The record of the CEC's fight for a New Bretton Woods
In the push for a new world economic system based on "physical economy", not speculation, Lyndon LaRouche issues a pamphlet titled, "Tax Derivatives Speculation. Pop the Financial Bubble, Rebuild the World Economy." CEC distributes copies to selected leadership layers and briefs numerous Members of Parliament on the derivatives threat. This begins a phase of mass-distribution of millions of New Citizen newspapers documenting the twists and turns of the crash, and CEC candidate slates for state and federal parliament.
On January 29 the Australian Financial Review publishes a 20-page supplement, generally devoted to promoting financial derivatives, which references the above-mentioned pamphlet. Under the subhead, "Bad press overseas has been adding to the global push for regulation", the AFR reported: "We are, according to the American polemicist, Lyndon H. LaRouche, Jr, facing a 'derivatives bubble', a threat of enormous magnitude … [The bubble] grows like a cancer at the expense of its host, at the same time that its appetite is growing, while the means of satisfying the appetite are collapsing, he [LaRouche] explained in a special edition of a New Federalist pamphlet." The AFR noted that, "while LaRouche's views represent the extreme position", they were growing rapidly in influence, particularly in the United States.
On January 4th, 1997, LaRouche issues his first public call for a New Bretton Woods monetary system. (Text available in What Australia Must Do to Survive the Depression.)
In February, 1997, the Schiller Institute issues an "Urgent Appeal to President Clinton to Convoke a New Bretton Woods Conference", which is circulated worldwide for endorsement by public figures. Numerous Australians including Clyde Cameron, as well as union leaders, ethnic leaders and councillors, from Australia, New Zealand and Papua New Guinea, endorse the call.
In late 1997, CEC candidates for the Oct. 1998 federal election begin campaigning on the need for a New Bretton Woods.
One senior Howard government figure after the other feels compelled to refute LaRouche's forecasts and proposals to save the crisis. In late 1997, in reply to a fellow federal MP's query about LaRouche's warning of a "global financial meltdown", Assistant Treasurer Rod Kemp officially replied, "The government does not subscribe to the economic policy prescription advocated by Lyndon LaRouche."
CEC unleashes a massive campaign for a New Bretton Woods, circulating thousands of copies of a video on the subject, both to the population and to most federal and state Members of Parliament. In Feburary, CEC publishes thousands of copies of a pamphlet, "What Australia must do to survive the global financial crash".
On June 16th, 1998, John Howard is asked by a CEC reporter, at a public conference, what he thought of the need for a New Bretton Woods, and he answered, "I do not believe we can go back to a Bretton Woods style of approach to global economic affairs."
In August, 1998 we issue a New Citizen, "Fight for a National Bank, New Bretton Woods", featuring a picture of the red double-decker bus used to campaign for the federal election, with the slogan, "LaRouche: New Bretton Woods Now!"
In October 1998, Government MP Kent Andrew wrote to a constituent, "I do not accept as indicated in your letter, that it is now openly acknowledged by virtually all leading economic authorities that the global speculative bubble is about to 'burst'."
Simultaneously, government Chief Whip Neil Andrew, after viewing a copy of the 90-minute video by LaRouche on the New Bretton Woods, wrote a letter to a constituent proclaiming that, "After 15 years direct involvement in Australian economic policy, I cannot share LaRouche's pessimism. It would be a National disaster to return to a rigidly regulated economy with fixed exchange rates."
The same month, Treasurer Peter Costello repeatedly proclaimed to local meetings of the Liberal Party, that "the economy is fine, despite what Lyndon LaRouche says".
On April 7, 2000, a call for an Ad Hoc Committee for a New Bretton Woods is issued and circulated by the LaRouche movement, worldwide, for endorsement by public officials. It was signed by dozens of prominent Australian leaders, including Jim Cairns and Clyde Cameron.
What Australia Must Do to Survive the Depression, the CEC's first book, is published in August and sent to all state and federal MPs across the country. Press conferences are held to launch the book.
CEC launches "An Urgent Call for a New National Bank" and petition drive across the nation. The call demands an end to globalisation, immediate regulation of banks, and national credit creation to fund the reconstruction of the country. On Sept. 26th CEC runs a full page ad in The Australian, publishing several hundred prominent names of petition endorsees, including Jim Cairns, Clyde Cameron, numerous Members of Parliament, around 300 councillors, union and ethnic leaders, military figures and many others.
CEC provides a submission to the Inquiry on Banking and Financial Services in Rural, Regional and Remote Australia being run by the Parliamentary Joint Committee on Corporations and Financial Services, demanding Australia join the international push for a New Bretton Woods monetary system, and create an Australian national credit bank.
On Sept. 5, 2005, MP Joel Fitzgibbon tables a CEC petition signed by 2,431 NSW citizens (also tabled in other states) which said:
"We urgently demand that the Parliament begin immediate moves toward the near-term establishment and participation by Australia in a New Bretton Woods international monetary system, as proposed by American stateman and physical economist Lyndon H. LaRouche, Jnr. The New Bretton Woods would revive the best policies of the old Bretton Woods monetary system of 1944-1971, such as fixed exchange rates, tariff protection, great infrastructure projects, and credit directed to agriculture and industry, instead of into speculation. These policies fostered almost three decades of steady, even spectacular world economic growth in the wake of World War II, including in Australia. In this new system, national banks would replace the present privately-owned or controlled 'independent' central banks, such as Australia's Reserve Bank. For Australia, this would mean a new national bank modelled on King O'Malley's original conception of the Commonwealth Bank, with wide powers to keep our callous private banks in line."