NOTHING NEW UNDER THE SUN (ALMOST)
19th February, 1931 : The Labor Party, today split to the point of disintegration over economic strategies to lift Australia out of the deepening depression. While thousands of Australian men, women and children are camping in makeshift tents, and sleeping in cattle stalls, the Scullin Government is at war with the Lang Labor Government in NSW. Federal Caucus endorsed a proposal by the reinstated Treasurer, Edward Theodore, to issue £24 million in notes, not backed by the gold reserve, to raise credit for unemployed. Caucus rejected Mr Lang’s plan to repudiate Australia’s loan debts to Britain, and raise funds by basing the currency on the wealth of the nation, rather than the gold standard.
[Today Labor leaders could not care less about any economic strategies to save Australia. Their ambition is to save themselves economically and perhaps even politically. Some of them are counting days when the Statute of Limitations will free them of the worries over the “young and naive” crimes.]