THE CONCOCTION OF RIGHT WING "EXTREMISM"

"The birth of vigilante groups in Australia would not have the support of returned servicemen's organizations, the National President of the R.S. L. (Sir Arthur Lee) said yesterday". - The Age (Melbourne) October 29th

For many months past we have observed a subtle campaign in the mass media taking shape, which we believe is being prepared to neutralise a probable Anti-Left-wing backlash. This is occurring overseas also. We heard another spokesman of the Returned Services League being interviewed on the A.B.C. session, "P.M." on October 28th. The A.B.C. interviewer, we thought, was attempting to put words into the mouth of the R.S.L. spokesman, to the effect that "private armies" were being organized for some sort of "counter-revolutionary" coups. The R.S.L. spokesman was most firm that there were NO private armies in Australia, nor would any support be given to their formation by the R.S.L. Quite correct.

The Australian League of Rights is also opposed to the formation of any private armies, and vigilante groups, and also does not believe that they exist. But the League of Rights does believe that this campaign to throw fear and doubt into the community; aimed at discrediting conservative bodies such as the League of Rights does exist, and moreover, exists for this specific purpose.

By associating conservative bodies with "dark plots", "private armies, vigilante groups", the subversives anticipate the more that responsible strata of the Australian community, will be scared away from giving support and conservative bodies will be brought into disrepute as "undemocratic". It's the smear; condemnation association, all over again - the well-tried and proven tactic of the subversives.

The threat of Communism is now being played right down, and (it is intended) only the "lunatic fringe" and "extremists" will now believe that the West has anything to fear from International Communism, or even our local comrades; the era of "detente" is with us. Sir Arthur Lee made his point well, at the R.S.L.'s 59th Annual National Congress in Melbourne that the Communist Party, through its influence in trade unions and front-organizations can do irreparable harm to the security of Australia. He said:-
"Communist-controlled unions can immobilise the Australian Navy, and on occasions, have done so... They can ground aircraft, they can prevent the movement of troops, they can disrupt communications."
But there is no danger to Australia, or the West from Communism you know; only Neanderthal Men, such as make up the supporters of the League of Rights, believe such nonsense.'

We urge all supporters to obtain and read "Theory of Subversive Action" by Roger Cosyns-Verhaegen, the Belgian expert on political subversion. He wrote it after the famous Communist and Anarchist- inspired riots in French universities in 1968. It reveals how a conspiratorial apparatus can penetrate, infiltrate, a legal Authority. (Government) to subtly take over its functions, and so form, in fact, a government within a government with the mass of the nation's people in complete ignorance as to what is actually taking place. Price: 70 cents, post-free from G.P.O. Box 1052J, Melbourne, Victoria, 3001.

The plain facts are that the West is in greater danger than ever before from Communist subversion. Whilst the West is being assured of immeasurable advantages of "detente" with International Communism, the Communist global strategy for the final assault against the West is taking place under our own noses. Yes; the Indian Ocean.

QUEENSLAND CAN LEAD

Mr. Eric Butler sends the following urgent message from Queensland:

"The coming Queensland State Election provides Queensland League supporters with an opportunity to play a decisive role in what could be the most important elections yet held in Australia. The Queensland Premier's lead on the inflation issue, with his constructive anti-Socialist policy of the abolition of Sales Tax and the introduction of consumer price discounts, had landed like an atomic bomb in the current Australian situation. His policy, and the growing nationwide support for it, has upset the Marxists, and caused Federal Liberal and Country Party leaders deep concern.

In his statement concerning the holding of the Queensland elections December 7th, Mr. Bjelke- Petersen returned to his anti-inflation policy that must be made THE issue at the Elections. We must turn the Queensland Elections into a type of referendum on the "Petersen Plan". Massive increased support for the Queensland Premier will not only send a message to the Labor Government at Canberra; it will send a message to the Federal Liberal and Country Parties, making it clear that they must support the "Petersen Plan."

I urge every Queensland supporter to work as he or she has never worked before in this campaign. Special programmes have been well planned, but hard work is going to be necessary. And the League cannot be held up because of inadequate funds. We can make the Queensland Elections a major turning point in Australian history. We must think big and act big.

CARDINAL MINDSZENTY RECEIVES LITTLE MEDIA COVERAGE

"Thousands of people flocked to see Cardinal Josef Mindszenty when he took part in two major religious ceremonies today." - The Age (Melbourne) October 28th.

Cardinal Mindszenty is one of the great Christian heroes of our age who is now being "phased out" in an era of "detente" with International Communism. He is now an embarrassment in the "new political climate," events have passed him by; he has to go. But we don't think he will "go". We fear that very few will hear, let alone understand his message... "We have to be efficient (in this Godless age) and people who want to serve God are despised. This modern humanity has declared matter as God."

Phyllis Schlafly co-author of the book "Mindszenty The Man", observes in her introduction. . .
"By any standard Cardinal Mindszenty is a leader. He has accepted the responsibilities of leadership, he has paid the price many times over, and without power or patronage to dispense, he has retained the loyalty of freedom lovers all over the world. Cardinal Mindszenty happens to be a Hungarian. He happens to be a Catholic. But he fought for the freedom of all men, regardless of faith or nation. The principles he stands for - with his mind, body and spirit - are universal and eternal. He is truly a man for all seasons."

TREASURY NOTES TELL THE TALE

"The heavy flow of private funds into Treasury notes continued in the week to Wednesday". - The Age (Melbourne) October 25th

The yield on Treasury Notes was cut by 1.4% on October 4th. The purpose was to drive away the flow of money from government securities and encourage investment in the private sector of the economy; a stimulus to commerce and industry. This has not happened rather the reverse. Since the yield on Treasury Notes was cut, there has been a very large inflow into Treasury Notes ($270 million). Why? Mr. Tony Thomas, an "The Age" economist has the right answer.
With inflation now around the 20% figure "the money market is more convinced than ever that long-term interest rates must rise to reflect - even slightly - the need for a real return on investment funds. This means that anyone investing now in long-term securities could be caught by capital losses when interest rates rise. Therefore, investors are parking their money in the shorter end of the investment spectrum."

Quite so. Who can blame them? Investors cannot tell from one week to the other just what our "Australian" Government is going to do next. It has shown that it is hostile to private enterprise generally; it can't wait to bring in more and more socialisation. Its foreign policy is definitely oriented in favour of Communist countries; senior Ministers have abused the United States of America. Only a one-eyed person could not see the Communist shadow over Canberra. Why would Western countries wish to invest heavily in Australia now?

So our Dr. Jim Cairns is off soon to the U.S.A. to see if he can "drum up" a few tens of millions for investment in Australian industry and commerce to bail the Canberra "Labor" Government out of trouble. We don't like his chances. Even if he could pull the rabbit out of the hat, and our Doctor Jim is a smooth operator, is would be at least six months before the "revised" monetary policies would exert their effects. That is why Mr. Whitlam said during his news conference this week that things will not improve for six months. We think that even he is being optimistic; it will be a lot longer than six months before the economy commences to recover; and we don't imagine that Mr. Whitlam will be in any position of authority for much longer. He may not even be Leader of the Opposition.

Dr. Cairns said that those who are hanging off from investing, to wait for a change of Government at Canberra, would have a long wait. We don't agree with the Doctor this time, but even with the almost certain change of Government which should take place in the middle of next year (1975) the economy will still be depressed for investors. The reason is cost inflation.
Mr. Whitlam has made a great fuss about the Government curbing demand inflation, a really big deal! Blind Willy can stop demand inflation; by turning down the bank credit tap. Not that we think that there has been real demand inflation for almost a quarter of a century. There have recently been shortages in a few sectors of the manufacturing industries, but these have been brought about predominantly by strikes.

Mr. Whitlam hasn't a clue concerning methods to deal with cost inflation; nor has Mr. Snedden. And the inflation rate may well he over 20% when Mr. Snedden becomes Prime Minister - so investors will still have their problem; and it will be worse. Mr. Snedden won't find it easy to attract overseas capital now; there is a different climate prevailing in the international monetary markets in comparison to those days when he was Treasurer in the McMahon-Anthony Government.

Furthermore, even if a new Liberal-Country Party Government were able to attract tens of millions in capital inflow, this would actually increase the domestic rate of inflation. Dr. Cairns knows that the coming Snedden Government will be unlikely to last the normal three-year term; and he knows why.

MAGNIFICENT RESPONSE TO BASIC FUND

BRIEF COMMENTS

It must be that the Liberals in N.S.W. have not yet suffered the same amount of moral rot, as have those Liberals in the Federal sphere. Perhaps the Canberra Bad Lands exude noxious vapors that lull the senses; bring on a moral torpor. At least in Sydney the Liberal Government of N.S.W. is rugged enough to state that as far as N.S.W. is concerned "GOD SAVE THE QUEEN" is the National Anthem. All bands under the control of the Government of N.S.W. have been instructed to play "God Save The Queen" at official functions.

An interesting sidelight of the current Wilfed Burchett-Jack Kane defamation litigation is a revelation made under close cross-examination by ex-Senator Kane. Mr. Kane revealed that Mr. Peter Samuel wrote the article in the November 1971 "Focus", a monthly journal of the N.S.W. branch of the D.L.P. in which Burchett asserts that he was defamed. Mr. Peter Samuel, known to be hostile to the League of Rights, is an accredited member of the Canberra Press Gallery. In the October (1971) issue of "Focus" appeared an article, which amounted to a vicious smear on the League of Rights. We have reason to believe that the then Senator Jack Kane had no foreknowledge of its appearance. We now are suspicious that this article also, was written by Mr. Peter Samuel.

Two Kinds of Credit

Bank credit, it should be clearly understood, is quite different from the credit allowed by a hire-purchase company or a retail firm. A hire-purchase company is lending money, which it has borrowed, or which its shareholders have subscribed, and there is no more money in circulation than before. In the case of credit allowed by a retail firm, the firm has paid money to a manufacturer for an article. It now sells the article to a customer, with an agreement that the customer will be allowed a certain time in which to pay. The money the firm has paid for the article is now "tied up in the article, and cannot be used for further purchases from the manufacturer until the customer replaces it with money from his earnings. The sort of credit therefore does not add to the supply of money in existence.

Trading bank credit is not granted in order to give time to pay for an article, which the bank has sold to a client. All it "sells" to the client is a chequebook. It has not loaned money, which other clients have deposited with it. Trading bank credit is a clear addition to the amount of money in existence. "When money is lent by a banks it passes into the hands of the person who borrows it without anybody having less."