AGAIN, A WORLD MONETARY CRISIS

"There appears to be little doubt now that another devaluation of the U.S. dollar will result from the currency crisis that has been raging these past two weeks. " - Malcolm Crawford, Economics Editor of the Sunday Times (London) as reported in "The Age' (Melbourne) Feb. 12th.

We have stated on numerous occasions in these pages that such financial crises, at the international level, as we are currently witnessing will not only continue to occur, but will recur more frequently as time passes, culminating in the collapse of the West's finance-economic system. Even such a spokesman for "orthodox" finance as Mr. Malcolm Crawford asserts, "devaluations of the dollar could well be a periodic and even frequent feature of the 1970s."

Our thinking is that this would be the case if the present rules of the "money game" were adhered to; however, we anticipate that the 'rules' will be altered and/or a monetary collapse of Western economies will follow. Mr. Malcolm Crawford obviously thinks partly along similar lines, but only partly. He says:
"That is why the Americans are now attaching such high importance to international monetary reform - whereas a year ago this was something the Europeans were much more keen about."

We have more than a suspicion of what is intended by the Masters of International Finance in their desire for the 'reform' of which Malcolm Crawford speaks. If we substitute the word 'control' for 'reform', the intention is conveyed quite accurately. The aim of these Masters, which has already been advanced, is to have Special Drawing Rights (S.D.R.s) of the International Monetary Fund accepted by all Western nations as the international reserve currency.

Not unnaturally, there has been some spirited resistance to this 'fast one' being pulled by these shadowy eminences lurking in the corridors of power in the International Monetary Fund. And why not? If Western nations are badgered and harassed into acceptance of S.D.R.s as the international reserve currency then those forces in control of the issuance and recall of S.D.R.s will have a far greater strangle hold on the economies of member nations of the Fund than is the case at present. At least some financial sovereignty still remains to nations with some measure of control over their own reserve currencies; such as the Dollar and Sterling.
Now it is intended that these be swept away.

Sterling is already under pressure from the Gnomes of Finance in the European Economic Community (Common Market) who wish to see Sterling abrogated as a reserve currency. It is to the credit of the former Federal Treasurer, Mr. Billy Snedden, that he took a very strong stand against this attack on our financial sovereignty (such as it is) after the previous world currency crisis some 14 months ago: we give him full marks for that.

As we also predicted the American economy is running into trouble. The last Nixon Budget was deficit with a capital "D"; enormously so. Under the 'rules' galloping inflation must follow. We were not therefore surprised to note in "The Australian" (Feb. 10th) that two Congressional leaders, Messrs. Wilbur Mills and Henry Reuss, both acknowledged experts in economic and monetary affairs, expressed concern to President Nixon that "very serious " economic problems lie ahead for the U.S.A. despite the outward signs of growth. We wonder if these gentlemen realize the full extent of avalanche of inflation, which will almost certainly hit the U.S.A. before the year is out.

MR. SNEDDEN'S 'UNFINISHED BUSINESS'

"The Federal Treasury has set up a special team to examine the massive financial problems caused by the Government, the Leader of the Opposition, Mr. Snedden, said last night. " - The Australian, Feb. 12th.

Mr. Snedden, the Treasurer in the previous McMahon-Anthony coalition Government at Canberra asserted that the Commonwealth Treasury was panicking over the way the present Government had ignored its advice on spending: further, it would investigate how it could bring pressure to bear on the Government. We agree with Mr. Snedden that deficit budgets are inflationary; the larger the deficit, generally the greater the rate of inflation to follow - that is, under the established methods of implementing fiscal policies.

But we must disagree with Mr. Snedden when he suggests that the economy was "handed over to Labor in first class condition. " It was nothing of the sort. Mr. Snedden's 1972 Budget was a markedly deficit budget, framed in desperation to rescue the creaking Coalition Government from electoral defeat; a move we were certain would fail, as reference to our comment of the period will testify. All that the so-called 'Labor' Government is doing is taking the process a little further along the road to economic upheaval. Indeed, President Nixon won't be the only national figure to be haunted by the spectre of surging inflation in the months ahead. Gough Whitlam will have his 'visitations also.

OPERATION EXPOSURE ALREADY 'BITING'

The massive distribution of the special "None Dare Call It Conspiracy - Australian League of Rights" brochure is now well under way, and early indications are that this project will be a booming success. We believe that the League is on a "winner" this time. Many orders for FIVE THOUSAND brochures are in hand and a host of orders for lesser numbers. The Melbourne Metropolitan Council of the League has already carried out a 'sample' distribution in a selected area, and many other 'test areas' will be probed. We expect all V.P.A.s to follow the smart lead set by the Melbourne Metropolitan Council.

The number of people making contact for the first time, with the League is steadily increasing, and particularly encouraging is the number of young people, down to the 15-year old bracket who are now turning to the League. At one period very recently it was difficult for us to handle a mini-flood of young teenagers looking for some sort of sense in an apparently crazy world, and getting it. We have received an inspiring letter, there isn't another word for it, from a new supporter of the League, and we shall re-produce most of it without comment. We shall not embarrass our new supporter by divulging his name; however, Mr. G.S.M., we would like you to know that we were most touched by your letter: -

"I have pleasure in enclosing a cheque for nine dollars, being subscription for ON TARGET and INTELLIGENCE SURVEY. Both my wife and myself look forward to receiving these publications. "You may be interested in knowing how your organization and your publications came to our attention. For some time now we have watched with mounting concern the inexorable erosion of traditional values within our society, and the acceptance of blatantly socialist ideas which has come about, it seems, in default of thought and through the steady undermining of belief in our way of life by the popular press.
"As far as we were concerned the final straw came when the present 'Minister for Social Security' (Mr. Hayden) brazenly announced that in future young people would be eligible for unemployment benefits even if they were unable to find themselves a job because of their scruffy appearance and outrageous dress.
My wife wrote a letter to the press on this subject, inviting those readers who agreed with her point of view (to wit, that only those who were genuinely unable to find work should be eligible for such benefits) to write to her in support. (A copy of this letter, which was printed in a Melbourne daily, is attached to Mr. G.S.M.'s letter to us.)
"The result told us a great deal about our society. The chief message was that our newspapers do not reflect public opinion at all. We received about one hundred and fifty letters, and only half a dozen of these disagreed with our viewpoint. There is obviously a strong pent-up feeling of frustration within the Australian community at the way things are going. To read the papers, or watch T. V. one would never realize it.
"Part of our mail consisted of a copy of the book "None Dare Call It Conspiracy" which we read with interest. Within this book we found some details of your organization, and its publications. "As followers of the thinking of Ayn Rand, my wife and I had come to the conclusion that we were comparatively alone in the Australian community. Apparently this is not so; and it would appear that your organization stands for the retention of the more sound "old" ideas and the rejection of the socialist-decadent ethic which is endangering the Western world.
"We look forward with interest therefore to receiving your publications. Sincerely etc.

This letter from our new supporters puts forward quite eloquently the feelings of the thousands of Australians whom we shall be reaching via Operation Exposure; so obviously the more brochures, which are distributed by League supporters, the more of the type of person responsible for the above letter will be brought into the League of Rights Movement.

It will be quite interesting to observe the reaction of our Enemy. We anticipate that there will be a silence for a short time until it is evident that Operation Exposure is succeeding, as we're confident it will; it already is. Then the attacks will commence, and the fury will break about us once again, which we shall not only withstand, as usual, but which resultant publicity will bring us a bonus flood of supporters; as usual.

The many scribbling nonentities on the fringe of the mass media, who amuse us from time to time; self-appointed "League Watchers", may find initially that their boss's blue pencil is put through any reference to "None Dare Call It Conspiracy". This may make some of them think a little, but then again, it's probably too much to hope for.

Prices of the special brochure for Operation Exposure are - 25 cents per dozen: 75 cents per 50: $1.25 per 100: $10 per 1000: $30 per 5000 - all post-free. Please put your shoulder to the wheel NOW!

MR. R.MEAGHER NEEDS SUPPORT

"Vice squad detectives seized more than 26 tons of sex picture books yesterday when they raided printers, publishers, and newsagents for the second time in 48 hours, " - The Age (Melbourne) Feb. 10th.

The Victorian Chief Secretary (Mr. Ray Meagher) has ordered the police to confiscate pornographic material in Victoria. Police promise more confiscations, and many charges will be laid as a result of their actions. There is no necessity for us to comment on Mr. Ray Meagher's initiative; except to say that we endorse it to the hilt, and we congratulate Mr. Meagher on the forthright manner in which he is tackling his job.

He said: - "I see this flood of dirty material as one which is leading to the depravity and the smirching of normal human relationships. I think its influence on immature minds could have very serious repercussions on the future of our society, and I further regard it as my duty to control it. As Chief Secretary it's my job to look after the well-being and cohesion of the society. It's my job to enforce the law, and the law says that this sort of material should not be published for profit. I am merely carrying out my Ministerial responsibilities. "

All League supporters should communicate their support to Mr. Ray Meagher and his colleagues, and encourage their friends to do likewise. Already there have been the insinuations and sarcasm from certain depraved people who scribble for the media, and who are adding to the widening credibility gap between the media and the man in the street. The media people are sensitive about this; they refer to it quite often themselves in interviews between journalists and the persons interviewed.

Also the top executives of the newspaper world know full well that they are faced with a growing financial crisis but this is being kept from the lower strata of journalists. This crisis will be brought about principally by escalating costs; many of the lower and medium rank journalists will be thrown to the wolves - some smaller newspapers, e.g. in provincial cities and country towns, will close down, and others will be absorbed by larger publishing enterprises.

This has been happening overseas in recent times, and the pattern will be reproduced here in Australia. This, of course, will give the League the opportunity for further penetration into the community.

ON TARGET BULLETIN

Quoting again from the 'Report on Post-War Reconstruction Policies' issued by the Vancouver (Canada) Board of Trade in 1943:

"Money is essentially a generally accepted claim to goods and services. It is a ticket system, which entitles the holder to obtain the goods, and services he wants from the supply available for distribution. "This means that money can be issued only against goods and services; further that the money must be related to such goods and services both in regard to the number of 'money tickets' issued and the relative relation of each ticket to the different types of goods and services.

"The system which has been evolved and which is in use at present is basically sound. In order to induce individuals to co-operate in the production of goods, money is created and issued to them as incomes for their services. The sum total of all money paid out in all stages of the production of an article constitutes its cost. In this way units of money are related to goods and the other material wealth of a community."