Plenty of money for war, none for food. Hundreds of examples could be given, one will do.
"Is there anyone who cannot see quite clearly that the same money controllers who put up the money for wars must have been able to put up money for food if they had been willing. "These people have perpetrated quite deliberately a crime against humanity of massive proportions, in fact it is one of the basic causes of the present world crisis. "These are the guilty people.
"The enormity of the crime boggles the mind, particularly when one realises that it all has a sinister purpose, that purpose being the introduction of world government, and the hungry are being told there is no other alternative. "We can all understand why it is easy for them to accept this colossal lie when their tummies are empty, in other words, they are being starved into an ideological change of direction.
"The planners, the world manipulators of money, are saying Poland is broke - this one is broke, that one is broke, in fact the world is broke, we must have a New International Economic Order. "Yes, you say, for what? And the answer is as the run up to World Government. Is this what we want or need? If it is not, then we had all better get off the bit we sit on and let our voices be heard to our church leaders, our politicians, and our media. Soon it will be too late...."