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Citizens Electoral Council of Australia

Media Release  29th of October 2010

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
 

Emerson blurts out: It’s LaRouche!

Trade Minister Craig Emerson has confessed to the issue at the heart of the Clayton’s bank debate in Canberra this week—Lyndon LaRouche, and the Citizens Electoral Council.

CEC leader Craig Isherwood commented today, “As usual, the discussion in parliament about regulating banks comes back to LaRouche and the CEC—because all the participants know that only LaRouche and the CEC are serious about tackling the banks.

“On behalf of Prime Minister Gillard, Craig Emerson named LaRouche to send a message to Joe Hockey and the Liberals. That message is: ‘Be careful, if you go after the banks, the City of London may think you’re serious—like LaRouche!’

“Emerson’s outburst explains what Julia Gillard meant earlier, when she accused Tony Abbott of breaking what she called the ‘post-1983 consensus on economic reform’. For those Australians who labour under the illusion we are in a democracy with opposing parties who represent different policy positions, what the PM meant is that since Hawke and Keating in 1983, the ALP has turned its back on its historical fight for economic sovereignty and a financial system that served the people, and has gone over to the position traditionally occupied by the Liberals, of serving the interests of the private banks. This ‘consensus’ achieved the so-called economic ‘reforms’ of floating the dollar, deregulating the banks, exposing Australia to foreign banks, slashing tariffs to smash manufacturing, and imposing National Competition Policy to root out family farmers and small businesses on behalf of private cartels such as Woolworths and Coles, BHP and Rio Tinto, and multinational corporations. In other words, all of the policies that have reduced our once-powerful industrial economy into a debt-laden colonial quarry are the result of a behind-the-scenes pact between the major parties.

“I’ve got a message for the Prime Minister and Trade Minister—stop betraying Australia, and the traditions of the ALP, to the City of London’s bankers,” Mr Isherwood said.

The CEC National Secretary listed the reasons the banking debate is a sham:

  • Joe Hockey’s argument is being used to disguise the fundamental bankruptcy of Australia’s banking system. Forget the bank’s current profits, look at their balance sheets and their off-balance-sheet derivatives—they’re goners.
  • The Labor government knows the crisis of the banking system—Bill Shorten strayed closest to the truth, when he cited the banks’ vulnerability to foreign creditors as the reason for their interest rate rises—but instead of fixing it, the government is betraying everything for which its founders in the old Labor Party fought, by defending the banks against regulation, and for their right to screw “working families” with interest rate hikes. A true Labor government would not impotently stand by, but would reorganise the banking system and force it by law to function for the common good.
  • Hockey’s specific proposal, to address the “too-big-to-fail” characteristic of Australia’s banks, related to the fact that the government’s bank deposit guarantee effectively underwrites their foolish offshore investments, is a pathetic shadow of Lyndon LaRouche’s demand for a global Glass-Steagall reorganisation, based on the 1933-1999 U.S. Glass-Steagall Act, to separate all essential banking relating to the daily functioning of the real economy, from speculative investment banking, and only protect the essential activity.

Mr Isherwood said, “I challenge Hockey, Emerson, Gillard and the rest of Parliament to develop some intestinal fortitude on behalf of the Australian people.

“The CEC has told you how to fix the busted banking system: the Homeowners and Bank Protection Bill 2008 (HBPB); a Pecora Commission; and Glass-Steagall.

“Clean out the corruption with a Pecora Commission, protect the people by keeping families in their homes with the HBPB, and reorganise the whole system by writing off the toxic and unpayable debt and derivatives obligations along the lines of Glass-Steagall.”

He concluded, “These are not just good ideas—this current global monetary system is finished, and only through these measure will we have a future.”

The CEC is the only political party with a consistent record of warning of the global economic crisis we are now in, and the solutions. View that record and decide for yourself: Click here to receive a free copy of the feature DVD, the Homeowners & Bank Protection Bill—The Only Solution.

To buy a copy of What Australia Must Do to Survive the Depression, click here.

Click here to join the CEC as a member.

Click here to refer others to receive regular email updates from the Citizens Electoral Council of Australia.



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