Dear Mr Lee -- Many thanks for your latest book Australia 2000: How Bright the Vision? which I have read with great interest.
You put the position in proper perspective when you write that globalisation has, by an induced programme for "international monopoly," divided the world, economy by economy, into super-rich and destitute, and that while a third of Australians live in poverty, wealth at the top end of town is staggering.
In Chapter Three you give a superb account of the way Chartered Trading Banks can "create" additional money in the form of credit, and that from December 1997 to December 1998 the aggregate amount of money in Australia increased by $25 billion, and of this amount $23.5 billion was created by the private sector Trading Banks!
The Hon. CLYDE
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This is not a one-off occurrence -- it occurs every year, with the banks claiming ownership of the "new" money on which they charge interest plus charges for handling the various accounts.
Regrettably, Labor's Parliamentary Party forgot, or lacked concern, for the intended role of the Commonwealth Bank when they decided to hand it over to the private banking cartel.
However, as you correctly point out, there is nothing to stop the Commonwealth Government from directing the Reserve Bank of Australia to establish trading bank branches throughout Australia, and by competition compel the "gang-of-four" to bite the dust. It is incredible that Australia's five biggest banks were able to squeeze $10.324 billion from customers in fees and charges over 12 months, and lift non-interest income by more than 17 per cent, and can spend over $400,000 every 24 hours in advertising.
I find it regrettable that you can record the fact that it was the Hawke-Keating "Labor" Government that made it possible for foreigners to obtain ownership of Australian assets of $344.5 billion, and that the "per-capita" average of foreign ownership at the end of 1996-97 was $27,000 or $108,000 for the average family of four. And that was allowed to happen in spite of Labor's Platform!
You are correct when you assert that there is no such thing as national sovereignty without national control of finance -- something that is lost when nations are globalised.
I share your concern about the future of those calling for Australia to become a Republic without addressing the need to amend Section 51 of our Constitution. It means that there will be nothing to prevent a repeat of the 1975 constitutional coup by a President or Governor-General -- whatever the case may be.
You are to be complimented for drawing attention to the fact that a Labor Prime Minister in the thirties allowed the representative of the privately-owned Bank of England to bamboozle himself and the six State Premiers into plunging us into the Depression resulting from the Premiers' Plan to meet the cost of Australia's contribution to the First World War to save Britain's ruling caste from losing their wealth.
It is frightening to be reminded that our Current Account Deficit increased by over $8 billion in the last quarter of 1998, and was the highest in our history. I am glad you have exposed the current extent of political bribery called "donations" to the major parties. We should be realistic and accept the fact that the Corporate Sector did not hand over $25,448,392 in donations to the ALP [Australian Labor Party] and the Liberal Party if it didn't expect many times that amount in tax benefits etc. etc. When Ben Chifley was Prime Minister, the Corporate Sector would not have wasted thirteen pence, much less $13 million, as the donation the Labor Party received from the Corporate Sector.
Your criticism of Premier Olsen's move to privatise ETSA reminded me that Labor's NSW Premier was tarred with the same brush. It is incredible!
I am glad you have dealt with the Multilateral Agreement on Investment [MAI] ...
Yours very sincerely, Clyde R. Cameron [by courtesy of a weekly news commentary dated Sep 3, 1999]
COMMENT: Clyde Cameron was a Federal Minister in the Whitlam Labor Government of 1972 to 1975. Some elements of the Cabinet were attempting to borrow huge sums through a man who said he could obtain the loans from people with oil wealth. One at a time three Ministers were dismissed for falsely denying that they were dealing with this man. Eventually the Opposition delayed passing the Supply Bill in the Senate. As the time drew nearer for the authorised money supply to run out, it became obvious that either the Government would start spending money without Parliament's approval, or it would cease spending and thus bring all Government Departments to their knees. The Governor-General Sir John Kerr dismissed the Whitlam Government on 11 November 1975 in order for elections to be held. In the ensuing election the Labor Party lost. Many Labor supporters have called the dismissal a coup. Some imaginative people have claimed the CIA or other secret services were behind the dismissal. The sad thing is that the purpose of the prodigious loans proposed by some Labor Ministers had been to "Buy back Australia." When Labor won office years later under Hawke, the opposite tendency was evident in nearly every major economic decision they made. Hence the sorrow expressed by Mr Cameron about their wrong decisions. The booklets cost $12 posted.
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