CEC launches drive for bankruptcy reorganisation

Citizens Electoral Council of Australia

Feb./Mar. 2009 New Citizen:

CEC launches drive for bankruptcy reorganisation, “Pecora Commission”
The February/March edition of the Citizen Electoral Council’s flagship publication, entitled, “LaRouche: Put the U.S., World Through Bankruptcy Reorganisation!” was released yesterday.

The New Citizen forms part of a worldwide campaign led by American economist, Lyndon LaRouche, to organise leading nations, beginning with the U.S., Russia, China and India, to proceed to place the entire global financial system into bankruptcy reorganisation.

The paper contains Mr LaRouche’s demand, in his January 22 webcast, that U.S. President Barack Obama immediately move in this direction. Nothing short of bankruptcy proceedings—not even the most embellished stimulus packages—can succeed.

CEC National Secretary, Craig Isherwood’s call for an Australian “Pecora Commission”, an inquiry akin to that ordered by Franklin Roosevelt in 1933 into the causes of the 1929 financial crisis, is also elaborated in the New Citizen.

Leading commentators and politicians alike, are now being forced to make the same grave evaluations of the economic situation that the CEC has been making for two decades, but the worst is yet to come. The paper explains how the financial cancer continues to expand even as its physical host goes into shutdown, as with the explosion of Australian banks’ derivatives holdings vs. the dramatic collapse of China.

Our economy is being shut down when the only workable approach is to crank it up. But every edifice of effective government control of the economy, especially the banking system, was torn down through the deregulation policies of the last 30 years. Only a Pecora Commission, which is prepared to investigate the politicians who did this, and for whose benefit, will clear the way for real change.

Only then can we return to the true function of banking, which in the words of former Prime Minister Ben Chifley, “should have one aim—service for the general good of the community,” and really rebuild our nation.

Click here to order one or more copies of the New Citizen.

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