Citizens Electoral Council of Australia

The Australian Alert Service is the weekly publication of the Citizens Electoral Council of Australia.
It will keep you updated of strategic events both in Australia, and worldwide, as well as the organising activities of the CEC.

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In this week's Australian Alert Service
20 February 2019

Time for a new economic order

The "informal financial empire" comprising the City of London and Wall Street and extending through their web of offshore tax havens and crown dependencies, which facilitates the illegal arms and drugs trades, fosters terrorism and regime-change wars, and sweeps up financial institutions worldwide, can unravel in moments if the principle of Glass-Steagall banking separation succeeds in just one country. This would trigger not only a run on the bubble of derivatives speculation devouring the global financial system, but a host of other nations following suit, as Rupert Murdoch's London Times fretted, announcing in May 2018 that if Australian banks are broken up, it would be a "precedent that could capture the imagination of banking critics the world over".

The CEC was able to lead the fight for Glass-Steagall in Australia—which is leading the world—because of our collaboration over three decades with American physical economist Lyndon LaRouche and the international movement he built over more than fifty years. Mr LaRouche passed away on Tuesday 12 February, at the age of 96, but he leaves a legacy of an extraordinary fight to establish a new economic order for the world that is fair and just to all, especially developing nations (p. 16). LaRouche demonstrated through the influence of his ideas that the financial oligarchy is not allpowerful, nor invincible.

The wave of financial deregulation that allowed the unprecedented looting of the real economy, bringing on its collapse, is today being challenged—even by those who set it up. Since the 2008 global financial crisis the speculative cancer of derivatives gambling has been exposed, and the prescriptions of the unelected, unaccountable cabal of central bankers known as the Bank for International Settlements—jointly established in 1930 by the Bank of England and German Nazi financiers—to protect its system are laid bare. The City of London's European Union project—an extension of the BIS plan for financial dictatorship—is also failing. The geopolitical "rules-based" order which evolved in tandem with this financial order, is facing unprecedented challenge.

Glass-Steagall was initiated during the Great Depression by US President Franklin Delano Roosevelt, who took on the "practices of the unscrupulous money changers", and forced them to flee "from their high seats in the temple of our civilisation" because they had nothing to offer as their system failed. "They have no vision", said FDR, "and when there is no vision the people perish."

The BIS's "bail-in" strategy is the latest visionless move to protect the dying system. The CEC's Separation of Banks bill, tabled in the Senate last week by Pauline Hanson, will prevent a bail-in of depositors' money, by removing their deposits from the reach of the vampire-squid of speculation and the vast machinery behind it. It will bring the Bank of England/ BIS creation, the Australian Prudential Regulation Authority (APRA) under parliamentary, i.e. democratic control.

We have successfully steered the Glass-Steagall bill into the Senate Economics Legislation Committee, which means that even with very few parliamentary sitting days before the looming election, progress can still be made on dealing with the crimes of the banks revealed by the banking royal commission.

There is little doubt in this election phase that we are in for a conga-line of side shows, from boat people to the supposed China threat, but we cannot be diverted from the Glass-Steagall mission. When Scott Morrison, as acting Home Affairs Minister last August, enacted the ban on Huawei products, China was not mentioned. Instead the language referred to banning "vendors who are likely to be subject to extrajudicial directions from a foreign government that conflicts with Australian law". Well our banks and regulators are all being directed by extrajudicial foreign powers, and if it doesn't conflict with Australian law it certainly should! Make your voice heard—get your submission in early (details p. 3) and send us a copy!

Articles include the following:

  • Senate lauches inquiry into breaking up the banks
  • Canberra warned not to ape UK's failure on bank reform
  • Leadership and persistence—CEC's fight for Glass-Steagall
  • 'Climate action' is brutal austerity
  • Brexit chaos stems from Global Britain plan
  • Why the war on Huawei?
  • 4,823 US banks have disappeared since 1999
  • BBC blows the whistle on Douma chemical attack
  • In memoriam: Rep. Walter Jones—a true American hero
  • A great thinker of our time
  • A precious opportunity for Glass-Stegall
  • In honour of Lyndon LaRouche
  • ALMANAC: Australian Banks (Government Audit) Bill 2019 Explanatory Memorandum

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