J. T. LANG HITS OUT AGAINST MONEY POWER OE BRETTON WOODS

Grey River Argus, 21 March 1947, Page 5

J. T. LANG HITS OUT AGAINST MONEY POWER OE BRETTON WOODS

(Rec. 10.20). CANBERRA, March 20. Branding the Bretton Woods Agreement as a betrayal of Australia, under which this country would become the vassal State of an international cartel, Mr J. T. Lang to-day launched a bitter attack on the Agreement in the Federal House of Representatives during the debate on the second reading of the Government’s Bill to ratify the Agreement. Mr Lang described the proposals as a betrayal of Labour policy, ' which policy provided that the credit of the nation must be controlled by the Commonwealth Government. The Minister of Transport, Hon. Mr Ward, who has- for months opposed Government ratification of the Agreement, listened to Mr Lang’s speech. The Prime Minister, Mr J. B. Chifley, walked out of the House, though he had remained during the address of the Leader of the Opposition, Mr R. G. Menzies, who had supported the ratification Bill. Of two instruments that were set up by the Agreement, the more important was the International Monetary Fund, said Mr Lang. That body not only determined the exchange rates, but it also policed the economy of every .country which joined the Fund.

“One of its auxiliaries is the International Trade Organisation. By working together, these two can bankrupt any country at their own sweet will”, added Mr Lang.