The war over economic systems is escalating

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Lead Editorial

23 March 2022
Vol. 24 No. 12

At the centre of all the strife in the world is a fight for economic sovereignty and solutions. Whether it be Ukraine and the danger of World War III; or the looming financial blowout from debt, inflation, and the blowback from sanctions; or domestic struggles against financial corruption, for justice for victims, and to address urgent infrastructure and reconstruction needs (such as for flooded regions). Citizens and nations striving for an economy that simply works, that serves their needs, are up against an entrenched financial oligarchy, which demands an economy that maintains its power, based on corporate structures more powerful than most national governments.

This system is centred in Wall Street and the City of London, their central banking system headquartered in Switzerland, and their offshoots like Australia’s banks; its power can be seen anywhere the banks and big corporations are untouchable. It targets for destruction any governments that try to establish institutions to serve the common good that will erode its power, like national banks. The purpose of the Anglo-American “unipolar” doctrine that targets any military or economic rival (China, Russia) is to consolidate this power over the whole world.

Take Russia, which has taken an enormous gamble by its military action in Ukraine. An orthodox view is that Russia’s action is insane, because of the economic damage it has brought upon itself through the Western sanctions. But Russia has experienced what it’s like to cave in to the Westernbased corporate power, in the decade after the Cold War. It was hell—the same British think tanks that directed the massprivatisation of the UK, Australia and New Zealand sent in their carpet-baggers to plunder the economy, looting the Russian people literally to death, evidenced in the plunge in Russian life expectancy. Russian economist Sergei Glazyev documented this period in a book he entitled Genocide; he’s now at the centre of an emerging debate in Russia over how to restructure and free the economy from the Western central banking system. Putin has stayed in power because he put a stop to the worst of the looting, and he is enforcing the red line in Ukraine because he and most Russians know what bowing to the US-UK-NATO powers means for them.

Globally, the financial system is teetering, not least because of the blowback from the USA’s sanctions on Russia. The 14 March Financial Times warned: “Be under no illusion. Russians will not be the only ones to suffer under Russian sanctions. The world should remember Lehman and brace for a global financial and economic shock.” Actually, this vulnerability, which the reference to collapsed investment bank Lehman Brothers recalls, is because unlike Franklin Roosevelt’s reorganisation of the financial system in the Great Depression, the corporate power of Wall Street and London today is so great that they didn’t allow governments to reorganise after the 2008 crash. Solutions like FDR’s Glass-Steagall separation of deposit-taking banks from speculation, and national banking, were squashed; instead, the bankers dictated measures to prop them up, including the “bail-in” of deposits, and printing trillions in “quantitative easing”. Only China responded to the 2008 crisis with an economic development program for its people, using public banks.

Domestically, every policy that the Citizens Party is fighting for is opposed by Australia’s major banks, because it’s the same struggle—public institutions that serve the people are a threat to corporatist financial power. Nonetheless, a Change. org petition, not organised by the ACP, calling for the right to pay in cash to be enshrined in legislation has reached 81,000 signers, and the latest update lists 1,200 communities that have lost their banks and calls for a National Australia Post Bank. This is a clear solution, but the banks are using their power to stop it—remember Christine Holgate’s fate (p.3).

Our fight for a new economic order to benefit people, which is also being waged around the world, is escalating. Brace yourself, because change can come rapidly.

In this issue:

• Before Morrison can talk about bullying, he must apologise to Christine Holgate
• Morrison’s national insecurity complex is the real threat to Australia
• Australians will pay for economic incompetence
• Lismore community fights for effective flood management
• More financial fallout from Russia sanctions
• Wall Street more powerful than government!
• Views of veteran Australian diplomats on war situation
• Scott Ritter: this is ‘how global terrorism is born’
• Calls for a post office bank grow!
• Celebrating Bradfield’s vision, 90 years on
• ALMANAC: Major powers seek development, reject ‘usurpers’ rules-based order – Part 2

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