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Citizens Electoral Council of Australia

Media Release  19th of November 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
 

Brits demand end of sovereignty—for Ireland and the world

Ireland’s financial crisis is a battle for national sovereignty. The City of London and its Inter-Alpha Group of Banks is strangling Ireland, to force the Irish government to take over the debts of the private banks, including Inter-Alpha’s own Allied Irish Banks. British and Inter-Alpha Group banks have massive investments in the Irish banking system; Britain in fact uses Ireland as its “offshore base” in the Eurozone. Until today, the Irish government has refused to bail out these private banks, but the pressure is crushing.

What’s at stake?

The entire global financial system: The illusion of a “recovery” since September/October 2008 has depended entirely upon governments taking over the banking system’s gambling losses, and pushing the burden of those losses on to the public. The people of Europe and the U.S. have suffered under brutal austerity cut-backs, so the banks could keep trading their derivatives and chalking up paper profits. If governments didn’t bear this burden, the private banking system would vaporise.

Ireland’s refusal—until now—to toe the line, threatens this entire global bailout arrangement.

London’s 15th November The Telegraph reported, “The veteran Conservative MP Peter Tapsell warned that the ‘potential knock-on effect’ of the Irish crisis ‘could pose as great a threat to the world economy as did Lehman Brothers, AIG and Goldman Sachs in September 2008’.” Thus, a “financial hit squad”—as the London Guardian put it—of the European Central Bank, the International Monetary Fund, and the EU Commission, has flown to Dublin to scrutinise the banks’ books and eventually cram a bailout down the throat of Irish government leaders. The British government has agreed to participate in the bailout, and a figure of 100 billion euros is being discussed. However, this might not be enough, given the ongoing run on Irish banks by corporate investors.

Furthermore, the Greek crisis is sharpening again. Austria has just suspended aid contributions to the Greek bailout financial packet agreed to last May, because Greece has failed to meet the tax revenue targets agreed to under the EU Memorandum. Credit default swaps (CDSs) on Greek debt yesterday rocketed 97 basis points to 950; a Greek default would trigger $300 billion worth of CDS contracts.

British imperial outlets have been clear about their intentions in the “Irish crisis”: use Ireland as a guinea pig to destroy national sovereignty, in order to impose fascist looting to bail out their Inter-Alpha system. ECB head Jean-Claude Trichet earlier this week called it the end of the “Westphalian system” (of international law based on national sovereignty); today, the same line comes straight from London:

“A full EU-IMF bail-out would mean Ireland losing key areas of political and economic sovereignty”, The Telegraph wrote on 17th November. “This would be deeply controversial,” they admit, but it must be done. The flagship London Economist similarly says that the purpose of the bailout of the Irish banking sector is to “make it sturdy enough for some of Ireland’s banks to be bought up by foreign ones.” This can be disguised with different names to allow Ireland “to claim that it has not (yet) abandoned Ireland’s hard-won sovereignty,” the Economist proposes, only to rub salt in the wound: This “may highlight the involvement of a country that is in the EU, but outside the euro zone: Britain, the old coloniser.”

This week, Lyndon LaRouche urged Ireland to stand firm, and let the Inter-Alpha Group go bankrupt: “What the British have done, is they’ve set up a big gamble, under which the Inter-Alpha banks are to be bailed out. The Inter-Alpha Group is now potentially bankrupt. If they don’t get this ‘Irish’ bailout through the EU, they’re in trouble. That’s the reality … They took the big gamble; it’s their responsibility… So therefore they are really desperate. That’s why British PM David Cameron is on the line all the time with Ireland, trying to hound them into submission.

“The British system is obviously bankrupt: they are in desperate straits … We hope that people aren’t stupid enough to bail them out. Let them go bankrupt: it will be the best thing for them and for the world … This thing is a blowout of the whole damned world system. We are the only ones who are pushing the solution.

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