Address economic crisis to avert war

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Lead Editorial

1 November 2023
Vol. 25 No. 44

As too often, financial crises lead to war, an emerging global financial disaster is influencing developments around the geopolitical tinderbox that is the Middle East. Only solving that financial crisis will take the heat out of the present situation and avert world war.

With its exploding debt, recent ratings downgrades and collapsing real economy, the USA is on the verge of a worse crisis than in 2007-08. But this time there is an alternative at hand, with practical, development-oriented solutions that are being taken up and agreed to by diverse nations and even long-term enemies.

That the majority of the world is on the same page, firmly in support of cooperation over war, was already clear from a series of September summits, including the G20 summit hosted by India, the Eastern Economic Forum in Russia’s Far East, the G77+China meeting in Havana and the UN General Assembly. The August BRICS leaders’ summit in South Africa and the July Russia-Africa Forum in St. Petersburg, Russia set the stage of these events. The Belt and Road Forum, held in Beijing on 17-18 October and attracting some 10,000 participants from 140 countries, emblazoned that reality in lights for the world to see.

Given the dangerous escalation in response, Russian President Putin has intervened to call a spade a spade. Speaking to a special meeting of his Security Council plus military and security agencies on 30 October, he stated:

“I want to repeat that those behind the Middle East conflict and other regional conflicts will be using the destructive impact of these conflicts to sow hatred and cause clashes between people around the world. This is the real selfserving aim of such geopolitical puppeteers.”

Referencing the unfolding global economic crisis, he continued: “These are the current ruling elites in the United States and its satellites who are the main beneficiaries of the global instability that they use to extract their bloody rent. Their strategy is also clear. The United States as a global superpower is becoming weaker and is losing its position, and everyone sees and understands this, even judging by the trends in the world economy. The American-style world, with the hegemony of one country, is being destroyed and is receding gradually but inexorably into the past.

“However, the United States is unwilling to accept this, and instead seeks to preserve and extend its dominance, its global dictatorship, which is easier to achieve amid such chaos, because the United States believes this chaos will help it contain and destabilise its rivals or, as they put it, their geopolitical opponents, among which they also rank our country, which in reality are new global growth centres and sovereign independent countries who are unwilling to kowtow and play the role of servants.”

That intention was the policy announced by US leaders at the conclusion of the Cold War, in the infamous “Wolfowitz doctrine”, which aimed to stamp out any competitor to the USA on the world stage. Putin went on to confirm that that horse has now bolted—although it is no single nations but a majority of nations, challenging the unipolar order. He affirmed Russia’s leadership “in the formation of a new, fairer multipolar world with equal rights and opportunities for all countries and civilisations”.

Lawfully, the suite of legislation prepared by the Citizens Party, which forms the basis of such a new order for Australia, is coming to the fore. Our solutions issue from the same wellspring as those which inspired China’s approach to the Belt and Road Initiative, that is, from the system of national banking forged, ironically, in America, which defined a different world, and to which the USA can and must return.

The centrepiece of our solution, the People’s Bank, will be the subject of Australian Citizens Party testimony on 1 December in Parliament House, at the invitation of the committee running the regional banking closure inquiry. It couldn’t come at a better moment.

In this issue:

• Address economic crisis to avert war
• Coober Pedy’s bankless residents living in fear
• APRA bogged in a data mess of its own making
• What are the banks paying for Bank@Post?
• FOI release reveals Albanese’s plan to leave Assange to rot
• Australia secretly deploys to another Middle East war
• Preparing for a US financial blowout
• Ditch neoliberal economic consensus 
• The Post Office Bank is on the agenda!
• Fighting evil with love: Martin Luther King

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