Thursday, 5 September 2019
Independent economist and former Coalition economic advisor John Adams has today slammed the Morrison Government for its management of the Australian economy, through the launch of a new national physical and online poster campaign.
Mr Adams served as the economic advisor to Liberal Senator Arthur Sinodinos in 2012-13 and was a key architect of the Abbott Government’s deregulation agenda, and was a card-carrying member of the Liberal Party (both the NSW and ACT Divisions) for over a decade.
Mr Adams officially quit the Liberal Party prior to the 2016 Federal Election and famously outlined his justifications on the ABC TV program the Drum on 9 June 2016 where he was first in Australia to correctly predict that Malcolm Turnbull would be sacked during the 44th parliament if he won the 2016 election.
On both occasions, in 2016 and now, Mr Adams has criticised the Liberal led Governments of Malcolm Turnbull and Scott Morrison for abandoning the core philosophical principles which have long underpinned the liberal tradition in Australia including:
championing economic freedom and civil liberties;
defending the interests of middle-class Australians;
respecting private property; and
free market capitalism.
Mr Adams for several years has been warning that Australia has currently the biggest debt bubble in history (both in terms of household and foreign debt) at the same time the world has the biggest debt bubble in world history and this statistical fact would lead to a devastating economic crisis in Australia.
Given this context, Mr Adams is dismayed that the Morrison government is now preparing to launch an extreme set of economic policies to prevent a deflationary economic crisis such as quantitative easing, zero or negative nominal interest rates, helicopter money as well as the cash transaction bans via the Currency (Restrictions on the Use of Cash) Bill 2019.
Mr Adams is concerned that this policy suite:
expands Australia’s domestic debt bubble thereby increasing systemic economic risk in Australia;
provides unfair economic advantages to Australia’s private commercial banks via the ‘Cantillon Effect’ resulting from ‘free money’ policies such as quantitative easing;
seeks to steal private property and wealth through the implementation of zero or negative interest rates; and
reduces economic freedom and civil liberties resulting from the implementation of the Currency (Restrictions on the Use of Cash) Bill 2019.
“As a former member of the Liberal Party with over 10 years of party membership, I know that one of the greatest insults that can be levelled against Liberals is to call them communists or socialists.
“The Liberal Party is supposed to be a defender of Australian middleclass economic interests and civil rights, a champion of small government and free market capitalism. Unfortunately, the Morrison Government has now abandoned these principles and is now engaged in extreme economic policies typical of socialist or communist regimes that:
expand the role, size and power of the federal government and the Reserve Bank of Australia;
expand Australia’s largest ever domestic private sector debt bubble;
devalue the Australian dollar;
distort markets through manipulating prices outside of their natural equilibrium;
reduce economic freedom, privacy and civil liberties in Australia;
undermine private property rights;
reduce market competition by trapping Australians into the commercial banking sector;
confiscate the wealth the Australians households; and
increase cost of living pressures and economic inequality in Australia,” said John Adams
To highlight his concerns over the Morrison government’s policies and their consequences, Mr Adams has today launched a commissioned cartoon poster titled “The Soviet Liberal Government unleashes Communism of the Banks” which he will releasing both in digital and physical media that in his view highlights the Government’s real agenda.
The commissioned poster was officially launched via Mr Adams’ YouTube internet show, In the Interests of the People with his co-host Martin North. The poster was commissioned by Mr Adams and the artistry was completed by Melbourne based cartoonist Danny Zemp.
“My intention behind this poster is to draw attention to the real economic program of the Morrison Government which is an anti-civil rights, anti-free market, anti-capitalist, debt-fuelled, inflationist agenda that provides preferential treatment to Australia’s commercial banking industry.
“It is no hyperbole that the Morrison Government is more reflective of a soviet style socialist government than a centre-right freedom loving, pro-markets government. The Government’s ‘free money’ policies for the banking system (i.e. quantitative easing and zero or negative nominal interest rates) is in effect communism for Australia’s big 4 banking oligopolistic cartel.
“This Morrison economic program is an absolute betrayal of the core principles of the Liberal Party and the Australian people, especially in the wake of the Royal Commission into the Banking sector,” Mr Adams said.
“The commissioned poster goes to significant effort to highlight the various constituencies of Australians who are suffering under the Morrison Government’s policies including:
indebted farmers who were unfairly treated by Australia’s banking industry;
Australians forced into homelessness;
immigrants who have purchased over inflated Australian property;
ordinary middle-class Australian families suffering from mortgage stress;
fly-in, fly-out workers who suffer from excessive debts and financial pressures;
single mothers facing significant cost of living pressures;
Australian marriages that result in divorce given financial problems;
retirees who struggle to pay for adequate heating given record high electricity prices;
Australian women who suffer domestic violence resulting from mortgage stress; and
Australians who engage in illicit drug activities given financial and social pressures.
For further details contact:
 The Cantillon effect refers to the uneven distribution benefits that are derived resulting from a monetary expansion. The Cantillon effect specifically suggests that organisations that are ‘close to the money’ during a monetary expansion, such as large corporations and banks, are able to profit relative to the rest of the population. For more information on the Cantillon effect, please see the following link: https://www.austriancenter.com/cantillon-effect-populism/
 ‘In the Interests of the People’ can be found at the following link: https://www.youtube.com/channel/UCzwmB2wn8Slp3hko2Gpj2iA