Before an audience of staffers and supporters at the Citizens Electoral Council’s national headquarters in Melbourne on Saturday night, CEC National Secretary Craig Isherwood taped a dramatic 20-minute address to the nation, on the precise measures which Australia must now enact to deal with what even the Deputy Governor of the Bank of England last Friday called, the early days of “possibly the largest financial crisis of its kind in human history.”
“The present global financial system is exploding because it is built upon British free trade and globalisation,” Isherwood charged, “in which the City of London, Wall St., and other financial elites loot the actual physical economy for their own private profit. Therefore, the debt bubble soars, while the real economy collapses.”
As for Rudd and Turnbull, “Their motto is ‘Bankers First!’ and they are engaged in a virtually criminal bipartisan pact to bail out the private banking system in our country at the expense of the people.”
Given that Australian banks have assets totalling only $2.3 trillion (many of which are dubious or just plain rotten), against $13 trillion in derivatives, Isherwood explained, the banks are utterly bankrupt, “no matter how much Rudd and others loot from the population to try and bail them out, or how many lying television appearances Rudd makes to assure the population. He knows this, and that’s why he is terrified about a run on the banks.”
As opposed to the Rudd/Turnbull insanity, Isherwood continued, “Here is what we have to do. Firstly, dump Rudd and Turnbull. Secondly, get the Federal parliament to enact our Homeowners and Bank Protection Bill, which would slap an immediate moratorium on all foreclosures of homes and family farms.
“Under the Homeowners and Bank Protection Bill, the Government would put the banks under bankruptcy reorganisation. There would be no bailout of the banks’ gambling debts, as Rudd is doing now. We would nationalise the banks if we had to, but the government would preserve the banking system so we have the means to run the economy. Once in bankruptcy reorganisation, we get rid of the illegitimate debt. As far as the derivatives are concerned—you cancel them. They can never be paid, so they have to be cancelled.”
Isherwood pointed to the “highly regulated way” in which Prime Minister John Curtin and Treasurer Ben Chifley ran Australia’s financial system during World War II, “where credit was directed to where it was needed for the Common Good,” as the kind of model which Australia must enact once again.
A third urgent measure which Australia must adopt, is for a “New Bretton Woods” international financial reorganisation as proposed by American statesman and economist Lyndon LaRouche. Toward this end, Isherwood cited the CEC’s collaboration with Clyde Cameron and Jim Cairns in the years before their untimely deaths, and the public endorsement by these two “old Labor” stalwarts of LaRouche’s New Bretton Woods proposal, as exemplary of the kind of courage which today’s political leaders must find within themselves.
In response to a question following his address, Isherwood warned, “There is not a chance in a million that Rudd’s pathetic measures will work. In fact, most of them will only make things worse. Mark my words, engrave them in stone: This crisis will only deepen by the day, until we either enter a crisis far worse than that of the Black Death of the 14th Century, or the measures I propose are adopted.”
View Isherwood’s address at www.cecaust.com.au, and forward this release to all your friends and associates.
