FARMERS FIGHT BACK AGAINST THE URSURY OF THE BANKS - Jim from NSW
Paying interest on a debt, $60 000 per year at one stage, we have a situation akin to, borrow a
million dollars, pay a million dollars, still owe a million dollars. This is ludicrous, predatory and
usurious. Upon reading the land newspaper, two excellent articles by John Carter, under the
headings of “Gods of Finance bank on Poverty, Debt” (January 12, 2017) and “Pillars of banking
are Failing Australia” (May 25, 2017), where he refers to “They (the banks) have been granted the
privilege of creating credit”. My research shows this to be absolutely true. There are many quotes
from prominent people to test attest to this fact.
• “The process by which banks create money is so simple the mind is repelled” (John Kenneth
Gailbraith).
• “The modern banking system manufacture money out of nothing. The process is perhaps the most
astounding piece of slight of hand that was ever invented” (Major L.L.B Angus).
Not wishing to single out the ANZ bank for this is an example of the systematic failings of the
financial sector as a whole. (The only submission available at the time of writing.)
At the moment there is much commentary about bank fraud and wrongdoing with countless victims
having their lives decimated leading to depression and even suicides because of greed from a
system that should serve for the betterment of the community not rule. “Money should serve not
rule” (Pope Francis).
In closing, I have come to the conclusion that Australia has to have an agriculture bank because of
the very nature of agriculture, having periods of reduced income due to drought and market ebbs
and flows. We have had similar in in the recent past. I believe that an agriculture bank is essential if
we are to have Australian owned (family owned and run) farming communities. The alternative is to
have a multinational corporate farming sector of which I do not support and think that we have
already gone to far down this path. As for the broader community, small and large businesses, a
return to the COMMON-WEALTH bank under its original charter is a must.
If I could return to John Carter’s writings the Land Newspaper, May 25 2017 “former prime
minister (1945-1949) Ben Chifley wanted to nationalise credit creation, they lost because of the
power of the international banks. Paul Keating and John Howard sold most Australians out when
they sold the peoples bank, the Commonwealth bank”.
This I support wholeheartedly because if our leaders were to fix the money, 98% of all other
community problems will largely rectify themselves.
I feel there is much more to say, but for a later time perhaps.
Jim.