july memories / 19

NOTHING NEW UNDER THE SUN (ALMOST)

19th July, 1930 : The Prime Minister, James Scullin, has turned to British experts to guide Australia out of the economic wilderness of the depression. Despite some of his own supporters’ protests that he is deserting the Labor movement by inviting “British lords” to run the country, Mr Scullin today in Sydney met three British bankers whom he has asked to report on Australia’s economic future. The three are Sir Otto Niemeyer, a Director of the Bank of England, J E Gregory, a professor of banking at the University of London, and also R N Kershaw, an Australian economist with the Bank of England. Mr Scullin first invited the British Treasury to send a mission to Australia, but was referred to the Bank of England.

Sir Otto, in a lecture before his departure, has already spread the message of restraint: Politician who borrow wantonly will reap the harvest of their folly; and the unemployed should be prepared for sacrifice.

[I guess that the politicians or bankers do not have to prepare for any sacrifice, for as then and now, it is the ordinary people who suffer the consequences of their “democratic” voting. But I did not vote for Gillard, so why me?]

About Avadoro Worden

Iconoclast
This entry was posted in Australia, Capitalism, Finance and Economics, History, Labour Party and tagged , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>