ONE NATION SEEK BANK REFORM There was a huge outcry from both of the two major parties when it was suggested this month in the media that our policy of restoring the original Commonwealth Bank back to the people should be considered.
The private banks are the cause of this current world wide repression, they have created huge debt due to their policy of fractional reserve lending and issuing of $billions of paper money. They lend this money at interest of course, trapping governments and councils into a debt cycle that they cannot escape from. The original debt will never be repaid and with the interest bill running into $millions per month rates and taxes had to be increased to cover it. To make all aware of the gravity of the banking and financial crises we revisit ONE NATIONS banking policy
As both of the major parties are heavily funded by the private banks no wonder for their opposition. Politics today is all about the grab for power, the needs of the country community and people have long since ceased.
ONE NATIONS POLICY ON BANKING
One Nation proposes to extend the scope and powers of the Commonwealth Bank until complete control of banking and credit is in the hands of the nation. The Commonwealth Bank will be developed on the following lines:-
A nation-wide trading Bank, handling the ordinary business of the community.
The Savings Bank, performing the ordinary functions of such a bank; and
A Credit Finance system for the purpose of providing advances to primary producers, manufacturing industry, infrastructure projects and home builders.
Restrictions imposed upon the Commonwealth Bank in 1924 by the Bruce-Page Government and other governments will be removed, and the bank freed to enter into vigorous competition with private banks to secure for the people the profits and privileges of banking which are now practically monopolized by private foreign owned banks (credit unions excepted which belong to members).
Legislation will be passed restoring the management to a Governor of the Bank, as was originally the case when it was established by the Fisher Government. Outside control by private interests will thus be removed, and the bank will function in the public interest only. The progress made under Sir Dennison Miller, without interference by foreign directors justifies the restoration of similar control.
The banking accounts of all public bodies, including Commonwealth and State Governments, Municipal Councils, Boards of Works, Harbour Trusts etc., will be placed in and operated through the Commonwealth Bank. The banking business of these public bodies handling the people’s money will be reserved by legislation for the people’s bank.
Security for depositors will be guaranteed by the resources of the Commonwealth of Australia. This will eliminate the current problem of fractional reserve lending practiced by the private banks that has caused the depression we are now facing.
The object of the bank will be to make advances on approved securities at a minimum rate of interest consistent with the maintenance of the Bank on a sure and safe foundation. By the concentration, at the outset, of all public accounts in the Commonwealth Bank, greater efficiency will be achieved and more attractive conditions can be offered. Rates of interest can be substantially reduced. The bank will then carry out the intention of its founders to support and stimulate industry.
THE BURDEN OF INTEREST.
Early in the 19th Century Nathan Rothschild, founder of the British branch of the House of Rothschild, declared: “Let me control a nation’s money and I care not who writes its laws”. Since these vipers have taken control of most of the world’s banking system, the results have been wars, recessions and depressions.
UTILISING THE NATION’S CREDIT
The Main purpose of securing national control of banking and credit is to utilize the credit of nation for the benefit of the people.
Why should Governments pay heavy interest charges to private banks for the right to operate on credits which belong to the whole community?
Private bank advances to Government or private individuals are secured by public or private assets. Banks merely liquefy these assets and charge high interest rates as though it was the bank’s own money or credit on which they were advancing.
Public Works for the absorption of the unemployed could be carried out on a large scale if interest charges were bought down to the administrative and book-keeping cost of the bank. The sale of public assets and infrastructure for the benefits of the private banking vipers would be eliminated.
THE STORY OF THE COMMONWEALTH BANKFrom its inception by King O’Malley in 1912, and starting without capital, it rendered valuable public service and earned large profits for the people that would otherwise have gone to shareholders of private banks the majority of who are foreigners.
The indirect gain to the community is infinitely more important than direct profits. The Commonwealth Bank exercised a powerful check on interest rates during the inflationary First World War, financing the war effort to the tune of $700 million without leaving the nation in debt. Sir Dennison Miller, the inaugural Governor of the “People Bank”, when questioned after the war whether he could provide similar finance in peace time for production purposes & housing, indicated yes.
The remarkable progress of the Commonwealth Bank after it was firmly established was resented by the private banks. Their shareholders were supporters, politically and financially of the Bruce-Page Government. In 1921 the policy of the bank was changed.
Its control was taken out of the hands of the Governor and placed in the hands of a board of eight, of whom six represented private, financial and commercial interests. The purpose was to make it a banker’s bank, and prevent it competing with the private banks for new business.
BANKERS AND FASCISTS
Further to One Nations policy on Banking and the story of the Commonwealth Bank, the following provides a more in depth story on banking in Australia courtesy of CIC:
In Australia in the 1920s the bankers-controlled government of Stanley Melbourne Bruce had handed control of the people’s bank, the Commonwealth Bank, over to private financiers, by replacing the Governor of the Bank with a big business-connected board of directors; when the Depression hit, those private financiers squashed the Labor Government’s economic recovery plan to fund public works and create employment.
The Scullin government’s treasurer ; E.G. Theodore, whom the terrified private bankers called “Red Ned” asked the Commonwealth Bank for 18 million pounds to fund public works, but the bank spat in his face. Its chairman, Sir Robert Gibson, said to Theodore, “You are asking me to inflate the money supply, and I tell you, I bloody well won’t.
As chairman of the bank Gibson was essentially a public servant-his arrogance to refuse a directive from the democratically-elected government, epitomized the way the private bankers saw themselves as a power above that of government.
People these days often forget the reality of what happened in Australia during the Great Depression, because it is written out of our history books, but the bankers, such as Sir Robert Gibson himself, organized and financed mass fascist armies like the Old Guard and the NSW and the Melbourne -based League of National Security, which were fully prepared to conduct military coups against State or Federal Labor governments, such as the Lang government in NSW or the Scullin Federal government, if those governments would not knuckle under to the financiers.
Great Labor thinkers like Frank Anstey and Jack Lang called this private financial combine, the “Money Power”. It was directed from the City of London, which governed Australia as a colonial possession, to be looted for its raw materials and manpower.
But when Labor took power in 1942, with the survival of the nation at stake, John Curtin as Prime Minister and Ben Chifley as Treasurer took on and tamed the Money Power. The result was that Australia’s banking system performed spectacularly during WW11, in the interest of all of the people of Australia. The banks were licensed; the Commonwealth bank regulated their investment portfolios, and controlled their advances, the interest rates they could charge and pay, and the volume of funds the banks deposited in special accounts in the Commonwealth Bank.
Under this regime, not only did Australia’s physical economy undergo a miraculous war-time transformation from a mining/grazing backwater to an advanced industrial economy, but the nation’s financial system was free from any bank-induced inflation, and war-time profiteering.
After the war, the private banks regrouped their fascist militias of the 1930s into a mass fascist army known as The Association, which fully prepared to use armed force against the Federal Labor government in case Chifley succeeded in making his wartime banking reforms permanent. With the help of the British Crown Privy Council and a banker-owned mass media which terrorized the population, the private financiers defeated Chifley’s reforms, and once again took control over the economy.
In 1979,then Treasurer John Howard, acting as a flunky for the Money Power, appointed a leading financier, Keith (later Sir Keith) Campbell, to head the “Committee of Inquiry into the Australian Financial System”, popularly known as the Campbell Committee. Campbell was not only the head of the Hooker Corporation here in Australia, but he was closely tied to the Mellon Bank in the US part of the exact same wall Street gang which the Pecora Commission had investigated. Campbell’s report set the scene for a radical deregulation of the nation’s financial system-exactly as Howard intended.
However, Campbell’s proposals were so radical, Howard was unable to attract sufficient political support in the Fraser government to implement them, but in a tragic irony that would have had Curtin and Chifley turning in their graves, Bob Hawke and Paul Keating implemented these measures beginning when Labor came to power in 1983.
Hawke and Keating deregulated the banks; floated the Australian dollar; scrapped capital controls; lifted restrictions on interest rates; and opened Australia up to foreign banks, like Macquarie Bank-which started as just the Australian branch of the City of London’s mighty Hill Samuel Bank-and Lehman Brothers.
They initiated a massive privatisation program, which included Australia’s greatest financial institution, the Commonwealth Bank. In the decade after Howard completed the bank’s privatisation in 1996, the Big Four Australian banks raked in over $70 billion in profits.
In 1989, Keating set up compulsory superannuation, which generated and directed a flow of money, now over $1 trillion, out of workers’ pay packets and into a deregulated financial system dominated by unleashed private banks, and new institutions like hedge funds and private equity funds, along with new forms of money, called derivatives, which were formally illegal. It is now evident, that compulsory superannuation has fed a giant Ponzi scheme, the biggest in history, and superannuants will be lucky to see any of it.
Case Study: Macquarie Bank
Then in 1991, Keating and the state treasurers signed off on a now-notorious report by Macquarie bank executive, Fred Hilmer, into “competition” policy. This report mandated all levels of government to allow private financial interests to take down every area of the economy under public ownership or control or government regulation, under the spurious demand for “increased competition”.
Another Macquarie bank executive, Graeme Samuel, was picked to enforce this new policy, first through the National Competition Council and now through the Australian Competition and Consumer Commission (ACCCC).
In the early 1990s, Victorian Premier Jeff Kennett and Treasurer Alan Stockdale went on the biggest privatisation spree of any nation in world history, selling $30 billion in assets in three years. All under cover of the new competition policy.
The head of Kennett’s Business Roundtable of advisors was Macquarie Bank boss Laurie Cox; Macquarie Bank financed the think tank called the Tasman Institute, which co-wrote Kennett’s privatisation blueprint. Entitled ‘Project Victoria’ and Macquarie Bank earned tens of millions of dollars in fees from the Victorian Government for brokering the sales, not to mention what it made from its own investments in the sales.
Macquarie looted NSW, as well. During the 1990s, Premier Bob Carr signed numerous public-private partnership deals with Macquarie, which gave the banks incredibly generous concessions on toll roads, which bank spokesman later bragged were a “license to print money”. Carr’s protégé and successor, Morris Imma, continued the policy, to the point of wrecking his state, by trying to ram through the privatisation of the NSW electricity system, to finance the extension of Macquarie Bank’s M4 Motorway.
When Victorian Treasurer Alan Stockdale left politics, he went to work for Macquarie. When NSW Premier Bob Carr quit suddenly in 2005, it was for a $500,000 per year job with Macquarie. Paul Keating’s sister Anne works for Macquarie; John Howard’s brother Stan worked for Macquarie; other members of both Keating’s and Howard’s cabinet now work for Macquarie bank. In fact, rumours are now flying that Peter Costello or perhaps even John Howard himself will soon take up a position with Macquarie. Not to be outdone by their southern colleagues the Beattie/Bligh government has taken a step further corporatising Queensland and using peoples land as collateral in running up enormous debt, selling off public infrastructure with Macquarie taking over public roads and no doubt the rest of the states profitable assets leaving the people with a raft of new taxes to pay for the burgeoning interest bill.
Between 1993 and 2008, Macquarie Bank’s funds under management grew from $8.9 billion to $232 billion; its annual profit grew from $59 million to $1.8 billion, its number of employees expanded from 132 to 13,000, and its net worth from $341 million, to $16 billion.
The great working class hero, Bob Hawke, boasts in his memoirs that he stacked his own government’s Martin Committee inquiry into the financial system to ensure it recommended deregulation, so Australia could be part of the “globalisation of the world economy-with rapid fire electronics transfers of hundreds of billions of dollars occurring daily across the foreign exchange markets.” Since leaving office, Hawke has amassed a personal fortune estimated at $50 million from property investments.
Paul Keating now chairs Lazard Carnegie Wylie, the merchant bank founded by CS First Boston privatisation guru John Wylie, who made hundreds of millions in fees brokering privatisations in New Zealand, and Australia. This bank is now a subsidiary of the notorious Lazard Freres bank, which financed the Nazis during WW11, and is a partner with Macquarie Bank in private infrastructure investments all over the world.
Fight for the Common Good
After 25 years of the policies of this gang, Australia’s economy is ruined, and it is not just the financial system. Our manufacturing has been destroyed, the number of family farmers has collapsed by more than half, our foreign debt has blown out from $40 billion to over $1 trillion, our water rail and power infrastructure is collapsing, our public hospitals and schools are run down, our petroleum industry is in foreign hands with the Australian domestic prices at record high levels whilst petroleum fuels are being exported at cost price. (Note cost price Australian oil is less than $10 per barrel and gas about $120 per tonne.)
Keating’s floating of the exchange rate and giving full financial control of our private banks to foreign interests This and the adoption globalism resulted in the destruction of our industries and most of vast recourses of energy and minerals falling into foreign hands, with loss of exports and flood of imports taxes had to be increased to pay the burgeoning interest bill on the foreign debt so we had a raft of new tax burdens including GST, parity pricing on petroleum products and soon to be introduced carbon taxes which amounts to the greatest scam of all time.
Now in the year 2009 we are facing greater world wide depression than the 30’s. The above derivative versus Assets & Equity graph reveals the gravity of the situation all because governments have allowed the foreign vipers to take control of our banking and finance.
Restoration of the original Commonwealth Bank, Tax reform with the introduction of the debit tax, Return to the Australian Constitution and our inherent Bill of rights, withdrawal from all harmful UN treaties unless approved by the people at referendum.
Taking control of our assets and financial future out of the hands of foreign financial vipers and restoring it to the people.
This is the policy objective of ONE NATION
One Nation State Office