Thursday, October 29, 2009

Isherwood: “What aren’t you telling us, Treasury Secretary Henry?”

Citizens Electoral Council leader Craig Isherwood today accused Treasury Secretary Ken Henry of lying to the Australian people, by talking the economy up, and promising five decades of prosperity, when he knows it is about to come crashing down.

“Dr Henry is lying, because he knows that any supposed ‘boom’ in the 22-million-person economy of Australia, is about to be swamped by the bankruptcy of the United States, and the collapse of the U.S. dollar,” Mr Isherwood said.

“He’s enthusiastic to talk up the Australian economy, to suck people back in to the markets and into buying property and into debt, but when he was questioned about the implications of a U.S. debt default, he refused to come clean.”

Dr Henry was questioned in a Senate estimates hearing on 21st October by Senator Joyce about the implications for the Australian economy with a U.S. debt default, and Dr Henry refused to reply, saying it could alarm the community:

As reported in The Age, 23rd October, Dr Henry said, “I don’t mind discussing hypotheticals in general … [but] one has to be careful not to discuss publicly hypotheticals that are that extreme,” he said. “I don’t, myself, consider that outcome to be a high probability outcome, certainly not one that I would want to say much about in a public forum.” [emphasis added]

Mr Isherwood pointed out that Dr Henry knows the recovery/boom in the Australian economy is a sham, propped up by an enormous increase in public debt, the federal government’s guarantee of Australia’s banks, which owe $643 billion overseas that they couldn’t pay last October, and China’s swap of increasingly worthless U.S. dollars for Australian resources.

The CEC reported a fortnight ago the advanced state of bankruptcy of the U.S. economy,” he said. “If the U.S. defaults on its sovereign debt that will totally collapse the dollar, bankrupt China, and trigger a chain reaction collapse worldwide.

“Dr Henry and the Rudd government are lying, because they are committed to the monetarist globalisation policies that caused the crisis, even as it sets to take Australia down with it.

“The only hope is what the CEC is working with U.S. statesman and physical economist Lyndon LaRouche to achieve—a ‘Four Power’ agreement between the U.S., Russia, China and India, which the rest of the world can then join, to replace the failed monetarist system of globalisation, with a credit system to reconstruct the world economy.”

Mr Isherwood concluded, “This month’s historic agreement between Russia and China is a very significant first step towards such an agreement, and it is already working to support the U.S. dollar, and save the world from bankruptcy.”

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