Australia in the cross-hairs of global economic explosion

Australia’s economic “fundamentals” are garbage:

• The dollar has collapsed 40 per cent in three months.
• The “official”, deliberately understated, inflation rate has hit five per cent and is accelerating.
• Unemployment is skyrocketing on the back of huge cuts in the car industry and mining, and many people are being told their jobs can’t be guaranteed past Christmas.
• The number of households who are mortgage-stressed, spending 35%+ of their income on their mortgage, has blown out from 700,000 in January, to 1 million today, according to Fujitsu Consulting; the severe mortgage stress category (42%) has jumped from 180,000 to 363,000; whereas in January the driver of the increase was interest rate rises, now it is unemployment, and loss of overtime and work hours.
• Household debt-to-income is 160%, the highest in the world.
• $400 billion has been wiped off superannuation funds, and $20 billion in retiree funds has been frozen by investment funds not covered by Rudd’s bogus deposit guarantee.

What is looming for Australia, is the reality stated by Lyndon LaRouche, that this is the worst financial collapse since the 14^th century dark age, worse than the 1930s depression.

Don’t let Rudd screw up LaRouche’s New Bretton Woods initiative

Eleven years after first being prescribed by Lyndon LaRouche, leading governments around the world are pushing for a “New Bretton Woods” conference—the only possible solution. As proposed by LaRouche, such a conference would negotiate agreements to scrap the deregulation and privatisation policies of globalisation and write off the world’s speculative, unpayable debt, including, emphatically, the world’s nearly $1000 trillion derivatives bubble, and establish a new trading system based on fixed exchange rates, capital controls, government-owned national banks instead of central banks, and a perspective for international collaboration around large-scale infrastructure projects, such as the Eurasian Land-Bridge and Bering Strait Tunnel, which would become the engine-driver of a global economic recovery.

On 15^th November Prime Minister Kevin Rudd will attend a G20 summit in Washington D.C., which was called at the initiative of Italian Economics Minister Giulio Tremonti and French President Nicolas Sarkozy, to be just such a LaRouche-proposed New Bretton Woods conference.

Rudd, however, appears determined to back British PM Gordon Brown’s efforts to hijack the conference, and establish a global financial dictatorship, in which national governments have no say, any regulations are imposed globally, and the toxic hedge funds and their derivatives are left unregulated in the offshore tax havens. Such a prescription is doomed not only to fail, but to make matters much worse.

To view a short video which explains the difference between LaRouche’s New Bretton Woods and the “New Britain Woods” which Rudd is backing, click here. LPAC NBW video.

What you can do

• Demand that your Federal Member of Parliament support the only new financial system which will put people first, as made clear in CEC National Secretary Craig Isherwood’s address to the nation of October 25 (Watch it here). Find the phone or fax number of your MP here.
• Get everyone you know to contact the offices of Prime Minister Rudd as well as Treasurer Wayne Swan and Foreign Minister Stephen Smith, who will likely accompany Rudd to the U.S., and demand they back LaRouche’s New Bretton Woods proposal. Here are their details:

  PM Kevin Rudd
  Tel: (07) 3899 4031
  Fax: (07) 3899 5755

  Treasurer Wayne Swan
  Tel: (07) 3266 8244
  Fax: (07) 3266 4263
  Wayne.Swan.MP@aph.gov.au

  Foreign Minister Stephen Smith
  Tel: (08) 9272 3411
  Fax: (08) 9272 3477
  Stephen.Smith.MP@aph.gov.au

• Forward Craig’s address to the nation (Click here for the email) to everyone you know, including local leadership.