End bankers’ rule

Seymour Telegraph - - NEWS -

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

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