Home

A federally-registered independent political party

Follow the CEC on Facebook Follow @cecaustralia on Twitter Follow the CEC on Google +


Follow the CEC on Soundcloud












Citizens Electoral Council of Australia

Media Release  3rd of November 2008

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
 

Nov. 17 could be “black, black Monday” unless G‑20 establishes LaRouche’s New Bretton Woods

European banking circles fear 17th November could be, in the words of one high-ranking banker reported in La Tribune last week, a “black, black Monday” if the G‑20 heads of government conference in Washington D.C. on 15th November does not adequately address the global financial crisis.

On 1st November, Lyndon LaRouche, the world’s most accurate economic forecaster, emphasised the seriousness of the timeframe between 11th to 18th November: “In this area, many accounts are going to be settled: This financial-monetary system, this world system, is finished.”

The sense of foreboding is because all indications are that neither the Bush Administration, which is heavily infested with former Goldman Sachs associates, nor Gordon Brown, nor Kevin Rudd, have any intention of agreeing on an actual reorganisation of the bankrupt world financial system.

The Bush/Brown/Rudd approach of bailing out banks with public funds, in a King Canute-like attempt to prop up the value of around $1.4 quadrillion in derivatives, is now being overtaken by a terrifying collapse of the world’s real, physical economy into free fall:

  • Trade in raw materials has declined dramatically. Freight transport rates for solid goods—i.e., grains, ores, and coal—have declined by 90% over the past three months. The Baltic Dry Index, which measures freight costs per vessel, has fallen by 92% since the beginning of this year.
  • The China International Capital Corporation Limited reports that orders for new ships have declined by 66% worldwide.
  • In the past few weeks, China has not imported a single ton of iron ore.
  • ArcelorMittal, the world’s biggest steel producer, expects to close 13 of its blast furnaces in Europe during the period of mid-November through the end of January.
  • More than 60% of China’s steel industry is running at a loss, and many smaller firms are closing their doors, since the price of steel in China has collapsed by 30-40% since June.
  • In the south of China, more than 50,000 small and medium-sized firms have already declared bankruptcy.
  • Prices for soybeans have fallen by 50% in the last three months, and grain prices by 20-30%.
  • In the Third Quarter, net sales of Volvo trucks dwindled by almost 100%, from 41,970 to a mere 115. New orders for large trucks worldwide declined by 55%.

CEC National Secretary Craig Isherwood today repeated his warning to Prime Minister Kevin Rudd, to support the moves for a genuine New Bretton Woods reorganisation of the world financial system at the G‑20 conference:

“It is imperative at this time that Kevin Rudd put the people first,” Isherwood said, “which means putting Australia’s support at the G‑20 summit behind Lyndon LaRouche’s New Bretton Woods financial and monetary system bankruptcy reorganisation, which is based on cancelling the world’s unpayable derivatives contracts, and establishing a system of national banking, fixed exchange rates, tariff protection, and great infrastructure projects.”

For further information, contact Jeremy Beck on 03 9354 0544.

Click here to purchase What Australia Must Do to Survive the Depression, which contains the CEC and LaRouche’s record on the financial crash.

For more information on the British vs. the American System of Economics, click here to receive a free copy of 1932, the DVD.

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


Citizens Electoral Council © 2016
Best viewed at 1024x768.
Please provide technical feedback to webadmin@cecaust.com.au
All electoral content is authorised by National Secretary, Craig Isherwood, 595 Sydney Rd, Coburg VIC 3058.