The most vulnerable in society (those in poverty, the disabled, victims of violence, children, the elderly) must be prioritised with the care and infrastructure they need and deserve. Any one of us will be in the same or similar situation in the next global financial crash or round of austerity being foist upon us by the major banks of the world, including City of London and Wall St., with the complicency of governments.
What can the CEC do for those, who in 1933 were called 'the forgotten men and women', but today are identified in your questions as the most vulnerable, immediately?
- By stating the truth clearly, what the world situation is with the banking system, not only how indebt the private banks are to each other (having $2 Quadrillion in derivatives - gambling debt) but our intention to solve it by launching a new "Pecora Commission" to bring justice and hope to the living.
The CEC, a 28 year old political party, in particular, investigates the causes of the crash of the system and the harsh economic conditions people, especially the lower 80% of family income brackets, are now experiencing. We are associated with 92 year old American physical economist Lyndon LaRouche who not only forecast the GFC but proposed solutions to it. We have a track record of educating the institutions, the MPs and the population about our policies through our emails, publications, by phone and in person. The system itself is inherently systemically bankrupt and must be put through a just orderly bankruptcy reorganisation. In 1995 the CEC wrote Draft Legislation for a new national bank which any government could use to reindustrialise our productive industries again, if they had the courage to separate the banks, with Glass Steagall.
Until we change the system by dumping free-trade globalisation policies of the last 35 years under deregulation, privatisation and economic rationalism, and instead return to the protectionist policies we built Australia in the first place; until we do that .by implementing the CEC's policy platform, Australian's will be forced by fascist European-austerity methods, to bend to bankers dictatorship and it is not only financial but social and cultural warfare.
So here are our policies in point form to deal with the larger economic crisis:-
NO "BAIL-IN". The City of London and Wall Street bankers who caused the global financial crisis have come up with the criminal policy of "bail-in": seize bank customers' savings, whether in deposits or investments, to prop up failing banks. The bankers can then continue the reckless financial gambling that causes banks to fail, with the assurance that when they get into trouble they will be able to seize our deposits to stay afloat. This policy is now legislated in Europe, the USA, and New Zealand. Due to opposition mobilised by the CEC, bail-in has not been legislated here in Australia; however, our bank regulator APRA has asserted it has the power to do it anyway. This is a huge threat to everyday savers and the superannuation of retirees. The CEC will stop bail-in, and protect the essential banking system by separating banking, taxing speculation, and prosecuting banking crimes.
BANK SEPARATION to regulate banking and protect depositors and the economy. The CEC will impose a full Glass-Steagall separation on the banking system, so that retail banks that hold our deposits will be separated from riskier parts of the financial system-investment banking, stockbroking and insurance. Glass-Steagall is the name of the 1933 American law, the Glass-Steagall Act, which for 66 years separated commercial banks with insured deposits, from the predatory Wall Street investment banks, so financial speculators could not gamble with people's savings. The success of this law proved that the best way to protect bank deposits was to stop banks from doing anything risky; its corrupt repeal in 1999 led to the global financial crisis. The CEC is part of a global campaign to enact a Glass-Steagall separation in every country.
ESTABLISH A GOVERNMENT-OWNED NATIONAL BANK (like the original Commonwealth Bank) to create public credit to invest into the productive sector e.g. infrastructure, manufacturing, agriculture and engineering.
TAX FINANCIAL SPECULATION, instead of increasing income taxes and the GST. More than $130 trillion per year is turned over by financial speculators who gamble in currencies, stocks, bonds and derivatives. A 0.1% tax-$1 in every $1,000 speculated-will raise $130 billion, discourage reckless financial gambling, and keep money in the real economy.
CREATE AN ECONOMIC SCIENCE-DRIVER PROGRAM for future progress, using government-directed credit from the new national bank, to fund new technologies and major 21st century infrastructure of national significance, such as a high-speed magnetically levitated train network, and major water and power projects. This would stimulate meaningful and productive work for our youth and unemployed.
SHIFT AUSTRALIA'S STRATEGIC POLICY TO ALIGN WITH THE BRICS countries' global development vision. Brazil, Russia, India, China and South Africa, as well as nations such as Egypt, are already building major infrastructure projects at home and abroad; they have invited all countries to participate in this "win-win" perspective. Australia must join their World Land-Bridge shipping and rail network to transform our trade and economic production.
DEVELOPMENT FOR PEACE, NOT ALLIANCES FOR WAR. The London and Wall Street power brokers who concocted bail-in to protect their system see the BRICS model of collaborative economic development as a threat to Anglo-American financial dominance; therefore, their nee-conservative political lackeys-the same people who embroiled us in the regime-change disasters in Iraq, Libya and now Syria-are targeting China and Russia for war, which would be a calamity for Australia and the world. Australia must push our key allies, the UK and USA, to also embrace the above policies of collaborating with the BRICS on economic development, as a real alternative to being their geopolitical rivals.