If anything evenly vaguely interesting happens to me in my life that causes me to write my memoirs, I will be sure to include some ‘rules” for living.

One of these will most likely be:

“If someone hands you a flyer outside a train station or on the street, always take it.”

For the entertainment value anyway.

The corollary to this rule would be:

“Never believe anything you read on a flyer handed out outside a train station or on the street.”

Today, as I headed out of Southern Cross Station and across Spencer Street to work, an innocuous enough chap handed me a one page flyer from the ‘Citizens Electoral Council of Australia’- or ‘CEC’.

The CEC purports to be a political movement, with a post box address in Coburg, not far from where I live and a 1800 number.

The headline of the flyer reads:

“Only Glass-Steagall can head off planned bankers’ coup, genocide!”

This is the first paragraph (you can read the whole document on the CEC website:

“A faction of the British Crown-led City of London-centred ‘Money Power’ has announced its immediate intention to pull the plug on the unpayable global debt bubble by ending “quantitive Easing” and to instead sieze depositors’ bank accounts en mass (‘bail in’ vs ‘bail out’), while ramming through the genocidal austerity measures against the great masses of the population in Europe, the United States and Australia/New Zealand…”

Make any sense to you?

All I can gather is that someone in London is going to do something nasty and seize the money I have in the bank.

Further on I read

“The 24 June Bank of International Settlements (BIS) annual report calls for an end to the Bernanke-led quantitive Easing policy and instead demands a regime of Hitlerian levels of vicious austerity….siphoning off the people’s bank accounts to keep selected banks afloat.”

Bankers. Genocide. Hitler. Stealing money. I sense a theme.

Further on in the flyer, there are mentions of a “plot”, a “drive towards outright fascism”, another mention of fascism and a couple more mentions of “Hitler-style austerity”.

The pamphlet mentions another flyer handed out by  the LaRouche Political Action Committee (LPAC) “headed by US statesman and economist Lyndon H. La Rouche Jr, who is fond of talking in terms of “quaddrillions of dollars” (how much is that I wonder?) and mentioning dead German dictators in his call to action.

According to Wikipedia, and not mentioned in the flyer is that LaRouche was “sentenced to 15 years’ imprisonment in 1988 for conspiracy to commit mail fraud and tax code violations, and was released in 1994 on parole”.

The Wikipedia entry  is worth a ready for one of the most colourful descriptions of personality you will ever read and for this photo, that LaRouche allegedly campaigned under, complete with painted on Hitler moustache:

Anyway, it appears that the CEC has looked beyond these small misgivings and joined LaRouche’s cult-like following.

It certainly appears to be absorbing the ways of its master.

Here’s an extract from the history and philosophy section of the CEC website:

“A major contributing factor to the present economic collapse, is the anti-human, bestial policies represented by the rock-drug-sex counterculture which took off in the 1960s.”

For more information, perhaps by this handy guide on the CEC website for just $5:

But back to the bowel-loosening headline in the flyer handed out to me.

What is Glass-Steagall and what does it have to do with Australia?

Well it refers to a 1933 Act of the US Congress, following the onset of the Great Depression, that created the separation of investment and commercial banking activities.

The act was repealed in 1999 and the global financial crisis followed in 2007.

To prevent fascism and genocide, the CEC want it brought back around the world and in Australia to prevent Australia’s four major banks from collapsing due to them “dangerously exposing themselves to the global financial system, including through nearly $20 trillion in derivatives speculation”.

There is clearly some truth buried within this ridiculous statement about reckless mortgage lending and speculation by banks in the US and around the world that caused the banking system to almost collapse.

But to suggest that Australia’s major banks – among the most conservative and profitable in the world – would speculate $20 trillion in derivatives is to believe that Peter Pan truly existed.

Consider that the total size of the Australian economy is around $1.5 trillion (the 12th biggest in the world) and the Big Four banks have a market capitalisation of around $330 billion and you realise that there is no possible way they could ever invest 13 times the size of the Australian economy in high-risk schemes.

Back on planet earth, I prefer the more considered thoughts of Reserve Bank governor Glenn Stevens, who suggested in a speech today that while challenges lie ahead for the Australian economy we are still a “lucky” country with low unemployment and where households remain cautious, continue to save and act prudently.

Still, if you’re in the mood for a bit of silly, old-fashioned conspiracy theories and scare-mongering, pick up a flyer the next time you’re in the CBD.

And watch out for those fascist bankers!