In 1947, Australia, in the person of Mr. Makin, signed the articles of the International Monetary Fund and the International Bank. She was the 45th victim. A Gallup Poll, revealed that only ten percent of Australians had any rudimentary knowledge of the Bretton Woods Agreements.
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“Here ends the story of the Commonwealth Bank and 3 features in it stand out very clearly;
1. That of all the Administrations which have carried on the government of Australia, two of them are pre eminent for the injuries they have inflicted upon the people they, were appointed to serve: - The Bruce-Page of 1923-1929, and the Chifley Administration of 1945-1949. The former enslaved to domestic financiers an institution, which stood between Australia and ruin during the WWI, and could have been used to create permanent prosperity in times of peace. The latter rescued that institution from domestic slavery only to hand it over to a far harsher servitude abroad.
2. That institutions, no matter how excellent they may be, are of little permanent use to a people who do not understand the value of them. The right of the people of this Commonwealth to expand or contract financial credit in accordance with their needs, by means of the Commonwealth Bank, was something that Australians should have safeguarded with the same jealously as they safeguard the right to vote. They did not do this, so when the artificial depression of the "thirties" burst upon them, they were exposed to the mercy of domestic and foreign financiers, who knew no mercy. Today, thanks to the International Monetary Agreements Act of the Chifley Administration, they are just as powerless to help themselves against future depressions, which those same financiers may be preparing for them.
3. That International Finance now has complete control over the policy of the Commonwealth Bank - and through it over the policy of the entire banking system of Australia - no matter in whose hands the administration of the various banks may rest. International Finance can be trusted to see to it that the banking system in Australia is used, not for the benefit of the people but in furtherance of its own policy; we prosper or starve as it determines.”
