End bankers’ rule
As of the March quarter 2018, Australia’s net foreign debt for the first time was more than a trillion dollars, at $1.03 trillion.
Gross or foreign total debt is $2.17 trillion, but economists offset what is owed to Australia from overseas to reach a net figure that is 57 per cent of Australia’s GDP.
Offsetting debt in this way assumes that overseas debtors won’t default on their obligations to Australia, which recent history proves can be a false assumption.
The relevance of the net figure is therefore doubtful.
At the end of the day, Australia owes and must pay interest on $2.17 trillion, more than 100 per cent of GDP.
Who are the banking institutions that this money is owed to?
Foreign debt was started by Bob Hawke and Paul Keating in 1983 when then-treasurer Keating deregulated the banks.
And it has grown under every government since.
The political parties who have taken Australia down this path of irreversible bankruptcy are of course Liberal, Labor, Nationals and Greens.
So why would anyone being of sound mind and slight intelligence ever vote or even support these disloyal political parties.
On September 20, 1937 at the Fremantle Town Hall, John Curtain declared in his famous policy speech ‘‘the immediate task of statesmanship is to overcome the forces which are undermining the moral, social and economic foundations of civilisation’’.
He affirmed ‘‘that the level of social well-being is the crucial test of economic policy and that peace is an ideal dream without social justice between nations and between individuals. The primary purpose of governments is to give leadership and direction so that all citizens by their work and industry may contribute to their own welfare and to the common heritage of society’’.
The three related monetary measures of John Curtain’s policy statement were: national control of credit; national control of interest rates; and national direction of general investment.
John Curtain said ‘‘without national banking, governments are not sovereign, if the government of the day was to deliberately exclude itself from monetary policy it can not govern, except in a secondary degree’’.
China has a national banking system exactly like what Australia had from 1912-27 when we had the best banking system in the world.
Now we have the worst banking system in the world.
Wake up, end the banker’s dictatorship over the political parties and stop voting for them.
– Jeff Davy, Numurkah