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24 May 1991. Thought for the Week: "If Christians are going to promote moral judgments on money-wealth and money-taxes, why do they flinch in cowardly fashion from considering the moral nature of debt-money itself, and of the monstrous manipulation of our lives, of governments and of politics, by those who control the creation and flow of credit as irredeemable debt . Are the high priests of debt-finance, the financiers and economists, the only authorities to consult on human affairs?"
Dr. Geoffrey Dobbs
TREASURER KEATING'S PHONY VICTORY
The "world's greatest Treasurer", Mr. Paul Keating, invited the applause of his fellow Australians because of his alleged victory concerning inflation. Coming events will demonstrate that any declaration of a victory over inflation is rather premature. Because of a set of figures relating to a group of consumer items showed there had been a reduction in the inflation rate, the Reserve Bank announced a 1 percent reduction in interest rates with the trading banks then doing likewise. This slight relief will be appreciated by homebuyers in particular and by primary producers, manufacturers and businessmen in general. But the situation reminds us of the story of the man sitting on the sidewalk hitting himself on the head with a hammer. When asked by passers by why he was doing this, he replied, "Because when I stop, even temporarily, I have a feeling of relief."
The Hawke-Keating Government, drawing on the wisdom of its economic advisers, has been treating the Australian community so brutally with the depression "we had to have", that even the slightest relief lessens the pain. But it does not remove the basic cause of the pain. There is no way in which inflation can be reduced under debt-finance without inflicting the type of economic and social damage inflicted by the Hawke-Keating Government. The nation has paid, and is going to continue to pay, a dreadful price for what the Government has done. Mere statistics cannot measure the anguish and suffering of large numbers of Australians, the break up of families and a rising suicide rate. Large numbers have been scarred for life.
Paul Keating would have Australians believe that it has been all worthwhile, that gain will follow the pain. In a gung-ho comment, Keating boasts " the 1990's will see Australia as a low inflation, prosperous economy where we'll take up the jobs that we've lost in this last recent period". Keating even had the effrontery to tell Australians that Australians should now go out and get "stuck in". This type of comment reveals that the Federal Treasurer is either a knave or a fool. Interest rates are still relatively high and with the continuing depressed state of the economy, it is going to be a long time before people are prepared to go further into debt.
There is only one period in modern history when Australians had a period of no inflation, and that was from 1943 to 1948, when a system of consumer discounts was applied. Prices rose immediately when the Chifley Government abolished the policy and the Menzies-Fadden Coalition promised to restore it in order to implement their famous 1949 election promise that they would "put the shillings back into the pound". The Fabian dominated Federal bureaucracy successfully resisted the re-introduction of consumer discounts and inflation has continued ever since.
In a desperate attempt to halt inflation, the Menzies- Fadden Government applied a major "credit squeeze" in 1961, causing unemployment to increase and was nearly removed from office. The Hawke-Keating Government will almost certainly be removed from office as a result of its disastrous programme of forcing the inflation rate down at the expense of the nation's producers and business community, who have implemented substantial discounts, or accepted much lower prices for their production.
One of the most disturbing comments has come from Dr. John Hewson, Leader of the Liberal Opposition, who in essence welcomes the lower inflation rate but says he could do even better, perhaps reducing the inflation rate to zero. Any programme, which reduced inflation to zero under present financial policies, would result in disasters that would make the Keating-Hawke inflicted disasters look like an inspiring achievement.
It can be predicted with complete certainty that the future looks increasingly bleak with the Hawke-Keating Government. This will become more obvious as coming wage increases flow through the system. With every industrialised nation in the world, including the much-publicised "miracles" of Germany and Japan, in a deepening crisis, the question of debt finance is now one of the most important issues for the whole world. The International Planners are making every effort to convince debt-shattered victims that the only hope for the future is a type of World State, starting with a New International Economic Order. Both Prime Minister Hawke and Treasurer Paul Keating are devotees of internationalisation. Our advice is for those who can, to take every possible advantage of slight respite from the fractionally lower interest rate, and to resist the lure of any further debt expansion.
THE AGONY IN RURAL AUSTRALIA
Mr. David Thompson, N.S.W. State Director
and Assistant National Director of The League of Rights, has
just completed a series of meetings in Western N.S.W. and
files the following report:
Many farming families find themselves in limbo - unable to run their properties properly, and unable to leave, unless they voluntarily offer the property for sale, knowing it will be given away. Banks maintain that they never force mortgage sales. Rather, they await bankruptcy proceedings from other creditors, thus starving out once viable primary
DELIBERATE POLITICAL BETRAYAL
THE WEEK IN BRIEF
The Victorian Bar Association has accused the Federal Government of undermining the rule of law and democracy in Australia by its attacks on the Industrial Relations Commission. Council Chairman, Mr. David Harper, Q.C., said that the Federal Government's threat against the Commission since the national wage case had weakened the status of judicial bodies. The Federal Government had attacked the institutions best positioned to protect democracy against the encroachment of executive power. It had placed the rule of law and the freedom of a civilised society in jeopardy.
Writing in the Melbourne Herald Sun of Saturday, May 18th, Professor Geoffrey Blainey reminded his readers that it was not the disgraced Brian Burke who had been the first Labor leader to make a specialty of raising large sums of money from businessmen for election campaigns, but his "mate", Prime Minister Hawke. "Even in the 1974 Federal elections, six years before he (Hawke) entered Parliament, he was raising funds from entrepreneurs for the Labor Party.
RECESSION APATHY IS INEXCUSABLE From
The Age (Melbourne), May 10th
PAPER CHASE from The Australian
"The disgraceful demonstrations against Turkey's President Ozal show multiculturalism in action. You asked for multiculturalism, Mr. Hawke, now you're getting it." (F. Auld, Hobart, Tas.)
|© Published by the Australian League of Rights, P.O. Box 27 Happy Valley, SA 5159|