On Friday, 31st July 2009 at an ALP Conference Fringe event put on by the Chifley Research Centre, Wayne Swan replied to a question from LaRouche Youth Movement leader Glen Isherwood that a National Bank “would be stupid and destructive, and create unemployment.”
Our economy internationally is bankrupt. The ALP (Another Liberal Party) has destroyed our farms, hospitals, our productive layers, and sold their souls in order to represent the British Adam Smith, free trade policies that have sent our nation down the gurgler. All to save a system that is dead.
The traditional Labor Party’s opposition to the “Money Power” is what separated it historically from the Liberal Party. The 1936-37 Royal Commission into banking, which included Ben Chifley, handed down the damning findings that the Federal Government—not the private financiers—was responsible at the end of the day for the economy and its management. The Labor Party established the Commonwealth Bank in 1911 to exert this responsibility for the people, against the private banks.
The intention of a government bank was clearly captured by Chifley’s close political ally John Curtin in a 1937 speech in Fremantle:
“Three related monetary measures are necessary,” John Curtin said,
“1. National control of credit to ensure its adequacy to maintain and increase employment.
“2. National control of interest rates, in order to keep to a minimum the monetary and capital costs on production and industry.
“3. National direction of investment with the object of assisting in the promotion of a balanced economic development.”
Curtin concluded that, “If the Government of the Commonwealth deliberately excluded itself from all participation in the making or changing of monetary policy it cannot govern except in a secondary degree.”
In 2001, the CEC published its book, What Australia Must Do to Survive the Depression, that contains ready-to-enact legislation for a new Commonwealth National Credit Bank which would shift the control of monetary policy out of the hands of the private banks and put it in the hands of elected government, as specified in the old Labor Party policy.
So, it seems Mr Swan has departed reality and is hanging out on Planet Rudd. There is only one solution to this global economic breakdown crisis: Put the entire banking system through bankruptcy reorganisation, as specified in the Homeowners and Bank Protection Bill, a policy put forward by Lyndon LaRouche and the CEC in 2007!
Watch LaRouche’s 1st August webcast where he explicitly lays out the difference between a privately controlled Monetary System and a government-directed Credit System.
Join us in organising for the only solution and contribute!
For a full rundown of the CEC’s warnings about the present crisis, and our solutions, click here to receive a free copy of the DVD documentary, the Homeowners & Bank Protection Bill—The Only Solution.
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