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5 September 1986. Thought for the Week: "...Debt finance, with its inevitable inflation, has existed for centuries, and has provided the ideal tool for concentrating power - without responsibility - in fewer and fewer hands. It is a characteristic of human nature that the possession of power creates a desire for more power, and that power is not surrendered willingly. Thus we see that, while it is not difficult to eliminate inflation, nothing will be done to eliminate it because it would result in a loss of power. Unless there is more pressure exerted on our political representatives than exists at the present time, social problems generally and financial chaos in particular, will only get worse."
J.D. Malan, in Natural Cost & Ownership of Money
HAWKE GOVERNMENT LOSING CONTROL AND DIRECTION
"Mr. Keating doesn't seem to know the 'World's Greatest' accolade is given by the banking people to the Treasurer who borrows most at the highest interest rate; he still thinks he won on his merits. They must be in fits." - Des Keegan, in The Australian, August 30th.
All our experience forms our opinion that the Hawke Government is in serious decline and we don't think that this process can be reversed; there are so many "indicators". Never underestimate the "insight" of a metropolitan taxicab driver as we were reminded by an interstate politician most recently. One, in our own city (Melbourne) made the remark that, "Hawke is going bad:" He has the "feel" of the political climate. It reminds us of the last months of the Whitlam Government (1975) when "Whitlam was going bad!"
Many of the orthodox economic forecasters see a deepening recession (John Stone, Des Keegan) as the Keating 1986 Budget flops. Mr. Keating, no doubt, thought that his Budget was a masterpiece, with a "surprisingly" low deficit to attract overseas capital financed with a lower standard of living by the Australian taxpayer. Mr. Hawke probably thought, "he had it made" if he put on a good show with the Hawke charisma: by appealing to the ordinary Australian to "have a go and further trading on his "ocker" image. Now we must all "buy Australian", which is fair enough. We should always try to do this. But, people with limited financial resources (and this includes the majority of us) are after value for their dollar, and regrettably, will not always buy Australian if there is a sharp comparison with respect to the better quality and cheaper price of foreign merchandise.
It's all wearing thin. Hawke and Keating are killing the goose that lays the golden egg. The Kremlin can do this, because it has total control over the ballot box (the Soviet citizen has the choice of voting for this Communist, or that Communist, or the other Communist. And if any of the three trod one inch out of line; then goodbyeski!) Hawke, the Messiah, can't do this; that ballot box is in the way (thank merciful Heaven). Now is the time when those "ideological irritations" can be fatal. In times of economic expansion, when lashings of moderately priced credit are available, the businessman can overlook such pieces of "ratbaggery" as the Bill of Rights, Fringe Benefits Tax ("Farewell-Bob-Tax", someone has written recently), Affirmative Action in Commerce and Industry, and so on. But all these things do have a cumulative effect, and assume far greater proportions when the economy turns sour.
There seems to be a type of political decadence "in the air", like very good football (or other) sportsmen 'fumbling the ball' when they sense, strongly, that defeat is imminent. Things "go bad". Now Mr. Chris Hurford has "dropped a clanger" with his most foolish offer to certain media people to provide "tidbits" of inside Government information in return for his own media exposure. This "rot" started towards the end of those Whitlam years, with Khemlani, Dr. Jim Cairns and others gaining unfavourable publicity. Probably the "Hurford Affair" will be repeated by others as the decline continues. And of course there are those international money bandits of whom Mr. John Fletcher speaks (see On Target Bulletin this issue). They don't help Messrs. Hawke and Keating, and they don't care.
THAT 'CONSTITUTIONAL COMMISSION'
Many people who consider themselves "politically aware", including some of our friends, are talking as though the Socialist Revolution, in Australia, is all over bar the suppressed shouting, which will have to wait, we are told, until the gate is locked closed behind us to prevent, forever, our escape back into real political freedom and democracy. The clever Fabian Socialists (and they can be clever, too!) don't want to give the game away, by premature announcements of their success: so we are told. Now, we do not go along with this portrayal of the imminent eclipse of our political freedoms. We do not doubt in the least that such is the ultimate intention of the international agencies of subversion; however, we do not believe that most of the number of Fabian Socialists in positions of political power intend that Australia shall become a totalitarian State: the subversives behind the Fabian Socialists are working towards that end. Socialism has nowhere to go but Communism.
Many individuals and organisations have been asked to make submissions, either personally or in writing, to the Constitutional Commission; it is to report to the Government by June 1988. There are six areas of government, pertaining to the Australian Constitution, to be examined.
Firstly, Head of State
Secondly, the Queen of Australia
Powers of the Governor General
THE RESERVE POWERS OF THE GOVERNOR GENERAL
ARE STILL THERE
DIRTY DEALS ON DOLLAR
From the West Australian August 25th, a senior Australian banking official points out the "dirty tricks" of international finance. This is so important that we shall republish as much as possible. We saw none of this in the Eastern Press of Australia:
"Foreign exchange dealers and multinational
banks are using dirty tactics deliberately to run down the
Australian dollar, according to Mr. John Fletcher, the chief
general manager of the Commonwealth Development Bank. "The
multinational bankers should never be underestimated in the
lengths they will go and the dirty tactics they will employ
in pursuing their profit objectives', he said. The international
money market makes a rugby pack look like 'Play School'. "Mr.
Fletcher is a former head of the international division of
the Commonwealth Bank. He would not name the banks or dealers
he thought were manipulating the Australian dollar. "The small
people can't do it. It has to be the large operators', he
said. "I would think it is the large overseas operators more
than the Australian banks, "They know they can manipulate
the Australian exchange market because it is such a small
market.' "I call it dirty tactics. They would call it speculation.'
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