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Citizens Electoral Council of Australia

Media Release  23rd of November 2007

Craig Isherwood, National Secretary
PO Box 376, COBURG, VIC, 3058
Phone: 03 9354 0544 Fax: 03 9354 0166
Email: cec@cecaust.com.au
Website: http://cec.cecaust.com.au
 

Which Australian Bank will crash first?

The Reserve Bank of Australia has just pumped extra money into the banking system for the eighth time this month by injecting $1.44 billion into the system, more than the $1.01 billion "required" on the day. This is a sure sign that bailouts are already occurring locally in a global economy teetering on the edge of a complete banking collapse.

The extraordinary money pumping by the RBA comes in the context of the global financial system, which is now undergoing an exponential hyperinflationary blow-out, as Wiemar Germany was before the rise of Hitler, and money was as good as toilet paper.

Here's just a handful of recent indicators:

  • Two days last week, the US Federal Reserve pumped $41 billion and then $47 billion into the banking system, the largest single day volumes since 9/11.
  • Goldman Sachs, Deutsche Bank and the Royal Bank of Scotland have all forecast US banking losses of between $400 and $500 billion in the next 12 months.
  • Freddie Mac announced a $2 billion loss for the 3rd quarter, and an $8.1 billion loss (25%) in the fair value of its assets.
  • The entire European "covered bonds" market, which trades these asset-backed securities among banks, has been shut down for a week due to volatile conditions.
  • Vince Cable, the leader of the Liberal Democrats in the British Parliament, called on Nov. 20 for the British government to stop endless bailouts of Northern Rock Bank's mortgage investments, and either take temporary control of the bank to stabilize it, or close it down. The bailouts of at least $48 billion have had no effect.

Given that all the big four Australian banks' notional derivatives holdings far exceed their assets and equity, it's a fair question to ask: Is the RBA now bailing out one or more big Australian Bank in distress?

This entire crisis, as forecast years ago, by US physical economist Lyndon LaRouche, can only by solved by enacting the Homeowners and Bank Protection Act and putting the entire financial system through bankruptcy reorganisation and dumping the disastrous policies of globalisation, which caused this crisis in the first place.

To download our new Homeowners and Bank Protection Act 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.


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