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2 August 2002. Thought for the Week: "The Grand Madam of Babylon was drunk and in maudlin mood. She sat on her throne beside the meeting-place of the abundant waters from many rivers. All peoples, all nations of every language congregated here in submissive obeisance to her. All the kings and rulers of the world had come to her and committed fornication with her... Clad in purple and scarlet and glittering with every kind of fine jewellery and precious ornament she ventured forth, holding up a wine cup filled to the brim with the filth of her abominations and her harlotry's ministrations...
Why were her dreams now plagued with visions of impending doom, of disease and death, of sadness and mourning, of famine and fire? ... Had not every king and ruler of the earth sought her dalliance and enjoyed the favours of her prostitution? Were not all the merchants in the world's marketplaces delighted with their riches obtained through her debaucheries? ... in her nightmare, she was being doubly repaid in her own coin for all that she had exacted unjustly from others... She was being made to drink a double dose of her own poisonous mixture."
From The Book of Revelation, paraphrased by Peter Lock in "The Great Harlot", 2002
STARING INTO THE ABYSS
by Jeremy Lee
Describing the Federal Reserve's Alan
Greenspan's address to Congress, Peter Hartcher pointed to
the crucial areas excluded:
Pardon me? Two million US workers have been laid off in less than two years, and more are losing their jobs every day. The stock market crash has swept past America into Europe, and is starting to crunch Asian economies. And Australia, which saw $15 billion wiped off savings in 24 hours. All sorts of 'bogeymen' are being blamed - accountants, pessimists, over-investment during the nineties, etc. We haven't yet got to the excuse offered by one economist during the Great Depression, who believed that sun-spots had something to do with it!
David Wessel (Australian Financial Review, 19/7/02) suggested we had yet to find out: "With extraordinary speed, the US has gone from a macro-economic miracle to an economy enveloped by doubt about American-style government-supervised corporate capitalism ....A reminder that the lessons learned in mastering the economic rapids of the last few decades didn't teach us all we need to know to steer through the whitewater ahead ..."
Rushing back home from - of all places
- Kyrgyzstan on July 24th, the US Secretary to the Treasury,
Mr. Paul O' Neill, immediately went into a huddle with a number
of bankers, including Abbey Cohen of Goldman Sachs, John Lipsky
of Morgan Stanley, Bruce Steinberg of Merrill Lynch, and William
McDonough of the New York Federal Reserve. He refused to comment
on emerging, except to say they'd had a good lunch. One former
economic official, Harald Malmgren, commented: "The Administration
has no strategy to deal with this. They're improvising."
IT'S THE DEBT-SYSTEM, STUPID
Those now panicking under the financial meltdown are looking everywhere for the cause other than the right direction. Greed, corruption and gambling are symptoms of a deeper cause, and however great the surveillance and regulation, dealing with symptoms can provide no solution. The cause lies in the way the nations of the world are financed - solely through the extension of interest-bearing debt. Borrowing our way into the future may stimulate growth, efficiency and all the other buzz-words. The moment of crisis can be put off by getting leaner and meaner and undercutting markets to extend sales. The marvels of technology, which mean more production for less effort can prolong the agony for a considerable period. The casualties thrown out by the system burgeon. But sooner or later reality must catch up.
The latest figures show that the world is groaning under a total debt-burden of $400 trillion, while the combined GDP of all nations is one-tenth of that figure - some $40 trillion. How to make the 40 catch up with the 400? Under existing arrangements by borrowing more; and debt is expanding faster than the means to repay. Such a cut-throat system means that only the most vicious and corrupt can survive. The vicious and corrupt are themselves now toppling over. The 'gurus' who provide the theology for this madness can only manoeuvre the world between the extremes of boom-and-bust. When things are steaming they restrict borrowing. When things are stagnant they entice and beseech us to borrow more. But what do they do when interest rates and other restrictions are at historic lows and people are still too scared to borrow? Or have already borrowed so much they can go no further? They have no other answers. US interest rates have been below 2% for four years. They can try zero interest rates as Japan did. But what if that doesn't work?
THE REAL PICTURE IN THE US
The June Aida Parker Newsletter gives
this stark oversight:
Much of corporate America is in deep
trouble. There have been five consecutive quarters of declining
corporate profit. US companies now owe a record $4.7 trillion
to banks, venture capitalists, bondholders, money funds and
other institutions. The Fed says the debt is growing almost
three times faster than GDP.....
"As hundreds of thousands of home owners are laid off, so the recent real estate bubble bursts. Sales of existing homes dropped 8.3% in March, and continued down in April and May. There's over-capacity and dwindling demand for new office space and shopping malls ....
"On top of all else, it is a banking catastrophe. A reported 4,913 banks suffered an increase in bad loans in the first nine months of 2001 .... "The final nail in the banks' coffin is derivatives: high-risk bets on stocks, bonds and foreign currencies that now stand at truly staggering levels. In 1998 US banks held about $27 trillion in derivative contracts. Today, according to the US General Accounting Office (GAO), US banks are exposed to more than $40.5 trillion in derivatives .... "Prospects are that the position will continue to get worse, not better.
In the face of worldwide economic recession, escalating geopolitical tensions, with Israel on the boil and Mr. Bush threatening war against Iraq's Saddam Hussein and the US market now in its 35th month of bear market decline, US recovery prospects appear nil .... "To quote Bill Buckley of The Privateer newsletter: 'America has imposed a draconian clampdown on the freedom and liberties of its own citizens. It has dived headlong into deficits. It has lost control of government spending. It has antagonized its friends and allies with import tariffs, demands for military alliances and ultimatums that you are with us or against us. No neutrality is allowed.
For any historian, all that is necessary is to substitute Greece, Rome, France, Spain, Germany, Britain or indeed USSR for the US in the above paragraph. All these events have been duplicated by EVERY empire in the process of its dissolution ...Yes, there will be the odd spike, accompanied by frenzied claims that "the market has bottomed"; "the corner has been turned"; and that "there's a light at the end of the tunnel". We can expect more genial smiles from our beloved Treasurer as the cracks deepen. But the future is bleak indeed.
THE FUTURE OF TELSTRA
As predicted, the Nationals have caved
in over the sale of Telstra. The government is obviously desperate
for a $30 billion or so 'kitty' to cover the reality of Australia's
own debt crisis. The Australian Financial Review (19/7/02),
under the heading EU WANTS LIMITS ON TELSTRA LIFTED, reported:
Under the GATS treaty coming up for ratification in November, the foreign ownership of Telstra will be a fait accomplish - unless enough Australians can say no loud enough to shake our politicians.
THE GLOBALISATION OF STRESSOccasionally, Phillip Adams can be perceptive. Writing in The Weekend Australian (20-21/7/02) he said:
"Every few days I climb on a plane and head off to address a conference of school principals, accountants, Family Court lawyers, architects, librarians, psychiatrists, historians, scientists, politicians, information technology workers, film-makers, public servants, nurses, vets, people with disabilities, groups involved in reconciliation or the refugee issue, Friends of the ABC, voluntary euthanasia advocates, environmentalists, Humanists or, cross my heart, a couple of hundred Pentecostal pastors. "And with the exception of Pentecostal pastors - who view Armageddon with enthusiasm - almost every audience is full of people who see their cause as hopeless or their profession as doomed ...."
How can that be? Prime Minister John Howard has been telling the rest of the world that the Australian economy is better than at any time he can remember! And he couldn't be wrong, surely?
CALLING DOWN THE 'WRATH' OF GOD
by Betty Luks
People, who try to live by 'the golden rule' quite apart from any church organization must shake their heads in disbelief at the double standards applied by such people as the good pastor. He warns his readers (no matter how the leaders of modern Israel behave, no matter how they treat the subjected peoples of Palestine), "The nations of the world need to be very careful how they treat Israel as a nation, simply because 'the law of the harvest' applies: 'Whatsoever a man soweth, that shall he also reap.' (Gal. 6:7)." But then, is this man referring to the Golden Rule of Jesus Christ, "Do unto others as you would have them do unto you", or is he referring to those ancient 'laws' of cursing and revenge legislated and imposed upon a people by the leaders of that tiny province of Yehud three thousand years ago?
Too many people cannot see the double standard in their claims to be 'Christian' and defense of the inhumane treatment meted out to the Palestinian people - in their own land - by the occupying forces of modern Israel. Definitely a philosophy of the-one-way-street.
A 'do unto others' approach
The answer for the Rector is two fold
The second breeding ground is injustice.
There can be no peace without justice. Here he gives examples
of the double standard applied by the 'international community'.
"Unless justice is brought to places like Palestine and Israel
there will never be peace; and there will always be terrorist
responses. He compares the attitudes adopted on the one hand
towards Iraq and Israel on the other. Iraq is continually
criticised, especially by America, for failing to meet UN
resolutions; while Israel on the other hand has no pressure
put on it to meet similar UN resolutions, in particular Security
Council resolution 242 calling for it to leave the occupied
THE BANTU MIGRATION TO THE USA - WHAT'S GOING ON!
by Antonia Feitz
Whatever the facts, why are non English-speaking African Bantus being fast-tracked as American migrants. Said one African bureaucrat, "It will be tough for this generation, but it is still worth doing. The children will benefit ..."
The Bantu migration - do Americans know
about this "epic migration"? - has already started.
MUGABE EMBRACES FAMINE ON BEHALF OF HIS PEOPLE
from Jan Raath in Harare, July 24th, 2002 - taken from Neil Baird's e-mail.
The danger of widespread famine and death in Zimbabwe increased yesterday as President Mugabe rejected appeals by the United Nations to reverse his Government's disastrous policies on land redistribution. Speaking at the annual State Opening of Parliament, Mr Mugabe hailed the scheme "an unparalleled success", saying that almost half of about 5,000 white-owned commercial farms had been transferred to blacks. The Government would ensure that "no one takes advantage of our stomachs to get to the soul of our sovereignty", he said. "Yes, we need food assistance from governments of goodwill, but we certainly abhor sinister interests which seek surreptitiously to advance themselves under cover of humanitarian assistance. "We reject any attempt to use the present drought relief effort to smuggle in failed and inappropriate International Monetary Fund policies . . . as neo-colonial manipulation under the guise of globalisation."
His remarks were seen as a direct attack
on a UN appeal launched last Friday to raise £180 million,
mostly for 1.5 million tonnes of food, to avert what experts
say may be one of Africa's worst disasters. The UN said that
Mr. Mugabe's campaign to seize white-owned land had "seriously
affected one of the most productive sectors of the economy
and is a leading cause of the current crisis". It urged the
restoration of the rule of law on white-owned farms and the
removal of illegal squatters. Mr. Mugabe maintains that the
farm seizures are the only way to ensure that landless blacks
have access to land, but the programme has brought commercial
farming to a halt and left the country with a two-million-tonne
grain deficit this year.
Six million people, half of Zimbabwe's
population, are at risk of starvation and death and the UN
appeal said: "There is a serious risk of famine and loss of
life in the coming months." The Zimbabwean crisis was not
a traditional emergency, it said. Drought and the HIV/Aids
epidemic had contributed, but "policy choices are at the heart
of the problem".
Within minutes of the start of his speech, the Movement for Democratic Change, which holds 57 of the 120 seats in Parliament, walked out. Its MPs refuse to recognise Mr. Mugabe's right to address Parliament after presidential elections in March that were rejected by most of the world as fraudulent and violent. Outside, a cavalry and infantry parade became a grim affair as Zimbabwean Air Force helicopters hovered, watching for a promised demonstration by a pro-democracy group, and hundreds of police blocked the streets. The crowd of spectators, mostly supporters of his ruling Zanu (PF) party, was among the smallest since independence 22 years ago.
"NO GATS TREATY SELL-OUT" POSTCARDWe are pleased to report on the initiative of one of our supporters: a "NO GATS TREATY SELLOUT" POSTCARD CAMPAIGN. He has produced a postcard to be sent to your political representative asking for 'an absolute guarantee that our Government-provided services will not be controlled in any way by foreign corporations.' The postcard spells out just what will happen under this treacherous Treaty. He asks readers to send stamps to cover the costs: Five x 45 cent stamps for 10 cards. Ten x 45 cent stamps for 20 cards. Twenty x 45 cent stamps for 50 cards. Thirty x 45 cent stamps for 100 cards. Mail to: Bernie Bourke, RSD Box 52, Bacchus Marsh Vic. 3340. Ph: 03 5369 4316 Fax: 03 5369 4297. Don't forget to include your name and address for return mail.
MEA TAPES RELAUNCHEDWe are pleased to announce MEA Tape Library has been relaunched. To celebrate, MEA Tapes make the following offer to On Target readers. Hear MEA founder, Mr. Tom Fielder, speak on why Australia is in such a parlous state... and what we can do about it! . The Failure of Intellect . Where have all the Social Crediters gone? . Solving the Debt Dilemma . Escape from the 'Wood' party Hear four Tom Fielder tapes for $20.00 posted: MEA Tapes, Box 248, East Caulfied, Vic., 3145.
QUEENSLANDERS - BOOK SERVICES ANNOUNCEMENTDue to personal matters affecting our service-provider in Queensland, the Queensland book service will be 'out of action' for a while. In which case, those Queenslanders who may have unfulfilled back-orders, or outstanding book orders, please contact Mrs. Maureen Burton, Heritage Bookmailing Services who will attend to all matters needing attention. Please contact her by phone, (08) 9574 6042, or write to PO Box 163, Chidlow, WA, 6556.
SYDNEY CONSERVATIVE SPEAKERS' CLUBDates for your diary: Wednesday, August 28th, 2002. An open night, with your turn to have a say; 5 minutes for each speaker. It is also the Annual General Meeting which will only concern members (who will receive an annual report during August). Wednesday, September 25th, 2002. Guest speaker will be Mr. Leon Grigor and his subject will be "The Establishment's Fake Nazi-KKK Brigade".
WEST AUSTRALIA'S 36th STATE SEMINAR & DINNERWest Australian supporters please note the following details in your diaries. Plan to be there!Seminar: "A Legacy of Terror! Terrorism-Globalisation-Servitude". Speakers: Introduction, Mr. Murray Pope, State Director, Australian League of Rights; Mr. Bill Daly, National Director, New Zealand League of Rights; Mr. Peter Davis, Mayor of Port Lincoln, South Australia. Saturday, August 10th, 2002; 1.45pm to 5.15pm. Venue is The Rose & Crown, 105 Swan Street, Guildford. Entry is $12.00 per person. Dinner: Saturday, August 10th, 2002, address as above. For bookings and further details: The Secretary, phone/fax (08) 9574 6042 or phone (08) 9574 6260.
SOUTH AUSTRALIA'S 34th STATE SEMINAR, DINNER, ACTION CONFERENCE
to be held Saturday/Sunday, August 17th-18th,
2002. The entry is $12.50 per person.Seminar - "The Matrix
of a People": Parish Centre Christ Church, 1708 Main South
Road, O'Halloran Hill, SA. Register from 12.30pm; Keynote
Dinner - To be seated by 6.45pm. The 34th "Frank Bawden Memorial Dinner" also to be held in the Parish Centre Christ Church, Saturday, August 17th, 2002. $24.00 per person for a 3-Course meal. Please bring your own hard drinks.
Sunday Action Conference: August 18th,
Divine Service 10.00am. Action Conference 10.30am. Wheaton
House, 190 South Terrace, Adelaide. Wheaton House is part
of Pulteney Grammar School - it is sandwiched between the
main school buildings (on the left) and the restaurant/motel
next door on the right. This Sunday Action Conference is limited
to those the League considers to be eligible to attend.
VICTORIAN MEETINGSBILL DALY, NEW ZEALAND'S NATIONAL DIRECTOR, Bill Daly, will be speaking at:
HORSHAM - Monday, August 19th, CWA HALL, 8.00pm
MELBOURNE - Tuesday, August 20th, HERITAGE BOOK SHOP, 8.00pm - Phone bookings only.
NUMURKAH - Wednesday, August 21st, 8.00pm - RING (03) 5856 1315
TRARALGON - REGIONAL DINNER, 6.30pm. RING (03) 5633 1969
|© Published by the Australian League of Rights, P.O. Box 27 Happy Valley, SA 5159|