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The Bush/Paulson $700 billion bailout had an immediate impact on Monday, crashing markets all around the world. In Australia, hundreds of thousands of retirees and pre-retirees have now joined farmers, mortgage-stressed homeowners, and pensioners as victims of the economic collapse, having lost hundreds of billions of dollars in superannuation.
Yet what is our Government doing? Kevin Rudd is taking his lead from the dumbest president in history—save the bankers, and screw the people! The Government that can only “watch” fuel prices, food prices, homeowners, and pensioners, bends over backwards for bankers. Is this what you expected when you voted for him? The only approach that will save the people from ruin and a new dark age is Lyndon LaRouche’s proposal for a complete reorganisation of the financial system, which is premised on the understanding that there is no way that the financial system in its present form can be saved.
By contrast to Rudd and his “leader” Bush, many other nations, particularly in Europe, are turning to LaRouche’s New Bretton Woods reorganisation:
On Sunday evening, Russian National TV’s Vesti Nedeli (News of the Week) program, watched by 70 million viewers, chose to broadcast LaRouche elaborating on his Rooseveltian, New Bretton Woods proposal, as the solution to the international crisis: “This system, in its present form, is virtually extinct. This system will not live out, probably, this year. By the first of the year, we may have a broken-down international financial- monetary system. The question is, what is the alternative to a collapse? It means a reorganization, on an emergency basis, of the entire international monetary-financial system. It would require that the United States would have to go to the three largest nations, outside itself, which would be Russia, China, and India. If [they] agree on reorganizing the international financial-monetary system, we could solve the problem. This would mean going to a Roosevelt approach, to a kind of new Bretton Woods system.”
French President Nicholas Sarkozy is leading moves in Europe to scrap the deadly constraints which the Maastricht Treaty imposes on the national governments of Europe, and initiate a government-run, Roosevelt-style reorganisation of the financial system. His initiative is being taken up by the G-14, which includes the G-8 and China, India, South Africa, Brazil, Mexico, and sometimes South Korea, Australia or Nigeria. LaRouche commented: “There’s a complete coincidence between what the Russian TV quoted from me, and the policy and the circumstances of the policy that has now essentially gone through in Europe, as the outlook of Europe, and that is coming out of the G-14 grouping. So the whole G-14, implicitly by this broadcast and by the things coming from France and so forth, is saying that the entire system is going through reorganization, and that it’s going towards a Roosevelt-style system, a Roosevelt-style reform... The Europeans are acting. They are acting their way: not my way, but their way. That’s what is happening. There is an agreement that the present IMF system is implicitly dead—that we’re going back to something like the Roosevelt system—and that is coming from sources such as the President of France. It involves not just Europe, it involves also the G-14.”
Australians must decide: Bush, or LaRouche? Bankers, or the people? We must insist that the Rudd Government stop copying the Bush banker-bailout policy, and reach out to collaborate with the G-14 moves to reorganise the system.
1. Parliament must establish a Federal agency to place Australian licensed retail Banks, Credit Unions and Building Societies under protection, freezing all existing home and family farm mortgages for a period of however many months or years are required to adjust the values to fair prices, and restructure existing mortgages at appropriate interest rates. Further, this action would also write off all of the speculative debt obligations of mortgage-backed securities, derivatives, and other forms of Ponzi Schemes that have brought the banking system to the point of bankruptcy.
2. During the transitional period, all foreclosures shall be frozen, allowing Australian families to retain their homes and farms. Monthly payments, the equivalent of rental payments, shall be made to designated banks, which can use the funds as collateral for normal lending practices, thus recapitalising the banking systems. These affordable monthly payments will be factored into new mortgages, reflecting the de-flating of the housing bubble, and the establishment of appropriate property valuations,
and reduced fixed mortgage interest rates. This shakeout will take several years to achieve. In the interim period no homeowner or family farmer shall be evicted from his or her property, and the Australian licensed retail Banks, Credit Unions and Building Societies shall be protected, so they can resume their traditional functions, serving local communities, and facilitating credit for investment in productive industries, agriculture, infrastructure, etc.
3. State premiers shall assume the administrative responsibilities for implementing the program, including the “rental” assessments to designated banks, with the Federal government providing the necessary
credits and guarantees to assure the successful transition.
Originally posted by Cyberbian
...The first step in any resolution which has a hope of being successful is the flushing of the system of those untrustworthy individuals, and the systematic removal of their wealth. Followed by harsh and swift punishment for their dastardly actions.
Originally posted by Melbourne_Militia
I like the idea about freezing mortgage repayments for two months and adjusting peoples mortgages to reduced house values....deflating the housing bubble and making it more affordable for the average person. would like to see where this proposal; ends up.
current system must go.......just keeps getting the rick richer....we have to have a more even spread of wealth in society and if that means becoming more socialist than so be it.