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February 10 1978. Thought for the Week: "If they (parliamentarians) are asked if inflation is because of them or in spite of them, they apply what Churchill described as the first rule of politics: 'when you don't understand a subject, be obscure! Some (like A.A. Milne's Winnie the Pooh) say 'Sometimes it is and on the other hand, sometimes it isn't.' This is like an each way bet in a two horse race. Inflation can only be either because of, or in spite of, them. This leaves one alternative; inflation is in spite of the parliamentarians. They write their autobiography under the title Glory Without Power."
Angus McDowall in Segregation by Inflation
DEBT DRUG TO EASE INFLATION PAIN
Investors and currency speculators do not share
the Fraser Government's confidence about the good times ahead this year.
The result has been a large outflow of finance capital and, under present
financial rules, a threatened further major devaluation. Such a devaluation
would further contribute to inflation at a time when Federal Treasurer
Howard is assuring Australians that it has been brought "under control."
Australia's outstanding official overseas debt is still low by historical standards. There are substantial resources available to Australia from international monetary institutions as well as large scale scope for increased overseas borrowing in private capital markets." In case Australians become concerned about a policy of mortgaging Australia still further to foreign interests, Treasurer Howard attempts to soothe them with a piece of typical Treasury jargonese: "It is important to understand, however, that the policy of expanded official borrowing overseas if firmly based on a sound account position.
If Australia were to adopt a sane finance economic policy, financial costs could be substantially reduced, this making Australian exports much more competitive. Reducing financial costs is the key to solving most of Australia's problems. Using increasing debt to try to solve problems is like using a pain-killing drug. There is a short term easing of the pain, for which the "patient" may be thankful. But as the debt drug does nothing to remove basic problems, and it eventually rots the body politic.
The first essential step towards reducing financial costs is a drastic reduction in Sales Tax and substantial cut in interest rates. As Mr. Howard and his colleagues have at present no intention of adopting this type of policy they are going to see all their soothing predictions destroyed by realities.
STRAIGHT TALK ON SUBSCRIPTIONSPrimarily because of postal and other costs beyond our control, late last year the subscription rate of "On Target" was increased to $10. Even with our own printing equipment and volunteer printing and wrapping team, this barely covers all costs. But On Target is not produced for financial profit, but as the weekly action journal of the League. On Target is not produced for those who want to sit on the sidelines of the struggle for the world taking place; it is for those who want to be involved. Late last year many subscribers were notified - at 18 cents for a stamp, plus the envelope! - that their subscriptions were in arrears. Those who renew immediately may bring their subscriptions up to date at the old rate of $8 per annum. Those who do not renew immediately will have to be taken off our list. Please note that no further renewal notices will be sent. And while on the subject of subscriptions may we ask for the cooperation of subscribers by notifying us immediately if not receiving their journal, or if they have sent a change of address and this has not been affected. Your letter could have gone astray. Those writing to complain that they missed issues of On Target over the Christmas-New Year holiday period obviously missed the announcement in our pre-Christmas issue that the first issue for 1978 would be January 27th.
South Africa has a law against Europeans and
non- Europeans marrying. The law makes sense to the great majority of
Europeans, who have had a long experience of the problems of race mixing.
But it is one of the issues, which the enemies of South Africa exploit
in their campaign to destroy that nation. Recently the media of the
world was full of sob stories about a South African coloured being forced
to go to the United States so that he could marry a South African European.
Prime Minister Fraser has been loud in his protestations against what he claims are the excessive protectionist policies of the European Economic Community. Upon arriving in Australia last week, one of President Carter's top trade negotiators, Mr. Alan Wolff, said that Australia was "over protective" in its trade policies." Mr. Wolff wants Australia to buy more manufactured products from the United States. While political leaders are paying lip service to the desirability of freer trade between the nations, unrealistic finance economic policies are forcing them to intensify their attempts to achieve a "favourable balance of trade". All those of commonsense who have been fortunate enough to have escaped brainwashing by the economic "experts" can readily see that one nation can only achieve a "favourable balance of trade" at the expense of other nations. Trade wars can lead to military wars. The Marxist revolutionaries are delighted.
One of the "bright boys" of Mr. Fraser's Ministry,
Minister for Production, Mr. Ian Macphee, has openly displayed his sympathy
with the secular humanists. In a letter published in The Age,
Melbourne of January 11th, Mr. Macphee attacked the Right to Life Association
and the Festival of Light, claiming that "unless these organisations
responded realistically and sympathetically to the problems of people,
they would continue to be viewed by a majority of Australians as extremist
and their contribution to society would be entirely negative. Mr. Macphee
said that Parliament should frame laws "which enable individuals to
regulate their own lives as much as possible in accordance with their
own conscience." He advises the two organisations to devote their time,
and money, to more promotion of contraceptives.
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