The CEC announces today, the release of 300,000 copies of a mass-flyer calling upon the Federal Parliament to enact an Australian version of U.S. economist Lyndon LaRouche's Homeowners and Bank Protection Act. The legislation mirrors similar legislation implemented in many Australian states in the 1930's Great Depression. It worked then and it will work now.
Read the flyer for:
- LaRouche's analysis of the fact that the U.S. dollar system has already exploded;
- A pictorial feature summarising a five-part program for Australia to survive past the last days of the current system—the HBPA bill, a New Bretton Woods international monetary system, a national bank, great infrastructure projects and a great new Republic;
- A petition to implement legislation to freeze all foreclosures on homes and family farms until the financial system is reorganised.
Between now and March 2008, the U.S. subprime mortgage market will hit the peak of its disintegration. The great majority of Adjustable Rate Mortgages will reset, and trigger a dramatic escalation of mortgage defaults. The effects felt by Australia in the third quarter 2007 are nothing to what we are about to experience. In the last fortnight, the financial crash entered a new phase, with the blow-out of the U.S. dollar system, the record losses of some of the world's largest banks such as Merrill Lynch and Citigroup, and the worldwide hyperinflation in commodities. The Nov. 7 interest rate rise has exploded the foreclosure rate in Australia, which was already running at 800 per week.
LaRouche was right about the crash and only his emergency "firewall" HBPA legislation will work. Without such legislation to protect the people, there will be no bottom to this crash and our economy will vaporise with the disappearing property values and superannuation accounts.
To download the flyer click here.
To have copies of the flyer for distribution plus a copy of our
international journal EIR mailed to you click here.
To find out how to vote for CEC click here.
Click on your state to see your CEC Senate and House of Representatives candidates.
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