Recovery talk a con—HBPB only hope

Isherwood: Recovery talk a con—HBPB only hope

Citizens Electoral Council leader Craig Isherwood today warned Australians not to be conned by talk from the government and bankers of an impending recovery, but instead demand the policies that will save us from a mid-October economic breakdown.

“The clowns who gave us the global financial crisis, like U.S. Federal Reserve Chairman Ben Bernanke, and Reserve Bank of Australia Governor Glenn Stevens, are now announcing a recovery, when they know full well that the world’s leading economic forecaster, Lyndon LaRouche, has warned of a mid-October economic collapse,” Mr Isherwood said.

“They are conning people into sticking with the present system, in which institutions like Goldman Sachs, have been able to direct the privately-controlled central banks to co-opt public resources to bail them out,” he charged.

Mr Isherwood denounced Goldman Sachs’ Global Markets Institute head Abby Joseph Cohen, who crowed to The Australian today that “the U.S. is out of recession” and lauded Ben Bernanke’s reappointment as Fed Chairman.

“It was Goldman Sachs that directed the Fed to bail out Wall Street and the City of London to the tune of $24 trillion, which effectively transferred the bankruptcy of the private banks onto the governments,” he said.

“Mr LaRouche is warning that after the end of the United States’ fiscal year on 30th September, the massively indebted and bankrupt U.S. governments—federal, state and local—won’t be able to continue to function.

“That will force either a default on its treasury bonds, or a collapse of the U.S. dollar, which will smash the United States’ biggest creditor, China, and trigger a global chain reaction collapse.”

The CEC National Secretary urged Australians to support the CEC’s fight to force government action to address this crisis:

“We are in this mess because Obama, Rudd, Brown and other government leaders tried to bail out the $1.4 quadrillion derivatives bubble which bankrupted the financial system, when they should have cleaned it out.

“It must be cleaned out now, through a bankruptcy reorganisation of the entire system: cancel the derivatives, write off the unpayable debts, protect government bonds, and establish a government-controlled credit system—i.e., the Homeowners and Bank Protection Bill.

Mr Isherwood concluded: “If you don’t support the CEC, you’re one of Goldman Sachs’ hogs—the bulls make a killing, the bears head for the hills, but the hogs get slaughtered.”

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