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4 October 1974. Thought for the Week: "... the conservative believes that a man without principles is an unprincipled man."
Russell Kirk in A Programme for Conservatives. (1954)
WE HAVE HELD THE LINE
Apart from Channel 7's programme with Mr. Eric Butler and Mrs. Joyce Mew on Sunday September 22nd, the media ignored the League of Rights Annual National Seminar on the subject of inflation. But as Mr. Eric Butler recently told a journalist from a well-known weekly who interviewed him, from the League's point of view it is quite irrelevant whether the media publicise the League or pretend that it does not exist; the League continues to expand its influence at an accelerating rate.
The large attendance at the Annual National Seminar,
the astronomic book sales and general interest, all provided encouraging
evidence of the League's growth. The Seminar carried a resolution supporting
the Queensland Premier, Mr. Joh Bjelke Petersen and his anti-inflation
policy. The New Times Annual Dinner with Mrs. Joyce Mew. Chairman of
the British Housewives' League, Guest of Honour, was as usual a tremendous
and most inspiring event, with guests present from all parts of Australia.
Mr. Sid Wood represented the New Zealand League of Rights.
At the conclusion of an address packed with some most encouraging news, Mr. Eric Butler said that in spite of the years of increasing problems, "We have held the line." He said that the League was on the eve of the biggest counter-offensive ever launched. "The coming six months will be critical", he warned. A full coverage of The New Times Dinner, with messages from all parts of the world, and photographs, will be provided in the October issue of The New Times.
The National Action Conference on Sunday September 22nd was packed out in the largest conference ever held. The Papers given were of a very high quality. All present were inspired by the various reports of progress being made on a variety of fronts. The mood of the Action conference was one of determination to meet the mounting crisis. Like all others who have attended what has come to be known as the League's "National Inspirational Week End", newcomers felt that they had experienced something unique. The concept of family was further strengthened through the hospitality extended by Melbourne supporters to interstate and country visitors. Stimulating conversations went on far into the nights. New friendships were made, old friendships strengthened.
The National Secretariat of the League met for
its annual all-day conference on Friday, September 20 with all Divisions
of the League fully represented. Reports revealed the biggest expansion
ever in the work of the League. The Secretariat agreed to an expansion
programme far greater than anything attempted to date. Supporters are
to be asked to provide a much greater Basic Fund for the next 12 months.
Full details concerning this will be publicised shortly.
PORTUGAL AT THE CROSSROADS
"The (Spinola) step-down places the Left-wing of the army, and their front-man politician, Prime Minister Vasco dos Santos Goncalves, in the apparent position of power." - The Australian October 1st.
In the issue of On Target, (June 28th) in an item: "Whither Portugal?" we asserted that Portugal could well be under a Communist Government within two years from that date. The remarks that we made, in this issue, concerning the shift of policy in the Portuguese African territories, have been borne out. It appears to us that the next phase of the "revolution" is now taking place, viz. the capture of control of the "revolution". General Spinola was evidently set-up to lead the army coup of April 25th. Obviously in a semi-militaristic State such as Portugal only an army coup could have seized power. It doesn't take much imagination to grasp that many years of preparation, without doubt steered and managed by Portuguese (and other) Communists, must have preceded this army coup.
We also have reason to suspect that the U.S.A.
Central Intelligence Agency (C.I.A.) is involved. The C.I.A. does have
close links with the notorious C.F.R. (Council of Foreign Relations)
of the U.S.A. The C.F.R. is the American equivalent of the Fabian Socialist
To the global Communist strategist, the present International Communist support for "Africanisation" is a transitional one. The short-term objective is the denial of African raw materials to the West, or at least vastly escalating their costs; as well as the enlisting of the African "masses" (this means a veritable handful of black African politicians, journalists etc.) on the side of International Communism in the ideological offensive against the West.
The long-term objective of course, is the complete capture of African countries in the service of International Communism. For example, the thousands of Red Chinese, new in East Africa, are not only there to build a railway. They will be staying; and so will their arms and munitions. But back to Portugal, just how powerful the anti-Communist faction of the army is, we do not know. We know little about the influence of the Catholic Church in Portugal. But in a traditionally and historically Catholic nation, it must still be considerable. Yet, organization will probably be the key to the situation. Sympathy, support, desire, even will are of little avail without planned organization; and that is what the Communists have; they have been planning such organization for years.
The Armed Forces Movement, a typical limited-objective Communist front, is frantically whipping up popular support for the "revolution", which must be "protected" at all costs. General Spinola has found that he has been used by the Communists, and now must pass into oblivion. Having been used to lead the army coup, he now finds that this coup is really phase one of a Communist revolution in Portugal.
What happens now? Civil war could occur. The Communists could push on successfully to phase two of the revolution, i.e. win control over the new ruling junta. Spain will not be idle; not after having fought a bloody civil war only thirty odd years ago to prevent that country falling to Communism; and now with this new Communist threat right on its border. The fate of the country is well in the balance. We won't predict, at this stage, which way the balance will swing.
UGANDA MOVING INTO RUSSIAN ORBIT
"General Amin has built Uganda's military into the most powerful fighting force in East Africa with recent deliveries of 24 jet fighters, 60 light tanks, and other equipment from Russia, Libya and Somalia." - The Australian, September 30th
Note that Libya and Somalia are in the Russian sphere of influence. Further, Marshall Grechko, the Soviet Minister for Defence, is scheduled to shortly visit Uganda. If he can't make it, other senior military Russian officers will take his place. It's all obvious stuff; these newly-emerged African nations" are being set up to do a job.
What job or jobs? Probably in eventual preparation
for a war against South Africa. Whether or not these African "nations"
could support and sustain a modern sophisticated military offensive
is doubtful. Firstly, they are not "nations" at all, but in the main
agglomerations of tribal units. The boundaries which were drawn up by
the various European nations last century in their "scramble for Africa"
were in the main quite artificial; quite often with the white man's
boundaries intersecting a particular tribal region; i.e. with one tribe
finding itself in two countries etc.
What else is taking place? It hasn't escaped our notice that the Kremlin is anxious about the growing Red Chinese influence in East Africa, and this may be, probably is, part of the motivation for the Russian penetration into this part of the world. It would appear that the European "scramble for Africa" of last century is to give way to the Russian-Red Chinese "scramble for Africa" this century. Again, we won't predict the swing of the "balance of Africa".
STOCK EXCHANGE CHAIRMAN MAKES HIS POINT
"Mr. Valder said the crisis developing in Australia was 'politically induced', with the economic climate developing in a way to facilitate socialistic objectives." - The Australian, September 25th.
We agree with the Chairman of the Sydney Stock Exchange, Mr. J. H. Valder, that there is a large degree of political inducement in the growing crisis in Australia, but that is not the whole story. External factors are playing their part. Such factors as international economic fluctuations, and the intensification of world inflation by the operation of the International Monetary System itself, this latter little enough understood.
Still, Mr. Valder does make his point well in
quoting from a book, "The Quiet Revolution", written by Dr. Cairns,
The quote reads:-
It is Marxist "holy writ" that Capitalism, in its death throes (now) will suffer agonising economic crises. This is happening, but not because it is written in the stars", or that it is "historically inevitable", but because the finance-economic systems of the West automatically spin off the very inflation which is convulsing Capitalist societies. Finance generates the crises that International Communism exploits. All that the Master Operators of the International Finance-International Communism nexus have to do is to maintain the existing finance-economic system.
Inflation, ever escalating, and the resultant
political/social fragmentations are guaranteed. Guaranteed, as we have
suggested because a highly skilled world subversive apparatus has been
assembled over half a century to ensure the exploitation in one direction
(International Communism.) of Capitalism's "crises".
The National Times of September 23-28 carries a report on the recent mass protest meeting of farmers and graziers at Moree, N.S.W. Reporter John Edwards quotes Mr. Brian Crowley, Country Party Shire President from Walgett, and National Action Group chairman of the Moree rally, as saying that Mr. Bob Santamaria had been invited to speak at the rally but that, being unable to attend, he had recommended the much-publicised Michael Darby. Mr. Crowley is also quoted as saying "... no, goodness no, I am not a member of the League of Rights. Extremism of the Right is as bad as extremism of the Left."
Nothing very effective was suggested by the speakers at the Moree rally, but a team of League of Rights actionists who attended passed out at the conclusion a striking brochure urging support for the Petersen anti-inflation policy. One was given to Country Party Federal Member Mr. Ralph Hunt! The League is now receiving a flood of requests for further copies of their brochure.
Once again the League has been proved right. The Chairman of the Prices Justification Tribunal, Mr. Justice Williams, claims that his organisation saved consumers at least $253 million in its first year of operations. But he did admit that the Tribunal had not stopped inflation. Mr. Justice Williams has overlooked the fact that all those asking for price rises quite naturally asked for price increases far in excess of what they felt it likely they would be granted. In other words prices probably rose at the rate, which would have taken place without the Prices Justification Tribunal.
While on the subject of the Prices Justification Tribunal it is thought provoking to consider what would have happened if the Post Office had been required to submit proposed price increases for scrutiny. The latest increases are in what is now called the "hyper-inflation" class. Telephone connection fees are up 33 per cent to $80. Local calls have been increased by 24 per cent. Re-connection charges have been increased by 33 per cent from $60 to $80. The basic postal rate has been increased by 42 per cent from 7 cents to 10 cents for a stamp. Aerogrammes are also increased by 42 per cent, from 14 cents to 20 cents. Needless to say, the mail will not reach its destination any faster than it did 10 years ago. Prices have skyrocketed and the service has deteriorated.
The Prices Justification Tribunal has told some private organisations that they had to absorb a portion of their increased wage costs instead of passing them on in increased prices. If the Post Office were instructed to do this, perhaps there would be the fascinating spectacle of this monopoly making use of the highly efficient private courier service instead of attempting to enter this field itself!
Not all Federal Labor MPs support the Whitlam Government's pro-Soviet policy concerning the Baltic nations. Writing in The Crier of September 5th, Mr. John Kerin. Labor representative for the N.S.W. electorate of Macarthur, said that the Commonwealth Government's announcement that Estonia, Latvia and Lithuania would be regarded as part of the Soviet Union was an action that was stupid, unnecessary, unprincipled and above all terribly wrong... I wrote to the Prime Minister and the Foreign Minister asking why? - and expressing my disgust and concern in the strongest language. As yet I have received no reply.
The Creation of Money
F. T. Nankervis, in "Descriptive Economics", continues: - "In Australia banks usually lend on the overdraft system. A client wishes to borrow $2,000 and after preliminary enquiry as to the purpose of the loan, security etc., the banker agrees to lend this amount. An entry is made in the bankbooks to the effect that this client is authorised to overdraw on his account to the amount specified. This means that the bank will honour his cheques to the extent of $2,000 more than he has deposited in his account...
What becomes of this purchasing power that banks provide in the form of overdrafts? Let us take an actual case. A factory owner obtains a bank overdraft. He requires the money to pay for a new machine for his factory. He draws a cheque on his bank, the banker having authorised this by granting the overdraft, and pays it to the machinery manufacturer who, in turn, pays it in as a deposit in his bank account. The bank advance in this case has increased the total of bank deposits.
In general this is the principle; bank advances create bank deposits. It follows then that the volume of bank deposits depends partly on the amount that the banks lend. For the deposits are to a large extent created by the banks themselves as a result of the banks loans (overdrafts) to clients."
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