Reply to JoNova
While your readers will find the recent article on The Managerial Revolution of interest, I would like to point out there were two Australians who, many years ago, warned about the Managerial Revolution in this country.
But first, 2017 is the 100th anniversary of the completion of the East-West railway here in Australia and there is is quite a Story of The Commonwealth Bank in that for Australian readers. But back to the Managerial Revolution.
I wrote an article in 2007 in which I explained to the readers WITHOUT A STUDY OF MAMMON (MONEY) – HISTORY IS BUNK and James Burnham should not be ‘let off the hook’.
WITHOUT A STUDY OF MAMMON (MONEY) – HISTORY IS BUNK by Betty Luks:
It would appear behind the scenes Coalition members of parliament are in disarray and frantically grabbing at straws that might offer them lifelines for their political salvation. A more traitorous bunch against their fellow Australians it would be hard to find – except in the Labor camp.
My accusation of treachery may appear harsh to some but there are historical threads, which, when earnestly traced to their origins, lend support to this accusation. One or two of these threads came to light in David Flint’s “History re-invented” Opinion Column, 13/9/07, but I feel sure Professor Flint would be amazed to hear that it is so.
The good professor took former PM Paul Keating to task for referring to Stanley Melbourne Bruce, as “that dreadful old fop who used to wear spats”. In 1929, Bruce became the only Australian Prime Minister to lose his seat. Professor Flint thought that when Keating read Alan Woods’ defence of Stanley Bruce in The Australian, 12/9/07, he would through embarrassment withdraw such comment.
To be fair, Bruce fought at Gallipoli, was twice wounded, invalided out of the services and awarded the Military Cross and the Croix de Geurre avec Palme by the French.
But what took my particular attention was Woods’ reference to Bruce as a “figure of substance both in Australia and on the international stage, not the figure of fun of Labor mythology,” but as “a man of his time and class: the prosperous merchant class”. These words sent me scurrying to re-read portions of Eric Butler’s “The Enemy Within the Empire,” and Jack Lang’s “The Great Bust: The Depression of the Thirties”.
Many Australians also see Bruce as one of Australia’s ‘noblest sons’, but I cannot. This former PM set in motion many policies that have born much bitter fruit for my fellow Australians. Measured against the untold misery and tribulations his policies unleashed upon the people of this nation, Mr. Bruce’s good deeds fade into insignificance.
The Managerial Revolution
Jack Lang wrote of the ruling elite of the time in “The Great Bust: The Depression of the Thirties”. Under the heading of “Decay of Democracy” he wrote:
“The Bruce-Page government introduced into this country the idea that the best form of government for a Conservative party was one in which the machinery was handed over to a multitude of Boards. These suited the philosophy and outlook of Prime Minister Stanley Melbourne Bruce … he had the idea that the right people to run the government of the country were business leaders and experts.”
“Bruce,” wrote Lang, “could see no point in the Gettysburg Address, in which Lincoln had defined Democracy. He didn’t really believe that the people were fit to govern themselves. (These) were his kind of people, bankers, men of commerce, lawyers, accountants – they were the ideal managers. Bruce was one of the first exponents of the Managerial State.”
Eric Butler also recorded historical events of that time in “Enemy Within the Empire”:
“Since 1924, the Commonwealth Bank has been under the direct domination of overseas interests. Prior to that time it was used to some extent on behalf of the Australian people. Until 1923 it was controlled by a Governor, Sir Denison Miller. The bank’s outstanding act was to refuse to sacrifice the Australian people in 1920 at the instigation of Montagu Norman and his international banking friends...The private bankers in this country started to restrict the nation’s credit supplies and depression threatened...Sir Denison Miller foiled this move by using the Commonwealth Bank to issue £23,000,000 between June and December of 1920. This was a threat to the private banks, who then curtailed their deflation policy...”
“In 1924 the Bruce-Page administration took the first step in making the Commonwealth Bank a Central Bank, controlled by the Bank of England and the Bank of International Settlements. This was in line with Mr. Norman’s policy of a chain of central banks throughout the world.”
As to former PM Stanley Melbourne Bruce, Eric wrote:
“Soon after the emasculation of the Commonwealth Bank, Mr. Bruce left for London, where he wined and dined with his financial friends. I have no hesitation in saying that no man has betrayed his own nation more to International Financial interests than “Australia’s Noblest Son”; his record on behalf of the financiers since 1924 should be familiar to every loyal Australian...To make the Money Power supreme, Mr. Bruce got the Financial Agreement incorporated as part of the Constitution. This Agreement paved the way for the formation of the Loan Council to control all government borrowings.”
Jack Lang noted:
“Few Australians who entered their local polling booth on 17th November 1928 to record their verdicts on the record of the Bruce-Page Government realised that they were also closing the chapter of real self-government for their State Parliaments. They didn’t realise that when they placed a simple cross against the word YES on the separate ballot paper to insert Clause 105A into the Constitution, they were sacrificing the sovereign powers of the States...”
Keating and the Commonwealth Bank:
While Mr. Bruce betrayed his people to the parasitical rapacious system of Mammon in the 1920-30s, let us not forget former PM Paul Keating’s role in the sell off of the now gutted people’s bank, the Commonwealth Bank, to private banking interests, and the betrayal of whatever remains of financial sovereignty left to the nation, to the hungry wolves of International Finance.
Let’s not forget, the original Commonwealth Bank was a creature of the Fisher Labor government! Mr. Paul Keating proved himself to be a different type of Labor politician to such patriots as Jack Lang, former Premier of NSW who fought for (but lost) the Government Savings Bank of New South Wales, and King O’Malley MHR who fought the battle for the instituting of the Commonwealth Bank. Both men took on very powerful shadowy forces in the dark world of finance.
It is many a year since ANY politician – no matter which camp – fought for the sovereignty of the people of the Commonwealth of Australia – former senator Paul McLean (“Bankers and Bastards”) being the exception.
Essential books for ALL Australians:
“The Enemy Within the Empire” by Eric D. Butler;
“The Story of the Commonwealth Bank,” by D.J. Amos.